LaMont works for a company in downtown Chicago. The company encourages employees to use public transportation environment) by providing them with transit passes at a cost of $289 per month. ve the If LaMont receives one pass (worth $289) each month, how much of this benefit must he include in his gross income each year? Transit pass benefit to be included in gross income If the company provides each employee with $289 per month in parking benefits, how much of the parking benefit must LaMont Include in his gross Income each year? Parking benefit to be included in gross income

LaMont works for a company in downtown Chicago. The company encourages employees to use public transportation environment) by providing them with transit passes at a cost of $289 per month. ve the If LaMont receives one pass (worth $289) each month, how much of this benefit must he include in his gross income each year? Transit pass benefit to be included in gross income If the company provides each employee with $289 per month in parking benefits, how much of the parking benefit must LaMont Include in his gross Income each year? Parking benefit to be included in gross income

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter5: Gross Income: Exclusions

Section: Chapter Questions

Problem 13DQ

See similar textbooks

Similar questions

LaMont works for a company in downtown Chicago. The company encourages employees to use public transportation (to save the environment) by providing them with transit passes at a cost of $285 per month. Required: If LaMont receives one pass (worth $285) each month, how much of this benefit must he include in his gross income each year? If the company provides each employee with $285 per month in parking benefits, how much of the parking benefit must LaMont include in his gross income each year?
LaMont works for a company in downtown Chicago. The firm encourages employees to use public transportation (to save the environment) by providing them with transit passes at a cost of $270 per month. a. If LaMont receives one pass (worth $270) each month, how much of this benefit must he include in his gross income each year? b. If the company provides each employee with $270 per month in parking benefits, how much of the parking benefit must LaMont include in his gross income each year?
[The following information applies to the questions displayed below.] LaMont works for a company in downtown Chicago. The company encourages employees to use public transportation (to save the environment) by providing them with transit passes at a cost of $290 per month. Problem 12-47 Part a a. If LaMont receives one pass (worth $290) each month, how much of this benefit must he include in his gross income each year? Transit pass benefit to be included in gross income
Steve is the librarian in his city's library. The library provides group disability insurance where premiums are paid by employees with after-tax dollars. He enrolls in a policy through the employer that provides a benefit of $4,200 a month. If he is in the 25% tax bracket and is disabled, what are his benefits after tax? A) $0. B) $1,050. C) $3,150. D) $4,200.
Steven takes a full-time position that pays an hourly wage of $32. The job assumes that he will work five 8-hour days a week. The government takes out 6.2% for Social Security, 1.45% for Medicare, and 15% for Federal income tax. Steven will have $80 taken out for health insurance and 6% of his after-tax monthly income taken out for retirement. GAI _________________ GMI _________________ ATM _________________ Total Expenses ________________ Net __________________
************* LaMont works for a company in downtown Chicago. The company encourages employees to use public transportation (to save the environment) by providing them with transit passes at a cost of $283 per month. a. If LaMont receives one pass (worth $283) each month, how much of this benefit must he include in his gross income each year? Transit pass benefit to be included in gross income Show Transcribed Text b. If the company provides each employee with $283 per month in parking benefits, how much of the parking benefit must LaMont include in his gross income each year? Parking benefit to be included in gross income
Which of the following is a fringe benefit excluded from income? a.Quickchat Inc. gives each employee a $10 gift card to the local coffee shop on National Coffee Day. b.A mechanic at Denise's employer, a car rental company, provides $1,000 of repair services to Denise's personal car for free. c.Hedaya, a doctoral student at Ivy University, receives a full tuition waiver while serving as research assistant. d.Alfa-Bet, a high-tech corporation, pays for each employee's membership at the 24 Hour Biceps Gym closest to each Alfa-Bet office.
For each independent situation, determine the amount, if any that is includible in the gross income of the employee. The employee of a motel has the choice of free lodging on the premises (fair market value $400 per week) or extra cash compensation. He is not required to live on premises. He chooses the lodging. An employee arranges to have his annual bonus, $1,000, paid directly to his son. His objective is to make a wedding gift to the son. An employee earns a salary of $500 per week. Pursuant to a court order, $100 of his salary goes to his ex-wife for child support.
Geraldine Wolfe is a supervisor at Fantastigifts. She has an annual salary of $49,000, paid biweekly, and a garnishment for consumer credit of $470. Assuming that her disposable income is 80 percent of her gross pay per period, does the garnishment follow the CCPA? If not, what is the maximum garnishment allowed for Geraldine’s consumer credit garnishment? (Round your intermediate calculations and final answer to 2 decimal places.) Does the garnishment follows the CCPA Maximum garnishment allowed
George runs a coffee shop. His total sales are $107,758 per month. He has the following monthly expenses: rent is $5,140 wage expense is $21,076 material supplies are $10,545. George owns the building where he has his coffee shop. He could rent this space for $11,766 per month. If George only cares about earning the maximum income possible, what is the minimum monthly salary he would have to earn at his next best employment opportunity to get him to close his coffee shop? Enter a whole number with no dollar sign.
Mary Johnson is earning $40,000 per week as her basic salary.Ms. Johnson lives in a house that the company pays the Landlord $5,000 weekly. She receives a non-taxable uniform allowance of $12,500 per week. Ms. Johnson has asked the payroll department to deduct from her salary $5,000 to National Housing Trust (NHT). The company has an approved pension scheme for which the employee contributes 5% per week and the employer matches this amount by contributing the same percentage for the employee. Required: a) Calculate the net pay for Mary Johnson for the week. b) Compute the taxes that the company will pay for Ms. Johnson.
This year Evan graduated from college and took a job as a deliveryman in the city. Evan was paid a salary of $78,300 and he received $700 in hourly pay for part-time work over the weekends. Evan summarized his expenses as follows: Cost of moving his possessions to the city (125 miles away) Interest paid on accumulated student loans Cost of purchasing a delivery uniform Contribution to State University deliveryman program $1,200 3,000 1,600 1,400 Calculate Evan's AGI and taxable income if he files single. Assume that interest payments were initially required on Evan's student loans this year. Evan's AGI Taxable income