The following payments and benefits received by any person are not subject to the tax:

    (a) Gifts and bequests.

    (b) Proceeds of insurance, annuities, pensions and retirement benefits. Amounts received for personal injuries, sickness or disability are excluded from taxable income only to the extent provided by the federal internal revenue code.

    (c) Welfare relief, unemployment benefits including supplemental unemployment benefits, and workmen’s compensation or similar payments from whatever source derived.

    (d) Amounts received by charitable, religious, educational and other similar nonprofit organizations which are exempt from taxation under the federal internal revenue code.

    (e) Amounts received by supplemental unemployment benefit trusts or pension, profit sharing and stock bonus trusts qualified and exempt under the federal internal revenue code.

    (f) Interest from obligations of the United States, the states or subordinate units of government of the states and gains or losses on the sales of obligations of the United States.

    (g) Net profits of financial institutions and insurance companies.

    (h) Amounts paid to an employee as reimbursement for expenses necessarily and actually incurred by him in the actual performance of his services and deductible as such by the employer.

    (i) Compensation received for service in the armed forces of the United States.