5 Questions
Which of the following is a source of gross income from compensation?
Severance pay
What is an example of a personal deduction?
Standard deduction
Which of the following is considered a source of gross income from business?
Royalties
What is an additional deduction for businesses?
Business expenses
Which of the following is a type of personal and additional deduction?
Medical expenses
Study Notes
Sources of Gross Income
- Wages, salaries, and tips are sources of gross income from compensation.
Personal Deductions
- An example of a personal deduction is alimony payments.
Sources of Gross Income from Business
- Gross income from business includes income from a trade or business.
Additional Deductions for Businesses
- An additional deduction for businesses is the cost of goods sold.
Types of Personal and Additional Deductions
- Some deductions can be classified as both personal and additional, such as charitable contributions.
Test your knowledge of gross income sources and deductions with this quiz. Learn about various sources of gross income from compensation and business, as well as corresponding personal and additional deductions. Get familiar with terms like salary, wages, business profits, rental income, and more.
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