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Which of the following is included in the taxable income of an individual?
Which of the following is included in the taxable income of an individual?
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Practice Questions
1 question
Q1
Which of the following is included in the taxable income of an individual?
Gifts received from relatives
Income from salary
Agricultural income
Income from a hobby
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Income from salary is included in the taxable income of an individual.
Questions & Step-by-step Solutions
1 item
Q
Q: Which of the following is included in the taxable income of an individual?
Solution:
Income from salary is included in the taxable income of an individual.
Steps: 4
Show Steps
Step 1: Understand what taxable income means. Taxable income is the amount of income that is subject to taxes.
Step 2: Identify different sources of income. Common sources include salary, bonuses, rental income, and investment income.
Step 3: Determine which sources of income are taxable. Generally, income from salary is considered taxable.
Step 4: Conclude that since income from salary is included in taxable income, it is one of the sources that individuals must report when filing taxes.
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