FPC Chapter 3 Test Questions with All Correct Answers
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Module
FPC
Institution
FPC
FPC Chapter 3 Test Questions with All Correct Answers
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 - ...
FPC Chapter 3 Test Questions with
All Correct Answers
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 - Answer-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 - Answer-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. - Answer-B. de minimis fringe benefits.
Which of the following employer-provided benefits is taxable?
A. Company-provided group-term life insurance in excess of $50,000.00
B. Qualified employee discounts
C. Employer reimbursement for professional organization fees
D. No-additional-cost services - Answer-A. Company-provided group-term life
insurance in excess of $50,000.00
An employer relocates an employee who meets the time test, 1,500 miles away. Which
of the following moving expenses is taxable?
A. $4,000.00 for the moving van
B. $100.00 for a hotel room while traveling to the new location
C. $1,500.00 in real estate taxes
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