Question 1:

LaMont works for a company in downtown Chicago. The company encourages employees to use public transportation (to save the environment) by providing them with transit passes at a cost of $293 per month. Required: If LaMont receives one pass (worth $293 ) each month, how much of this benefit must he include in his gross income each year? If the company provides each employee with $293 per month in parking benefits, how much of the parking benefit must LaMont include in his gross income each year? Complete this question by entering If LaMont receives one pass (worth $293 must he include in his gross income eact LaMont works for a company in downtown Chicago. The company encourages employees to use public transportation (to save the environment) by providing them with transit passes at a cost of $293 per month. Required: a. If LaMont receives one pass (worth $293 ) each month, how much of this benefit must he include in his gross income each year? b. If the company provides each employee with $293 per month in parking benefits, how much of the parking benefit must LaMont include in his gross income each year? Complete this question by enteri below. If the company provides each emplos benefits, how much of the parking be gross income each year? EXHIBIT 13-1 Defined Benefit Plans Minimum Vesting Schedules* *Percent of employee benefit no longer subject to forfeiture. Source: Internal Revenue Service. "Title 26." www. govinfo.gov