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FPC Chapter 3 (1)

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Exam of 4 pages for the course Imse 250 at Imse 250 (FPC Chapter 3 (1))

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FPC Chapter 3
How does the IRS define gross income? - ANS-All compensation for services performed

Which of the following benefits is subject to federal income tax?
A. Qualified retirement advice services
B. Qualified moving expense reimbursements
C. Working condition fringes
D. Personal use of a company vehicle - ANS-Personal use of a company vehicle

All of the following benefits are taxable fringe benefits EXCEPT:

A. prize in company-sponsored sales contest.
B. no-additional-cost services.
C. employer reimbursements at a rate greater than $0.19 per mile for relocation-related
mileage.
D. company-provided group-term life insurance in excess of $50,000.00. - ANS-B.
no-additional-cost services.

All of the following items are taxable compensation EXCEPT:

A. a $40.00 gift card to a department store.
B. severance pay.
C. reimbursement for job-related courses.
D. employer-paid transit passes in excess of $255.00 a month - ANS-reimbursement for
job-related courses.

Which of the following benefits is subject to federal income tax?

A. Group-term life insurance coverage in excess of $50,000
B. Qualified employee discounts
C. Business use of a company vehicle
D. Qualified moving expenses - ANS-Group-term life insurance coverage in excess of $50,000

ll of the following benefits are taxable wages EXCEPT:

A. bonuses.
B. de minimis fringe benefits.
C. commissions.
D. overtime compensation. - ANS-B. de minimis fringe benefits.

Which of the following employer-provided benefits is taxable?

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