Answer: The amount of sally's gross income from these items is $78,300
Explanation:
Information provided from the question;
Amount received from employer as compensation = $78,300
Amount received as interest from a corporate bond = $540
Gross income is defined as the sum of all wages, salaries, profits, interest payments, rents, and other forms of earnings, before any deductions or taxes. However, the interest income earned from municipal bonds is exempted from all federal income taxes regardless of one's tax bracket. Therefore, the amount of Sally's gross income from these items is $78,300
