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Steve is an employee of Giant Valley Auto City. The company allows all employees to...

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Accounting

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Steve is an employee of Giant Valley Auto City. The company allows all employees to receive a 35% discount on service to their personal vehicles. Steve paid $975 for work done on his truck that normally costs $1,500. How much gross income must Steve recognize because of the discount? $225 $525 $-0- $300 O $975 Mary, a single individual age 68, receives Social Security income of $7,000 during the current year. Her only other income consists of $5,000 of interest from a Microsoft bond and $1,000 of tax-exempt interest distributed from State of Oklahoma bonds. Mary's gross income is: 0 $8,500. 0 $12,000. O $13,000. 0 $-0- 0 $5,000

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