ECONOMICS
MONEY MANAGEMENT
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
Money received as a gift.
|
|
|
Money from a job.
|
|
|
Money received from a college scholarship
|
|
|
Money taken out of your paycheck for taxes.
|
Detailed explanation-1: -Any other provision of the Income Tax Act does not exempt such income. Income from such sources cannot be claimed as salary, house property income, profits and gains from business or profession, or capital gains.
Detailed explanation-2: -The following items are deemed nontaxable by the IRS: Inheritances, gifts and bequests. Cash rebates on items you purchase from a retailer, manufacturer or dealer.
Detailed explanation-3: -Section 10(1) provides that agricultural income is not to be included in the total income of the assessee.
Detailed explanation-4: -Wages, salaries, and tips. This is money you earn at your job. Interest and dividends. Interest income can be earned from your bank accounts, such as savings accounts and certificates of deposit (CDs). Social Security and other benefits. Miscellaneous income.