Ch. 4 - Sources of Income

Question 1

Employment Income Includes:

Answer 1

1. Salary, wages, commissions
2. bonuses, tips
3. stock option benefits
4. deductions allowed against employment income

Question 2

Property Income Includes:

Answer 2

1. Interest income
2. Dividend income,
3. rental income,
4. royalty income

Question 3

Allowable taxable losses are deductible against:

Answer 3

taxable gains