is 92 years old and single and is a dependent of her daughter. During the tax year she received $1,900 in interest, $1,500 from State of New York general obligation bonds, and $8,000 from Social Security benefits. What is her gross income? 1. $1,500. 2. $1,900. 3. $3,400. 4. $11,400.

is 92 years old and single and is a dependent of her daughter. During the tax year she received $1,900 in interest, $1,500 from State of New York general obligation bonds, and $8,000 from Social Security benefits. What is her gross income? 1. $1,500. 2. $1,900. 3. $3,400. 4. $11,400.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.

Question

is 92 years old and single and is a dependent of her daughter. During the tax year she received
$1,900 in interest, $1,500 from State of New York general obligation bonds, and $8,000 from Social
Security benefits. What is her gross income?
1. $1,500.
2. $1,900.
3. $3,400.
4. $11,400.
$11,400.
$1,500.
$3,400.
Ⓒ$1,900.

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