Gil $($single$,$ age $24)$ is an employee of ABC, Inc., and he receives several fringe benefits and retirement benefits. His employer$-$provided health insurance plan is considered a high$-$deductible plan, so his employer has given him access to a health savings account. During the current year, Gil paid $$25$ per month for his health insurance and contributed $$50$ per month to his health savings account $($through salary withholding$).$ ABC, Inc. covered the remaining $$300$ of his monthly health insurance premium, contributed $$50$ per month to Gil's health savings account, and paid $$18$ per month for Gil's $$225,000$ group$-$term life insurance. Gil contributed $$500$ per month to ABC, Inc.$\text{'}$s traditional $401($k$)$ plan $($through salary withholding$),$ which ABC, Inc. matched at a rate of $$0\mathrm{.}50$ per dollar contributed. Assuming Gil's salary for the current year is $$63,500$ and nothing else affects his taxable wages, what amount will be reported on Box $1$ of Form W$-2?$

Answer rating: 100% (QA)

To calculate the amount reported in Box 1 of Form W2 we need to determine Gils taxable wages Gils ta... View the full answer