Eduardo, who is 64 years of age and single, received wages of $15,000, interest income of $3,000, dividends of $2,000, municipal bond interest of $7,000 and state unemployment compensation of $3,000. what is eduardo's federal gross income?
Gross income is:
~ All income in the form of money, property, and services that
is not exempt from tax.
~ Gross receipts from rental property (taxes, repairs, etc., are not
deducted).
~ A partner's share of the gross, not a share of the net, partnership
income.
~ Unemployment compensation and certain scholarships and fellowships.
Tax exempt income, such as certain social security payments, is not
included in gross income. Type of Income Amount Gross Income
------------- ----- ------------
Wages $15000
Interest $3000
Tax-exempt interest $3,000
Dividends $2000
Unemployment compensation $4,000 thus Total $21000
