Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

can anyone answer this and quick Andres has received the following benefits this year. Salary $92,000 Contribution to qualified pension plan 10,200 Qualified health insurance

can anyone answer this and quick

Andres has received the following benefits this year.
Salary $92,000
Contribution to qualified pension plan 10,200
Qualified health insurance premiums 8,400
Year-end bonus 15,000
Group-term life insurance premiums (face = $40,000) 1,750
Whole life insurance premiums (face = $100,000) 2,420
Disability insurance premiums

1,800

Besides these benefits Andres missed work for two months due to an illness. During his illness Andres received $6,500 in sick pay from a disability insurance policy. Assume Andres has disability insurance provided by his employer as a nontaxable fringe benefit. What amount, if any, must Andres include in gross income this year

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting Principles Part 3

Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Kinnear, Joan E. Barlow

6th Canadian edition Volume 1

1118306805, 978-1118306802

Students also viewed these Accounting questions

Question

What is meant by Career Planning and development ?

Answered: 1 week ago

Question

What are Fringe Benefits ? List out some.

Answered: 1 week ago