What is the ordinary income for the current tax year


Problem: During the current tax year Erin received the following amounts:

  • Salary and wages income of $98,000.
  • $4,200 interest from a bank term deposit of $50,000.
  • $500 per week for 50 weeks of the year from a rental property she owns.
  • Winnings of $10,000 on the poker machines.
  • $500 from selling eggs that her chickens laid to friends.
  • A holiday bonus of $1,000 from her employer.
  • A watch worth $200 from a happy client.

What is Erin's ordinary income for the current tax year?

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Taxation: What is the ordinary income for the current tax year
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