Short term and leng-term disability ine,rance were purchased for Wallam and monthly premiums of $176 were paid. In Apri, Waliam contracted COVD- 19 and was unable to work for three months whike he recuperated. William received $9,550 in short-terms disability payments. If Willam's employer had paid 40% of the premiums, how much of the $9.550 must William include in his income? Incarre
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- Kim was seriously injured at her job. As a result of her injury, she received the following payments: 5,000 reimbursement from employer-provided health insurance for medical expenses paid by Kim. The premiums this year paid by Kims employer totaled 6,000. 15,000 disability pay. Kim has disability insurance provided by her employer as a nontaxable fringe benefit. Kims employer paid 6,000 in disability premiums this year on behalf of Kim. 10,000 received for damages for personal physical injury. 200,000 for punitive damages. What amount is taxable to Kim? a. 215,000 b. 225,000 c. 236,000 d. 0Short term and leng-term disability ine,rance were purchased for Waliam and monthly premiums of $176 were paid. In Apri, Waliam contracted COVD- 19 and was unable to work for three months whike he recuperated. William received $9,550 in short-terms disability payments. If Willam's employer had paid 40% of the premiums, how much of the $9.550 must William include in his income? IncarreSmithers is a self-employed individual who earns $27,000 per year in self-employment income. Smithers pays $1,850 in annual health insurance premiums (not through an exchange) for his own medical care. In each of the following situations, determine the amount of the deductible health insurance premium for Smithers before any AGI deduction and where the premiums are deductible. Problem 6-28 Part-a (Algo) a. Smithers is single and the self-employment income is his only source of income. b. Smithers is single, but besides being self-employed, Smithers is also employed part time by SF Power Corporation. This year Smithers elected not to participate in SF's health plan. c. Smithers is self-employed and is also married. Smithers’s spouse, Samantha, is employed full time by SF Power Corporation and is covered by SF’s health plan. Smithers is not eligible to participate in SF's health plan.…
- Terry was ill for three months and missed work during this period. During the illness, Terry received $8,600 in sick pay from a disability insurance policy. What amounts are included in Terry's gross income under the following independent circumstances? Note: Leave no answer blank. Enter zero if applicable. Required: a. Terry has disability insurance provided by his employer as a nontaxable fringe benefit. Terry's employer paid $5,940 in disability premiums for Terry this year. b. Terry paid $5,940 in premiums for his disability insurance this year. c. Terry's employer paid the $5,940 in premiums for Terry, but Terry elected to have his employer include the $5,940 as compensation on Terry's W-2. d. Terry and his employer share the cost of the disability insurance. Terry's employer paid $4,700 in disability premiums for Terry this year as a nontaxable fringe benefit, and Terry paid the remaining $1,240 of premiums from his after-tax salary. Note: Do not round intermediate calculations.…Which of the following will result in the recognition of gross income? Gail's employer allows her to set aside $ 4,000 from her wages to cover the cost of daycare for Gail's four-year-old daughter. Gail's daycare costs are $ 4,300 for the year. Hannah purchases a new sofa from her employer, Sofas-R-Us, for $ 1,200. The cost of the sofa to the furniture store is $ 1,100 and the sofa normally sells for $ 1,700. Jayden's employer purchases her commuting pass for the subway at a cost of $ 225 per month. Havana is a lawyer. The law firm she works for pays for her subscription to Lawyer's Weekly, a trade magazine for attorneys. None of the above will result in recognition of gross income.Valentino is a patient in a nursing home for 45 days of 2019. While in the nursing home, he incurs total costs of 13,500. Medicare pays 8,000 of the costs. Valentino receives 15,000 from his long-term care insurance policy, which pays while he is in the facility. Assume that the Federal daily excludible amount for Valentino is 370. Of the 15,000, what amount may Valentino exclude from his gross income?