Items of gross income in NIRC
Quiz by Kate Angel Elleso
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8 questions
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- Q1Which of the following is considered an item of gross income under the National Internal Revenue Code (NIRC)?Life insurance proceedsCompensation for services performedChild support paymentsGifts and inheritances30s
- Q2Which of the following items is NOT included as gross income according to the National Internal Revenue Code (NIRC)?DividendsInterest incomeRental incomeGifts and inheritances30s
- Q3Which of the following is classified as a source of gross income under the National Internal Revenue Code (NIRC)?Tax-exempt interestQualified dividends from stocksCash gifts receivedBusiness income30s
- Q4Which of the following forms of income is explicitly included in gross income as per the National Internal Revenue Code (NIRC)?Life insurance death benefitsChild support paymentsScholarships for educationAlimony received30s
- Q5Which of the following is considered gross income under the National Internal Revenue Code (NIRC)?Rental income from propertyReimbursement for expensesChild support paymentsPersonal loans received30s
- Q6Which of the following is an example of gross income defined by the National Internal Revenue Code (NIRC)?Bonuses received from employmentIncome from a tax-exempt trustInheritances from relativesCrime victim compensation30s
- Q7Which of the following types of income is included in gross income according to the National Internal Revenue Code (NIRC)?Gains from the sale of assetsLife insurance payoutsChild giftsWithdrawals from retirement accounts30s
- Q8Which of the following forms of income is specifically taxable as gross income in the National Internal Revenue Code (NIRC)?Welfare benefitsInterest earned on savings accountsFederal tax refundsChild care subsidies30s