CHAPTER 4 T-F MULTI CHOICE PRACTICE QUIZZES

CHAPTER 4 T-F MULTI CHOICE PRACTICE QUIZZES - CHAPTER 4...

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1. Mr. Hawk, a factory assembly line  worker, received the following  benefits from his employer during  the current year:  How much is included in income? Your Answer: 2. Which of the following fringe  benefits is (are) taxable or partly  taxable to an employee in the  current year? Your Answer: The value of this parking will be included in income because it exceeds the  $230 per month limit allowed under Sec. 132 fringe benefits.   3. Jimmy Guy files a joint return with  his wife. Guy's employer pays 100%  of the cost of all employees' group  term life insurance under a qualified  plan. What is the maximum amount  of coverage that may be provided  tax-free for Guy by his employer  under this plan? Your Answer:
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4. Danny Hanes was killed in an  automobile accident. In October, his  widow received a lump sum death  benefit from his employer in the  amount of $15,000. Danny had no  right to the $15,000 prior to death.  What amount should his widow  include in adjusted gross income  assuming a joint tax return was  filed? Your Answer:
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CHAPTER 4 T-F MULTI CHOICE PRACTICE QUIZZES - CHAPTER 4...

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