Andres has received the following benefits this year. Salary Contribution to qualified pension plan Qualified health insurance premiums Year-end bonus Group-term life insurance premiums (face- $40,000) Whole life insurance premiums (face- $100,000) Disability insurance premiums $102,250 14,600 9,800 17,200 2,205 2,630 2,290 Besides these benefits Andres missed work for two months due to an illness. During his illness Andres received $7,810 in sick pay from a disability insurance policy. Assume Andres has disability insurance provided by his employer as a nontaxable fringe benefit. What amount, if any, must Andres include in gross income this year?
Andres has received the following benefits this year. Salary Contribution to qualified pension plan Qualified health insurance premiums Year-end bonus Group-term life insurance premiums (face- $40,000) Whole life insurance premiums (face- $100,000) Disability insurance premiums $102,250 14,600 9,800 17,200 2,205 2,630 2,290 Besides these benefits Andres missed work for two months due to an illness. During his illness Andres received $7,810 in sick pay from a disability insurance policy. Assume Andres has disability insurance provided by his employer as a nontaxable fringe benefit. What amount, if any, must Andres include in gross income this year?
Chapter5: Gross Income: Exclusions
Section: Chapter Questions
Problem 37P
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