Reference no: EM132713054
Question - For each of the following independent situations, determine the amount, if any, that the taxpayer must recognize in 2020.
a. Pluto filed his tax return, properly claiming head of household filing status. His employer paid or provided the following to Pluto:
Wages $44,000
Fair market value of qualified dependent care services 3,900
Premiums for $35,000 qualified group term life insurance 1,700
Medical insurance premiums paid by employer 950
What is the amount, if any, that will be included in gross income in 2020?
b. The Disney Company gives all 3 of its employees' free coffee. The fair market value of this coffee to an employee is $0.50/month. What is the amount, if any, will each employee include in his gross income in 2020 for these gifts?
c. Pluto, a police officer, was injured in the line of duty. He received the following during 2020:
Salary $ 48,000
Unemployment compensation 7,500
Compensatory damages for physical injury 18,000
Punitive damages for physical injury 25,000
Cash reward for preventing a break-in 8,200
What is the amount, if any, that will be included in gross income in 2020?
d. Disney Co. is an off shore exploration and production company. As a condition of employment, Disney Co. requires its employees to be on 24 hour call for emergencies and requires all of their employees to live in rent-free company-provided housing (value of $36,000 per year). Pluto, an employee of Disney Co., receives a salary of $63,750 per year. How much, if any, will Pluto include in his taxable income in 2020?
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