Bonnie receives salary income of $32,000, unemployment compensation of $4,400, and interest income of $1,200 and a gift of $7,000 in cash from her aunt. How much gross income does Bonnie have? In your response, please make sure to take all of the facts above into consideration. You can refer back to the text, lecture videos, and the IRS website. Please make sure to support whatever conclusion you decide to present.
1. Bonnie receives salary income of $32,000,
In your response, please make sure to take all of the facts above into consideration. You can refer back to the text, lecture videos, and the IRS website. Please make sure to support whatever conclusion you decide to present.
2. This next question will be more opinion-based. The United States operates utilizes a progressive tax system. What exactly does this mean? Do you believe it is the best system for the United States or this is there a better answer (one additional choice could be a flat tax for example)? Please try to explain your thoughts as thoroughly as possible.
Your initial post will be due Wednesday February 3, 2021 with follow up posts to at least two classmates due Sunday February 31, 2021
Hello,
I am only answering first question as per the policy and if you want other to be answered please resubmit the unanswered question again thank you.
Gift amount will not be considered while calculating the gross income.
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