Jamal,age 52,is a Human Resources Manager for Triple W Company

question 1

Essay

Jamal,age 52,is a human resources manager for Triple W Company.His annual salary is $110,000 and he receives the following fringe benefits during the current year:
• Triple W pays for all employees' health and accident insurance.Triple W pays $7,000 for Jamal's health insurance during the year.
• Triple W provides Jamal with group-term life insurance coverage of $200,000 during the year.The monthly inclusion amount per $1,000 of coverage is $.23.
• Triple W has a flexible benefits plan in which employees may participate to pay any qualifying medical costs not reimbursed by their health insurance.Jamal has $1,600 withheld from his salary under the plan.During the year he receives reimbursements of $1,300.
• Triple W pays parking costs for all management employees.Jamal's parking costs $220 a month.
• Triple W pays Jamal's annual membership dues of $450 to the Society of Human Resource Management Association.The company also subscribes to several management journals for Jamal costing $650 a year.
• Jamal took a college class on financial accounting and Triple W reimbursed his tuition of $6,000 through its tuition assistance program for all employees.
• Jamal's consumption of coffee provided by Triple W is estimated at $250 a year.
How much income must Jamal report from his job?

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Definitions:

Inventing

The process of creating or designing new products, processes, or ideas that have not existed before.

Individualistic Cultures

Societies that emphasize the needs and goals of the individual over the needs and goals of the group.

Collectivist

Pertaining to a cultural orientation that emphasizes the group, community, or society over individual interests.

Paternalistic

Describes an approach in management or governance where individuals are controlled in a fatherly manner for their own good, limiting autonomy but providing care and protection.