Answer:
Calculation of Net taxable income
Particulars Amount Amount
Interest income from savings interest $200
Interest income from certificate deposit $350
Dividend from saving account with $100
local credit union
Interest income from us treasury note $250
Tax exempt interest from municipality bond $500
Ordinary dividend <u>$1,700</u>
Gross total income $3,100
<u>Income exempt</u>
Dividend from saving account $100
Dividend from treasury note $250
Tax exempt interest from municipality bond <u>$500</u> <u>$850</u>
Net taxable income <u>$2,250</u>
