1- What is the general definition for the term "gross income" 2-Define what is meant by a working condition fringe benefit. Is it taxable to the employee who receives this benefit 3-Mary Clark works as a secretary for Roger Jones. To reward her for her hard work as a bonus he gave her a new car worth $25,000.00 Does Mary have to report the fair market value of the car as income on her federal tax return? Explain how it would work 4-The Boss regularly, every Friday stops at Tim Horton's and brings donuts for the entire crew at work. Are the employees required to report this benefit as income on their tax return? 5-The IRS wants to conduct an audit on the tax return for Al Capone, list the 3 types of IRS Audits; explain how each audit works

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1 Gross income is the total income earned by an individual or business before any deductions or taxe... View the full answer