Homework SourseEmma Williams received the following items and amounts of in
Emma Williams received the following items and amounts of income during 2014.
Help her calculate her gross income.
$ _________
Calculate that portion (dollar amount) of her income that is tax exempt.
$ __________
| Salary | $38,500 |
| Dividends | 500 |
| Gift from mother | 800 |
| Child support from ex-husband | 3,900 |
| Interest on savings account | 500 |
| Rent | 650 |
| Loan from bank | 2,000 |
| Interest on state government bonds | 200 |
Solution
Tax exempt income $200 (Interest on state govt. bonds)
| Gross income | $39,700 |
| Salary | 38500 |
| Dividend | 500 |
| Interest on savings account | 500 |
| Interest on statement govt. Bongs | 200 |
| Total | 39700 |
