LaMont works for a company in downtown Chicago. The firm encourages employees to

Question

LaMont works for a company in downtown Chicago. The firm encourages employees to use public transportation (to save the environment) by providing them with transit passes at a cost of $680 per month

A. If LaMont receives one pass (worth $680) each month, how much of this benefit must he include in his gross income each year?

Benefit included in gross income $

B. If the company provides each employee with $680 per month in parking benefits, how much of the parking benefit must LaMont include in his gross income each year?

Parking benefit included in gross income $

Explanation / Answer

Parking benefit = 12 *680 = $8160 per employee

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