Gross Income

Question 1

Gross income

Answer 1

All income derived in whatever sources

Question 2

Compensation income

Answer 2

Income out of employees employers relationship

Question 3

Kinds of compensation income

Answer 3

Salary
Bonuses
Allowance

Question 4

Gross income 2

Answer 4

Total sale less cost of goods

Question 5

Fringe benefits

Answer 5

Good and services guaranted by employer

Question 6

Long term contract

Answer 6

Acquiring longer than 1 year of completion

Question 7

Farm

Answer 7

Embrace ordinarily include stock and fruits

Question 8

Farmers

Answer 8

Operates or manage farm to gain or profit

Question 9

Insurance policies

Answer 9

Amount receive in return of premium payment

Question 10

Corporate sinking fund

Answer 10

Amount set aside for bonds and other indeptedness

Question 11

Interest

Answer 11

Arises from indeptedness compensation for the use of money

Question 12

Rent

Answer 12

Derived from the use of property

Question 13

Lease contract

Answer 13

Agreement to gives the use of property for consideration to others

Question 14

Dividends

Answer 14

Distribution of corporations out of its earnings

Question 15

Prizes

Answer 15

Amount receive to competition or contest

Question 16

Winnings

Answer 16

Amount receive for a game

Question 17

Exclusion

Answer 17

Income or receipt

Question 18

Deduction

Answer 18

Items subtracted by gross income

Question 19

Royalty

Answer 19

Share of the earnings for inventions

Question 20

Loss

Answer 20

Unintended distraction with property