Question
During the year, John's employer provides him with several gifts: (1) Best buy gift certificate for $750, (2) Wedding gift (gold watch) worth $900, and
During the year, John's employer provides him with several gifts: (1) Best buy gift certificate for $750, (2) Wedding gift (gold watch) worth $900, and (3) Weight loss award (art painting) worth $750. What is the total amount of taxable benefit that will be included in John's income as a result of these gifts?
Round to the nearest dollar. Do NOT write commas, dollar signs, or decimals in your response.
Mr. Mark Farther is provided with a car that is leased by his employer. The monthly lease payments for 2019 are $430, including sales tax. During 2019, he drives the automobile a total of 24500 kilometers, of which 9000 are employment related. The automobile is available to him throughout the year. His employer paid a total of $5500 in operating costs. When he is not using the automobile, company policy requires that it be returned to their premises. Calculate Mr. Farther's 2019 standby charge for the use of this automobile.
Round to the nearest dollar. Do NOT write commas, dollar signs, or decimals in your response.
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