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Charlie was hired by Ajax this year as a corporate executive and a member of the board of directors. During the current year, Charlie received
Charlie was hired by Ajax this year as a corporate executive and a member of the board of directors. During the current year, Charlie received the following payments or benefits paid on his behalf Salary payments Contributions to qualified pension plan Qualified health insurance premiums Year-end bonus Annual director's fee Group-term life insurance premiums (face value $40,000) Whole life insurance premiums (face value $100,000) Disability Insurance premiums (no special elections) $110,500 20, 100 8,800 16,200 11,200 1,050 1,900 4,520 a. Charlie uses the cash method and calendar year for tax purposes. Calculate Charlie's gross income for the current year, Gross income
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