Wages, Interest, etc. Flashcards
1
Q
What is considered gross income?
A
Gross income is all income received in the form of money, goods, property and services that is not exempt from tax
It includes income from sources outside the US or from the sale of a primary residence, even if part or all of that income can be excluded.
2
Q
Can gross income include part of Social Security Benefits and fellowship grant?
A
Yes
3
Q
What are the types of taxable income?
A
Earned income: work, wages, business/self-employment
Unearned income: any income not earned from work, such as unemployment income, investments, interest on savings, dividends on stocks or rental income.
