Homework Answers
Answer is : 56,700
| Title | Amount | Explanation |
| Salary | $ 50,000 | Income received from employer for service render hence both salary and bonus is taxable |
| Bonus | $ 6,000 | |
| Group term life insurance premiums paid by Erin's employer for 50,000 of term life coverage for Erin 2,000 | $ - | General group life insurance taken by employer to protect against employee loss not taxable in hand of assessee. |
| Rental value of company car used for vacation 700 | $ 700 | Value of car used is perquisite provided by emplyer to employee taxable in hand of assessee. |
| Gross income | $ 56,700 |
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