Allie started her new job in 2020. She received the following payments or benefits paid on her behalf by her employer. $84,000 in salary. $ 6,000 contribution to employer qualified pension plan for her. $ 9,250 contribution to her employer’s qualified health insurance plan for her. $ 8,400 in bonus for the year (paid in January 2021 for 2020) $7,500 Board of Director’s fee since she is a member of the company BOD. $ 800 for group term life insurance coverage of $50,000 $ 1,400 for a whole life insurance policy with a face value of $100,000 $ 2,200 for disability insurance premiums (no elections made) What is Allie’s gross income for 2020?
Allie started her new job in 2020. She received the following payments or benefits paid on her behalf by her employer. $84,000 in salary. $ 6,000 contribution to employer qualified pension plan for her. $ 9,250 contribution to her employer’s qualified health insurance plan for her. $ 8,400 in bonus for the year (paid in January 2021 for 2020) $7,500 Board of Director’s fee since she is a member of the company BOD. $ 800 for group term life insurance coverage of $50,000 $ 1,400 for a whole life insurance policy with a face value of $100,000 $ 2,200 for disability insurance premiums (no elections made) What is Allie’s gross income for 2020?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Allie started her new job in 2020. She received the following payments or benefits paid on her behalf by her employer.
- $84,000 in salary.
- $ 6,000 contribution to employer qualified pension plan for her.
- $ 9,250 contribution to her employer’s qualified health insurance plan for her.
- $ 8,400 in bonus for the year (paid in January 2021 for 2020)
- $7,500 Board of Director’s fee since she is a member of the company BOD.
- $ 800 for group term life insurance coverage of $50,000
- $ 1,400 for a whole life insurance policy with a face value of $100,000
- $ 2,200 for disability insurance premiums (no elections made)
What is Allie’s gross income for 2020?
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