Question
James received $25,000 of compensation from his employer and he received $1,900 of interest from a municipal bond. What is the amount of Jamess gross
James received $25,000 of compensation from his employer and he received $1,900 of interest from a municipal bond. What is the amount of Jamess gross income?
I know the answer is 25,000 and municipal bond interest is excluded. But I also thought that workers compensation was also excluded from gross income?
Can someone explain why the 25,000 is not excluded from gross income?
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Accounting Tools for business decision making
Authors: kimmel, weygandt, kieso
4th Edition
978-0470117262, 9780470534786, 470117265, 470534788, 978-0470095461
