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Arnold is single and works for Timberlake Corporation. Arnold received the following compensation and benefits in 2020. Salary 120 000 Bonus 30 000 Tuition reimbursement
Arnold is single and works for Timberlake Corporation. Arnold received the following compensation and benefits in 2020. | ||||||||||||
Salary | 120 000 | |||||||||||
Bonus | 30 000 | |||||||||||
Tuition reimbursement | 8 000 | |||||||||||
Employer paid health insurance | 5 000 | |||||||||||
Restricted stock - 1,000 shares with FMV of $10 per share | ||||||||||||
Upon consultation with his CPA, Arnold made the 83(b) election in relation to this restricted stock. | ||||||||||||
Calculate Arnold's taxable compensation for 2020 and the amount of social security and Medicare taxes he will pay on that compensation. 7 points |
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