Question

Jarrod receives a scholarship of $26,200 from Riggers University to be used to pursue a bachelor's degree. He spends $15,720 on tuition, $1,310 on books and supplies, $5,240 for room and board, and $3,930 for personal expenses. How much may Jarrod exclude from his gross income

Answer 1

Answer:

$20,960

Explanation:

The amount that excluded from the gross income is as follows:

i. Tuition fee $15,720

ii. Books and Supplies $5,240

Total $20,960

The amount of $20,960 would be excluded from the gross income

And, the other amounts would be included in the gross income