Business, 23.04.2021 15:40, lacybyrd85921

Compute the taxable income for 2020 for Aiden on the basis of the following information. Aiden is married but has not seen or heard from his wife since 2018. Salary $80,000 Interest on bonds issued by the City of Boston 3,000 Interest on CD issued by Wells Fargo Bank 2,000 Cash dividend received on Chevron common stock 2,200 Life insurance proceeds paid on death of aunt (Aiden was the designated beneficiary of the policy) 200,000 Inheritance received upon death of aunt 100,000 Jackson (a cousin) repaid a loan Aiden made to him in 2010 (no interest was provided for) 5,000 Itemized deductions (state income tax, property taxes on residence, interest on home mortgage, and charitable contributions) 9,700 Number of dependents (children, ages 17 and 18, and mother-in-law, age 70) 3 Age 43 Click here to access the standard deduction table to use, if required.
a. Indicate whether the items are taxable or not taxable to Aiden. Cash dividend received on Chevron common stock Salary Interest on bonds issued by City of Boston Life insurance proceeds Interest on a CD issued by Wells Fargo Bank Inheritance received upon the death of his aunt Proceeds from repayment of a loan
b. What is Aiden's filing status?
c. Should Aiden itemize his deductions or take the standard deduction?
d. Aiden's taxable income in 2020 is $

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Compute the taxable income for 2020 for Aiden on the basis of the following information. Aiden is ma...