Question

Keren Wiseman is an employee of Dimensionworks Designs in New Mexico. She received the following achievement...

Keren Wiseman is an employee of Dimensionworks Designs in New Mexico. She received the following achievement awards from her employer during 2017: Best Design, Santa Fe County: $1,340 Top Graphic Layout, New Mexico: $1,775 Employee of the Year: $785

Required:
How much of her achievement award income is taxable? ____

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Answer #1

The maximum, excludable, annual award amount per employee is $1,600 ($400 for awards that are not “qualified plan awards.” A qualified plan award is an achievement award that: a) Is given as part of an established, written awards program; and b) Doesn’t favor employees who make more than $115,000 in income for the preceding year.)

Therefore,

The employee received total awards of $1340+$1775+$785=$3,900 of which $1,600 is excludable

So the taxable amount will be 3900-1600=$2,300

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