Dow, 42, is a manager for Winter Company. In addition to his 2019 $87,000 salary, he receives the following benefits from Winter during the current year:
Winter pays all its employees’ health and accident insurance. Premiums paid by Winter for Dow’s health insurance are $1,900.
Winter provides all employees with group term life insurance coverage equal to their annual salary. Premiums on Dow’s $87,000 in coverage are $870.
Winter has a flexible benefits plan in which employees may participate to pay any costs not reimbursed by their health insurance. Dow has $2,650 withheld from his salary under the plan. His actual unreimbursed medical costs are $3,360. Winter pays Dow the $2,650 paid into the plan during the year.
All management-level Winter employees are entitled to employer-provided parking. The cost of Dow’s parking in a downtown garage is $3,300 for the year.
Winter pays Dow’s $100 monthly membership fee to a private health club located in the building in which Dow works. Dow uses the club during his lunch time and on weekends.
Click here to refer to Table 4-1: Gross Income from Group Term Life Insurance in Excess of $50,000.
If required, round your answer to the nearest cent.
Dow has a gross income of $_______ for the current year.
