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Taxpayer is employed by Corp. A. For the current tax year, Taxpayer receives benefits as set out below. Wages of $40,000 Pre-tax group hospitalization insurance
Taxpayer is employed by Corp. A. For the current tax year, Taxpayer receives benefits as set out below. Wages of $40,000 Pre-tax group hospitalization insurance premium coverage costing $1,200 Office safety award, paid in cash, of $200 Christmas ham, worth $10 Outstanding work performance award, paid in cash, of $500 From the above listing, what total amount must Taxpayer include in gross income for the year?
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41,910 40,710 40,700 41,900 None of the above
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