From the Information Given Below,determine Steve's Gross Income for Tax

question 172

Essay

From the information given below,determine Steve's gross income for tax purposes:
$\begin{array}{lr}\text { Salary } & \$ 32,000 \\\text { Interest (checking account) } & 25 \\\text { Cash received as birthday gift } & 1,000\\\text { Dividends (mutual funds) } & 5,500 \\\text { Child support payments received from ex-wife } & 24,000 \\\text { Life insurance benefits received from aunt's death } & 50,000\\\end{array}$

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Definitions:

Planning Budget

A budget created for a particular level of activity, used as a tool for decision making and performance evaluation.

Employee Salaries And Wages

The compensation paid to employees for their labor, including both fixed salaries and hourly wages.

Supplies Cost

The expense associated with materials and other items necessary for the operation of a business or process.

Planning Budget

A budget that outlines the expected revenues, expenses, and resources over a specific period, often used as a financial roadmap.