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10.JDD Corporation provides the following benefits to its employee, Ahmed (age 47): ...

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Accounting

10.JDD Corporation provides the following benefits to its employee, Ahmed (age 47):

  • Salary $320,000
  • Health insurance: $10,000
  • Dental insurance: $2,000
  • Life insurance: $3,000
  • Dependent care: $5,000
  • Professional dues: $500
  • Personal use of company jet: $200,000

Assume the life insurance is a group-term life insurance policy that provides $200,000 of coverage for Ahmed. What is the total amount of taxable wages and benefits?

11.Brady graduated from SUNY New Paltz with his bachelors degree recently. He works for Makarov & Company CPAs. The firm pays his tuition ($8,000 per year) for him so that he can receive his Masters of Science in Taxation which will qualify him to sit for the CPA exam. How much of the tuition benefit does Brady need to include in income?

12.Meg works for Freedom Airlines in the accounts payable department. Meg and all other employees receive free flight benefits (for the employee, family, and 10 free buddy passes for friends per year) as part of their employee benefits package. If Meg uses 30 flights with a value of $10,350 this year, how much must she include in her compensation this year?

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