Please answer all questions using 2018 tax laws What is the ult lll more benefic
ID: 2334859 • Letter: P
Question
Please answer all questions using 2018 tax laws What is the ult lll more beneficial tax treatment? taxpayer's gross income in each of the following situations? received a salary of $50,000 in 2018 from his employer, Greern 0.2 a. Construction. In Tuly 2018, Green gave Darrin an all-expense-paid trip to Las Vegas (value of $3,000) for exceeding his sales quota. Megan received $10,000 from her employer to help her pay medical expenses not covered by insurance. Blake received $15,000 from his deceased wife's employer "to help him in his time of greatest need." Clint collected $50,000 as the beneficiary of a group term life insurance policy when his wife died. The premiums on the policy were paid by his deceased wife's employer b. C. d.Explanation / Answer
SOLUTION:
1. Darrin received a salary of $50,000 in 2013 from his employer, Green Construction.
Answer: Darrin's gross salary is $50,000
2. In July 2013, Green gave Darrin an all-expense-paid trip to Las Vegas (value of $3,000) for exceeding his sales quota.
Answer: Exchanges from a business to a representative can't be barred as a blessing. So it can't be bar from his wage and will incorporate the esteem ($3,000) on his gross salary proclamation.
3. Megan received $10,000 from her employer to help her pay medical expenses not covered by insurance.
Answer: This is an exchange from a business to a representative. Megan must incorporate the $10,000 on her gross salary.
4. Blake received $15,000 from his deceased wife’s employer “to help him in his time of greatest need.”
Answer: The governing body took after a general organization strategy of giving installments to groups of expired representatives, the installment of $15,000 is attempted to have been made as a demonstration of friendship or philanthropy and won't be incorporated into Blake's gross salary.
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