The following pertain to Joyce in 2017: Medical insurance premiums paid by employer ....................................... $4,800 Teacher of
Question:
The following pertain to Joyce in 2017:
Medical insurance premiums paid by employer ....................................... $4,800
Teacher of the Year Award, in the form of gift cards redeemable at
local businesses ............................................................................................. 500
Jewelry box, received from employer for 25 years of service (FMV) ....... 100
2016 holiday bonus awarded in December 2017, to be paid in
January 2018 ................................................................................................... 250
What total amount from the above may be excluded from Joyce’s 2017 gross income?
a. $5,650
b. $350
c. $5,150
d. $850
Step by Step Answer:
South-Western Federal Taxation 2018 Comprehensive
ISBN: 9781337386005
41st Edition
Authors: David M. Maloney, William H. Hoffman, Jr., William A. Raabe, James C. Young