The company provided an employee with a $45,000 personal loan on February 1, at a rate of
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Question:
The company provided an employee with a $45,000 personal loan on February 1, at a rate of 4%. The government prescribed rates for the year are as follows:
1st quarter: 8%
2nd quarter: 6%
3rd quarter: 7%
4th quarter: 5%
a) calculate the value of the taxable benefit for the year.
Pay Period | Loan Balance | Gov't. Prescribed Rates | Company Rate | Monthly Taxable Benefit |
January | ||||
February | ||||
March | ||||
April | ||||
May | ||||
June | ||||
July | ||||
August | ||||
September | ||||
October | ||||
November | ||||
December | ||||
Total Taxable Benefit for the Year: |
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date: