James, a cash basis taxpayer, received the following compensation and fringe benefits in the current year: His actual salary was $72,000.He received only $66,000 because his salary was garnished and the employer paid the $6,000 owed on James's credit card.The wage continuation insurance is available to all employees and pays the employee three-fourths of the regular salary if the employee is sick or disabled.The long-term care insurance is available to all employees and pays $150 per day toward a nursing home or similar facility.What is James's gross income from the above?

Question

James, a cash basis taxpayer, received the following compensation and fringe benefits in the current year:  His actual salary was $72,000.He received only $66,000 because his salary was garnished and the employer paid the $6,000 owed on James's credit card.The wage continuation insurance is available to all employees and pays the employee three-fourths of the regular salary if the employee is sick or disabled.The long-term care insurance is available to all employees and pays $150 per day toward a nursing home or similar facility.What is James's gross income from the above?

Quizplus · Accepted Answer

The Answer of James, a cash basis taxpayer, received the following compensation and fringe benefits in the current year:  His actual salary was $72,000.He received only $66,000 because his salary was garnished and the employer paid the $6,000 owed on James's credit card.The wage continuation insurance is available to all employees and pays the employee three-fourths of the regular salary if the employee is sick or disabled.The long-term care insurance is available to all employees and pays $150 per day toward a nursing home or similar facility.What is James's gross income from the above?

James, a Cash Basis Taxpayer, Received the Following Compensation and Fringe