Which of the following is a taxable fringe benefit?Question 4 options: employer
ID: 2443630 • Letter: W
Question
Which of the following is a taxable fringe benefit?Question 4 options:employer pays for subscriptions for professional journals delivered to employee's home adresses employer provides meals at its own eating facility for the employee's convenience and the annual revenue from the facility exceeds the direct operating costs of the facility payments for educational assistance for classes that are work related reimbursement for employees' moving expenses deductible under the Internal Revenue Service Code
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Question 5 (2 points)
Which of the following is true concerning compensation for injuries and sickness?Question 5 options:
punitive damages received on account of a ruined business reputation that is considered a permanent injury is not included in gross income payments in lieu of wages from an insurance policy paid for by the taxpayer's employer are included in gross income of the recipient workers' compensation benefits from personal injuries or sickness are included in gross income of the recipient taxpayer amounts received through accident or health insurance for personal injuries or sickness are excluded from gross income to the extent that the medical expenses were deducted in a prior year
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Question 6 (2 points)
Lon Warwick is an ordained clergyman serving his local parish church. The church furnished him a home with a rental value of $400 per month. On June 30 his home was completely destroyed by fire. Beginning in July, his church paid him a rental allowance of $400 per month. He immediately moved into an apartment for which he paid $300 per month. How much of the allowance paid to the clergyman must be included in his income for the current year?Question 6 options:
$0 $600 $1,800 $2,400
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Question 7 (2 points)
Which of the following must be included on Form W-2?Question 7 options:
premiums paid on group-term life insurance over $50,000 de minimis fringe benefits uniform allowances miscellaneous deductions
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Question 8 (2 points)
Taxable compensation usually includes all of the following except:Question 8 options:
wages commissions jury fees fringe benefits
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Question 9 (2 points)
Under the terms of their divorce agreement, Kent transferred IBM stock to his former wife, Nancy, as a property settlement. At the time of transfer, the stock had a basis to Kent of $40,000 and a fair market value of $50,000. What is the tax consequence of this transaction to Kent, and what is Nancy's basis in the IBM stock?Question 9 options:
Kent has a gain of $10,000; Nancy's basis is $40,000 Kent had a gain of $10,000; Nancy's basis is $50,000 Kent has no gain or loss; Nancy's basis is $50,000 Kent has no gain or loss; Nancy's basis is $40,000
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Question 10 (2 points)
A taxpayer had the following income and losses in 2006:
Salary $44,000
Sold AT&T stock at a loss of $(5,000)
Gambling winnings $9,000
What is the taxpayer's adjusted gross income?
a. $44,000 b.$46,000 c. $47,000 d.$50,000
please do not guess
Explanation / Answer
Which of the following is a taxable fringe benefit?Question 4 options: employer pays for subscriptions for professional journals delivered to employee's home adresses Question 5 (2 points) Which of the following is true concerning compensation for injuries and sickness?Question 5 options: Taxpayer amounts received through accident or health insurance for personal injuries or sickness are excluded from gross income to the extent that the medical expenses were deducted in a prior year Question 6 (2 points) Lon Warwick is an ordained clergyman serving his local parish church. The church furnished him a home with a rental value of $400 per month. On June 30 his home was completely destroyed by fire. Beginning in July, his church paid him a rental allowance of $400 per month. He immediately moved into an apartment for which he paid $300 per month. How much of the allowance paid to the clergyman must be included in his income for the current year?Question 6 options: $0 Question 7 (2 points) Which of the following must be included on Form W-2?Question 7 options: Fringe benefits Question 8 (2 points) Taxable compensation usually includes all of the following except:Question 8 options: jury fees Question 9 (2 points) Under the terms of their divorce agreement, Kent transferred IBM stock to his former wife, Nancy, as a property settlement. At the time of transfer, the stock had a basis to Kent of $40,000 and a fair market value of $50,000. What is the tax consequence of this transaction to Kent, and what is Nancy's basis in the IBM stock?Question 9 options: Nancy's basis is $40,000 Kent had a gain of $10,000; Question 10 (2 points) A taxpayer had the following income and losses in 2006: Salary $44,000 Sold AT&T stock at a loss of $(5,000) Gambling winnings $9,000 What is the taxpayer's adjusted gross income? Max Loss permissible in a year is $3000. So $2000 loss will be carried fwd to next year. Thus Adj Gross income = 44000-3000+9000 = 50000 d.$50,000
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