Herbert was employed for the first six months of 2019 and earned $90,000 in salary. During...
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.
If your answer is zero enter "0".
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Homework Answers
| Item | amount included in gross income |
| Salary | 90,000 |
| Unemployment compensation | 8,800 |
| Loan proceeds | 0 |
| Savings account withdrawl | 60 |
| Dividend income | 550 |
| Lottery winnings | 1,500 |
| Gross income | 100,910 |
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