Todd,age 26 and single,is an employee of the Ice Corporation.Todd's annual salary is $50,000.Ice has a qualified pension into which employees may contribute 5% of their annual salary (Todd contributes the maximum).The corporation also offers employees a flexible benefits plan.Todd pays $500 into the plan and is reimbursed for $500 of medical expenses not covered by his medical insurance.Ice also provides Todd with the following benefits:
$$\begin{array} { l r }
\text { Medical insurance } & \$ 3,200 \
\text { Group-term life insurance } ( \$ 80,000 \text { of coverage) } & 900 \
\text { Free-parking } & 3,180 \
\text { Dues to professional organizations } & 300 \
\text { Health club membership } & 860
\end{array}$$
What is Todd's taxable income from his employment?

Question

Todd,age 26 and single,is an employee of the Ice Corporation.Todd's annual salary is $50,000.Ice has a qualified pension into which employees may contribute 5% of their annual salary (Todd contributes the maximum).The corporation also offers employees a flexible benefits plan.Todd pays $500 into the plan and is reimbursed for $500 of medical expenses not covered by his medical insurance.Ice also provides Todd with the following benefits:
 $$\begin{array} { l r } 
\text { Medical insurance } & \$ 3,200 \
\text { Group-term life insurance } ( \$ 80,000 \text { of coverage) } & 900 \
\text { Free-parking } & 3,180 \
\text { Dues to professional organizations } & 300 \
\text { Health club membership } & 860
\end{array}$$ 
What is Todd's taxable income from his employment?

Quizplus · Accepted Answer

The Answer of Todd,age 26 and single,is an employee of the Ice Corporation.Todd's annual salary is $50,000.Ice has a qualified pension into which employees may contribute 5% of their annual salary (Todd contributes the maximum).The corporation also offers employees a flexible benefits plan.Todd pays $500 into the plan and is reimbursed for $500 of medical expenses not covered by his medical insurance.Ice also provides Todd with the following benefits:
 $$\begin{array} { l r } 
\text { Medical insurance } & \$ 3,200 \
\text { Group-term life insurance } ( \$ 80,000 \text { of coverage) } & 900 \
\text { Free-parking } & 3,180 \
\text { Dues to professional organizations } & 300 \
\text { Health club membership } & 860
\end{array}$$ 
What is Todd's taxable income from his employment?

Todd,age 26 and Single,is an Employee of the Ice Corporation