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?

Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter13: Accounting For Payroll And Payroll Taxes
Section: Chapter Questions
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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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