module 3 final test

79. Which of the following statements regarding employer-provided educational assistance is incorrect? Educational assistance benefits include payments for meals, lodging, or transportation. A taxpayer may exclude from his taxable income up to $5,250 of educational assistance from his employer under an educational assistance program. Educational assistance benefits include payments for tuition, fees, books, supplies, and equipment. d) The payments do not have to be for work-related courses. 80. Sophia is a self-employed accountant. John is a house painter. Both Sophia and John are members of a barter club. They agreed to exchange their services for payment. Sophia did the bookkeeping for John and John painted Sophia's house. Sophia usually charges $500 for the bookkeeping and John usually charges $600 for painting the house. During the year, Sophia had a cash income of $28,000, credit card income of $35,500. What amount are Sophia's gross receipts? $64, 100 $63,500 $64,000 $36, 100