Question
Question 6:Roger, age 19, is a full-time graduate student at State College. During 2018, he received the following payments. What is his taxable income: State
Question 6:Roger, age 19, is a full-time graduate student at State College. During 2018, he received the following payments. What is his taxable income:
State scholarship for ten months (tuition and books)
$3,600
Loan from college financial aid office
1,500
Cash support from parents
3,000
Cash prize awarded in contest
500
$8,600
Group of answer choices
$8,600
$500
$2,900
$4,100
*******************************************************************
Question 8: Early in the year, Mike was in an automobile accident during the course of his employment. As a result of the injuries he sustained, he received the following payments during the year:
Workers compensation benefit
$5,000
Reimbursement of medical expenses from the companys group medical insurance plan
15,000
Regular salary under the companys sick pay plan
10,000
Punitive Damages 20,000
What is the amount that Mike must include in gross income for the current year?
Group of answer choices
$30,000
50,000
$35,000
20,000
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started