To pay for college, henry received the following: $1,000 scholarship from the thespian club to pay for books $4,000 scholarship from the elks lodge for tuition $5,000 worth of room and board as a dorm supervisor through a work-study program how much income must henry report on his tax return?

On january 15, the end of the first biweekly pay period of the year, north company’s payroll register showed that its employees earned $32,000 of sales salaries. withholdings from the employees’ salaries include fica social security taxes at the rate of 6.2%, fica medicare taxes at the rate of 1.45%, $3,000 of federal income taxes, $772 of medical insurance deductions, and $260 of union dues. no employee earned > $7,000 in this first period. prepare the journal entry to record north company’s january 15 (employee) payroll expenses and liabilities.