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9 P, age 58, receives the following from her employer during 2020 (non-cash items are stated in fair market value) $120,000 Salary 10,000 worth of
9 P, age 58, receives the following from her employer during 2020 (non-cash items are stated in fair market value) $120,000 Salary 10,000 worth of medical insurance coverage 15,000 pension plan contributions $90,000 face value life insurance coverage (cost=$800 premiums for employer) $1,000 worth of free food (gift certificates) Free parking (in employer's lot) worth $4,000 Discounts on employer services (30% off) worth $3,000 Office supplies (taken without approval) worth $500 P was located from December 10, 2019 to July 6, 2020 and from July 31, 2020 to December 8, 2020 in the Madrid (Spain) office of the firm Because she hated Spain so much, P quit her job the same day she got back to the US. Compute gross income, making all assumptions explicit if necessary. 9 P, age 58, receives the following from her employer during 2020 (non-cash items are stated in fair market value) $120,000 Salary 10,000 worth of medical insurance coverage 15,000 pension plan contributions $90,000 face value life insurance coverage (cost=$800 premiums for employer) $1,000 worth of free food (gift certificates) Free parking (in employer's lot) worth $4,000 Discounts on employer services (30% off) worth $3,000 Office supplies (taken without approval) worth $500 P was located from December 10, 2019 to July 6, 2020 and from July 31, 2020 to December 8, 2020 in the Madrid (Spain) office of the firm Because she hated Spain so much, P quit her job the same day she got back to the US. Compute gross income, making all assumptions explicit if necessary
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