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1. Meg’s employer carries insurance on its employees that will pay an employee his or her...

1. Meg’s employer carries insurance on its employees that will pay an employee his or her regular salary while the employee is away from work due to illness. The premiums for Meg’s coverage were $1,800. Meg was absent from work for two months as a result of a kidney infection. Her employer’s insurance company paid Meg's regular salary of $8,000 while she was away from work. Meg also collected $2,000 on a wage continuation policy she had purchased. Meg must include $11,800 in her gross income. a. True b. False

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Answer #1
Calculation of Meg's Gross Income:
Particulars Value
Regular Salary $         8,000
Collected on wage contribution policy $         2,000
Insurance premium (part of salary) $         1,800
Goss Income $       11,800
Note: Meg was absent from work for two months as a result of a kidney insfection. however all received amount is part of gross income but for calculation of taxable income her policy deduction is available. In this way her Gross Income is $11,800. This is True.  
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