Homework Answers
Statemnet showin computation of arthur Tax return
| Sr no | Particulars | explanation | Amount ($) |
| 1 | Salary | 35000 | |
| 2 | Vacation pay | #1 | 800 |
| 3 | Christmas bonus | #3 | 1200 |
| 4 | group Insurance ( life insurance premium | #2 exempt | nil |
| 5 | Thanks giving Turkey | exempt #3 | nil |
| Total gross Income | 37000 |
#1 As per pub 525 of IRS Bonus and awards given by employer to his employee to attain objectives of sales or services , rewards provided in form of vacation pay and bonus are taxable in hands of employee and are included in form W2
#2 as per IRS 525 publication if Health and accident insurance is provided by employer it is not taxable in income , but it will be taxable when the benfit of that insurance is received
#3 Holiday gifts given in kind such as turkey on festives are not included in income , but any holidays gifts that is received in cash or can be converted in cash is included as extra wages or bonus
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