Exam 4: Fringe Benefits and Voluntary Deductions

According to the Consumer Credit Protection Act,what is the maximum percentage of an employee's disposable earnings that may be withheld as part of a consumer credit garnishment?

Michael McBride is an employee of Reach-it Pharmaceuticals.His company car is a 2017 Lexus GS 200t with a fair-market value of $50,000 and a lease value of $13,250,according to Publication 15-b.During the year,Michael drove 45,000 miles,of which 9,000 were for personal use.The car was available for use on 270 of the days during the year.All gasoline was provided by the employer and is charged back to Michael at $0.055 per mile.What is the amount of the company-car fringe benefit that will appear on Michael's W-2,using the lease-value rule? (Do not round intermediate calculations,only round final answer to two decimal points. )

Tanesha works part-time for a governmental agency and is given a car for work-related and commute purposes.During the last calendar year,she worked 150 days and had a commute of 35 miles each direction.What is the amount of the company-car fringe benefit that will appear on her W-2? (Do not round intermediate calculations,only round final answer to two decimal points. )

Under the ________,benefits offered only during the last two months of the year may be treated as paid during the following calendar year.

According to Publication 15b,what is the annual cash value limit for excluded prizes and awards?

By what date must the value of all noncash benefits be determined for the preceding year?

Certain fringe benefits that are not part of a cafeteria plan may be reported on the employee's Form W-2 as income.

If a fringe benefit involves a deduction from employee pay,which of the following is true?

Which of the following deductions may be taken on a pre-tax basis? (You may select more than one answer. )

The primary difference between pre-tax and post-tax deductions is:

What is a limit on garnishments for nontax liens?

Which of the following is true about the employee tax treatment of employer-provided snacks and meals?

Under the lease-value rule,how is the taxable income for the employee determined? (You may select more than one answer. )

Retirement fund contributions are generally subject to ________ and ________ taxes.

The purpose of fringe benefits is to ________.

Under the Affordable Care Act,what are the rules for dependents to be covered under a parent's health plan? (You may select more than one answer. )

Which of the following,according to the IRS,is used to determine if a health plan qualifies for pre-tax status? (You may select more than one answer. )

Under what condition is the fringe benefit of a gym membership taxable?

What is the major limitation of a SIMPLE retirement plan?

Which fringe benefit valuation rule(s)permit employees to use a company vehicle for personal purposes as a fringe benefit? (You may select more than one answer. )