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4 August, 17:53

Herbert was employed for the first six months of 2019 and earned $90,000 in salary. During the next six months, he collected $8,800 of unemployment compensation, borrowed $12,000 (using his personal residence as collateral), and withdrew $2,000 from his savings account (including $60 of interest). He received dividends of $550. His luck was not all bad; in December, he won $1,500 in the lottery on a $5 ticket. Indicate how much (if any) of each item is included in Herbert's gross income.

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  1. 4 August, 18:36
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    Gross income: 100910

    Explanation:

    Salary: 90,000

    Unemployment compensation: 8,800

    Loan proceeds: 0

    Savings account withdrawal (including interest) : 60

    Dividend income: 550

    Lottery winnings: 1,500

    Gross income: 100910
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