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In 2019, Taxpayer (“T”) is a single, 65 year-old individual who is a U.S. citizen. T...

  1. In 2019, Taxpayer (“T”) is a single, 65 year-old individual who is a U.S. citizen. T turned 65 in 2019.    T receives $18,000 of social security income in 2019 (the first year T received Social Security Benefits). Also, T received $6,000 of interest income from a municipal bond in both 2018 and 2019. On June 1, 2018, T took a job with a multi-national corporation which paid T $5,000 per month. As a condition of the job, T is required to work overseas, in the country of Austria, and T did in fact work in Austria for 214 days (From June 1 – December 31) in 2018. T is offered to continue to work (still in Austria and still for $5,000 per month) for seven additional months (from January 1 until the end of July, which is 211 days) in 2019, at which point T’s position would terminate. T is trying to decide whether T wants to continue to work for seven months in 2019 or quit on January (These are T’s only transactions during 2018 and 2019).
  1. What is T’s Gross Income in 2019 if T continues to work through July of 2019?
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Answer #1
T turned 65 in 2019. is a US citizen.
Amount $ Amount $
Particulars 2019 2018
Receives social security Benefits in 2019 18000
Interest Income from a municipal bond 6000 6000
Job with a multi national company 35000
(Jan 1 till end of July in 2019)
(june to December in 2018) 35000
Gross Total Income 59000 41000
T should continue to work in multi national company from January 1 till end of July.
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