Ann is a graduate economics student at State University. State University awarde

Question

Ann is a graduate economics student at State University. State University awarded her a $1,000 scholarship. In addition, Ann works as a half-time teaching                assistant in the Economics department at State University. She is paid $7,000 per year and her tuition is waived. The salary is equal to that paid other part-time                instructors. Her tuition would be $8,000 were it not for the waiver. Ann paid $500 for her books and supplies and she incurred living expenses of $7,400. Determine                how much gross income Ann must report.

Explanation / Answer

Gross Income that should be reported by Ann = $8000.

And the $1000 is considered as the tution fee for her and will be reported as expense along with living expenses and books and supplies purchased.

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