PLEASE SHOW YOUR WORK! April is a cash basis taxpayer, and is a fashion and makeup consultant in a h

PLEASE SHOW YOUR WORK!

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April is a cash basis taxpayer, and is a fashion and makeup consultant in a high fashion company, Dread, Inc. She earned a salary of $60,000. She also was provided a disability income protection policy for which Dread paid a $1,500 premium for April's insurance. The company also provided health insurance for her which cost the company $15,000, and long term care insurance for her which Dread paid a $1,000 premium. Her salary would have been $65,000, but she was paying off her school loan at $5,000/year and Dread agreed to reduce her salary by $5,000 and to pay $5,000/year amount toward her school loan for her. The long-term care insurance policy was provided for all employees, to help to pay for future nursing home costs if needed, the health care and disability insurance were likewise provided for all. While her salary was $60,000, Dread Inc. had a 401(k) plan and April voluntarily put $3,000 of her $60,000 salary, 5% of it, into her 401(k). Her employer Dread matched that with a $3,000 contribution of its own money into her 401(k). What is April's taxable income from Dread this year?

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