Christie sued her former employer for a back injury she suffered on the job in 2019. As a result of the injury, she was partially disabled. In 2020, she received $240,000 for her loss of future income, $160,000 in punitive damages because of the employer's flagrant disregard for the employee's safety, and $15,000 for medical expenses. The medical expenses were deducted on here 2019 return, reducing taxable income by $12,000. What's Christie's gross income in 2020 under new tax laws?
A) $175,000
B) $172,000
C) 415,000
D) 255,000
E) $412,000
Answers (1)
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Christie sued her former employer for a back injury she suffered on the job in 2019. As a result of the injury, she was partially disabled. ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
Which of the following fraudulent activities most likely could be perpetrated due to the lack of effective internal control over the revenue cycle? a.
Answers (1)
If interest rates are at the zero lower bound:A. the effectiveness of monetary policy increases. B. monetary policy is not very effective. C. automatic stabilizers don't work. D. monetary policy is more effective than fiscal policy
Answers (1)
When the Campbell Soup Co. introduced its new Slow Kettle Style Soups, its advertising touted restaurant-quality soup with authentic ingredients and unique flavors available at the grocery store.
Answers (1)
Sparrow Products Industries stock is currently selling for $73. It just paid its annual dividend of $1 after reporting an ROE of 15%. The firm pays out 50% of its earnings as dividends. What is the expected return of this stock?
Answers (1)
Caroline Perfumes is a premium, exotic women's fragrance company. The manufacturers of Caroline Perfumes want to establish its products as specialty products.
Answers (1)
New Questions in Business
Which of the following would be subtracted from net income when determining cash flows from operating activities under the indirect method? An increase in accounts payable. Depreciation expense. A decrease in prepaid insurance.
Answers (1)
Which entry would record the payment of a utility bill? A. Debit Utilities Expense; credit Cash B. Debit Cash; credit Utilities Expense C. Debit Utilities Expense; credit Accounts Payable D. Debit Accounts Receivable; credit Utilities Expense
Answers (1)
Waymire Company sells a motor that carries a 60-day unconditional warranty against product failure. From prior years' experience, Waymire estimates that 3% of units sold each period will require repair at an average cost of $100 per unit.
Answers (1)
In the film industry, what is the term used to describe all the activities and actions taken in order to create a movie? a. acquisition b. distribution c. exhibition d. production
Answers (1)
Taxpayers who recover all or part of an item that they deducted or took a credit for in a prior year, must report the same amount as
Answers (1)