Ask Question
4 July, 14:20

Laura is a student at a state university. In 2018, she received a scholarship of $6,000 for tuition and fees and an assistantship for $3,000. What is the amount that Laura must report in income?

a. $9,000.

b. $0.

c. $3,000.

d. $6,000.

+2
Answers (1)
  1. 4 July, 15:19
    0
    Answer: c. $3000

    Explanation:

    The amount Laura is required to report income is $3000 from her assistantship as this is regarded as a form of salary. While most of the income one earns through work or investments is required to be reported and are subject to federal income tax in some instances, certain categories of income that the government doesn't tax such as money from qualified scholarships. This is the reason the $6000 is not included in income. However, if some portions are used to pay for accommodation or personal expenses, that portion is usually reported.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Laura is a student at a state university. In 2018, she received a scholarship of $6,000 for tuition and fees and an assistantship for ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers