On January 2 an employee borrows $76,000 at a rate of 3% from his employer for a

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Question:

On January 2 an employee borrows $76,000 at a rate of 3% from his employer for a home purchase loan. The government's prescribed interest rates for the year are as follows:

1st quarter: 4%

2nd quarter: 6%

3rd quarter: 5%

4th quarter: 3%

Calculate the taxable benefit for each pay.