Exam (elaborations)
FPC - Fringe Benefits and Other Payments (1).
- Course
- FPC Chapter 2.2 & 2.3
- Institution
- FPC Chapter 2.2 & 2.3
FPC - Fringe Benefits and Other Payments (1).
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FPC - Fringe Benefits and Other PaymentsQualified EE discount - ANS-a nontaxable benefit when the ER sells a product or service to an
EE at a discount. The discount is limited based on type of product or service sold
de minimus fringe benefit - ANS-A benefit of small value, difficult to track, and occasionally
provided that is excluded from the EE's income. generally cannot be cash
taxable benefit formula - ANS-the fair market value less amounts excluded by law less any
amounts paid for the benefit with after tax dollars
Commuting valuation rate - ANS-For personal use of company vehicles is $1.50 per trip or
$3.00 per day
GTL taxes - ANS-SS and medi are withheld
working condition benefit - ANS-Nontaxable benefit which relates to the EE's trade or business
provided to an EE
monthly transportation benefit - ANS-Maximum exclusion from income for a ___ is $260/month
no additional cost benefit - ANS-a nontaxable benefit provided by an ER. The benefit must be a
service sold to customers and provided to EEs with no substantial cost to ER
nontaxable use of comp vehicle - ANS-Business use
De minimis use
qualified nonpersonal use vehicles
certain automobile salesperson's use
bonus and commission - ANS-Taxable for income, SS, medi, FUTA. ___ & ___ are
supplemental wage
tips are paid - ANS-when the EE reports tips to ER
fair market value - ANS-the amount an individual would pay for a product or service in an arm's
length transaction
Standard mileage rate - ANS-$0.545/mile. EE can be reimbursed for business miles driven in
personal vehicle up to $0.545/mile without taxation
taxes wh tips - ANS-SS & medi withheld first, then income tax
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