Rex Is a Programmer with Monon Electronics Corporation

question 99

Multiple Choice

Rex is a programmer with Monon Electronics Corporation. His annual salary is $50,000. As part of his compensation package, he receives a term-life insurance policy equal to his annual salary. All members of the programming staff receive this benefit. Members of the sales staff have a cafeteria plan from which to select various benefits including life and health insurance coverage.
I.Rex has an excludable amount of income because of the nature of his employment benefit.
II.Rex must include $50,000 in his gross income because that is the value of the insurance benefit.
III.Rex must include the cost of the insurance policy in his gross income.
IV.If the benefit is only available to "key" employees and Rex is a "key" employee, he may exclude the cost of the premiums paid from his gross income.
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• A)Only statement I is correct.
• B)Only statement II is correct.
• C)Only statement III is correct.
• D)Statements I and IV are correct.
• E)Statements II and IV are correct.

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Definitions:

Structures

Custom data types in C programming that allow different data types to be stored together.

Typedef Double REAL

A statement in C programming that creates an alias named REAL for the double data type, used for representing floating-point numbers.

Synonym

A synonym is a word or phrase that has the same or nearly the same meaning as another word or phrase in the same language.

Compiler Warning

A message from the compiler indicating potential issues in code that might not prevent the program from compiling.