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Author Question: Jamal, age 52, is a human resources manager for Triple W Company. His annual salary is $110,000 and ... (Read 89 times)

ssal

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Jamal, age 52, is a human resources manager for Triple W Company. His annual salary is $110,000 and he receives the following fringe benefits during the current year:

• Triple W pays for all employees' health and accident insurance. Triple W pays $7,000 for Jamal's health insurance during the year.
• Triple W provides Jamal with group-term life insurance coverage of $200,000 during the year. The monthly inclusion amount per $1,000 of coverage is $.23.
• Triple W has a flexible benefits plan in which employees may participate to pay any qualifying medical costs not reimbursed by their health insurance. Jamal has $1,600 withheld from his salary under the plan. During the year he receives reimbursements of $1,300.
• Triple W pays parking costs for all management employees. Jamal's parking costs $220 month.
• Triple W pays Jamal's annual membership dues of $450 to the Society of Human Resource Management Association. The company also subscribes to several management journals for Jamal costing $650 a year.
• Jamal took a college class on financial accounting and Triple W reimbursed his tuition of $6,000 through its tuition assistance program for all employees.
• Jamal's consumption of coffee provided by Triple W is estimated at $250 a year.

How much income must Jamal report from his job?


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Marked as best answer by ssal on Sep 13, 2020

Swizqar

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ssal

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Reply 2 on: Sep 13, 2020
Great answer, keep it coming :)


Dnite

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Reply 3 on: Yesterday
:D TYSM

 

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