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Unformatted text preview: o Unemployment Compensation o Social Security Benefits Exclude s.s. benefits from taxation for lower-income individuals but tax up to 85% of benefits for taxpayers with higher income If provisional income (MAGI) exceeds certain thresholds, 50% of s.s. benefits are taxable o Other Income Jury duty pay Prizes and awards Forgiveness of debt Certain insurance proceeds Items Excluded from Gross Income o Nontaxable Employee Fringe Benefits No-additional-cost services (unused hotel rooms, airline seats) Discounts Working condition fringe benefits Qualified transportation fringe benefits Moving expense reimbursements De minimis benefits o Other Nontaxable Income Scholarships and Fellowships Life Insurance Proceeds Gifts and Inheritances Compensation for Sickness or Injury Child support...
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This note was uploaded on 03/30/2012 for the course ACCT 3221 taught by Professor Armentor during the Spring '08 term at LSU.
- Spring '08