Question
Pastor Bingham retired in December of 2020. Prior to his retirement he received the following: An annual salary of $64,000 that includes $24,000 designated as
Pastor Bingham retired in December of 2020. Prior to his retirement he received the following: An annual salary of $64,000 that includes $24,000 designated as housing allowance; $5,312 reported on Form 1099-NEC for his duties as a chaplain at the prison; and $912 in a retirement collection taken up on his behalf. Which of these amounts is EXCLUDED from gross income for purposes of federal income tax?
A)$912
B)$5,312
C) $24,000
D)$64,000
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Global Financial Accounting And Reporting Principles And Analysis
Authors: Peter Walton, Walter Aerts
2nd Edition
1408017725, 978-1408017722
