The answer is d. 14,500
Since the lower of the following shall be allowed to be excluded from income-
1. Amount officially designated as a housing allowance i.e. 14,500
2. The amount actually used to provide for the rent of a home i.e. 17,400
7. Peter is a Methodist minister. He received $50,000 in wages with $14,500 designated as rental...
Paul Fenson is employed as a shipping supervisor. In the evenings and on weekends, he holds a second job as a real estate salesman for a national real estate firm. His financial information for 2020 is as follows: 1. His salary from his day job is $60.000 per annum. However, the employer deducts a number of items from his salary, and so his net take-home pay is only $40.846. The following amounts were deducted in 2020: Income tax Union dues...