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Problem - Calculating gross income and tax exempt income

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Problem - Calculating gross income and tax exempt income.

Emma Williams received the following items and amounts of income during 2014.

Salary $33,500

Dividends 800

Gift from mother 500

Child support from ex-husband 3,600

Interest on savings account 250

Rent 900

Loan from bank 2,000

Interest on state government bonds 300

1. Calculate her gross income.

2. Calculate that portion (dollar amount) of her income that is tax exempt.

Reference no: EM132799848

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