MCQs>Finance & Management>Taxation>Bruce has received the following from his employer during the year: $25,000 as regular wages, $5,000 as cash bonus. $1.000 as traveling allowance, and $100 per month as parking allowance for parking at a lot adjacent to the office building. The employer has also contributed $200 per month to a 401(k) plan for him. He chose not to set aside any part of his income for the retirement plan. How much income should he report?
Taxation MCQs
Bruce has received the following from his employer during the year:
$25,000 as regular wages, $5,000 as cash bonus. $1.000 as traveling allowance, and $100 per month as parking allowance for parking at a lot adjacent to the office building. The employer has also contributed $200 per month to a 401(k) plan for him. He chose not to set aside any part of his income for the retirement plan.
How much income should he report?
Answer
Correct Answer: $31000
Explanation:
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