From the information given below, determine Mary\'s gross income for tax purpose

Question

From the information given below, determine Mary's gross income for tax purposes.

Salary                                                                     $32,000
Interest (checking account)                                             $25
Cash received as birthday gift                                      $1,000
Dividends (mutual funds)                                             $5,500
Alimony payments received from ex-spouse               $24,000
Life insurance benefits received from aunt's death          $50,000

Explanation / Answer

Solution Computation of gross income Particular $ Salery 32000 Interest 25 Cash Gift Exempt Alimony payments received from ex-spouse Exempt Dividends (mutual funds) $5,500 Life insurance benefits received from aunt's death           $50,000 87525

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