NOCHSHW-Chapter 5HWNor ) mi cergageNowv21 Online teac om/ilrn/takeAssignment/tak
ID: 2405023 • Letter: N
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NOCHSHW-Chapter 5HWNor ) mi cergageNowv21 Online teac om/ilrn/takeAssignment/takeAssignmentMain.do?invoker-assignments&takeAssignmentSessionLocator-assignment-tak; ewn." Rings of Saturn Offi D The Story so Far-- K London In Terror BL D Logo Beanie / Now. D Heartfelt tee / N Calculator Print Item eBook Tax Drill-Exclusion of Fringe Benefits Indicate whether the following statements are True" or "False" regarding the exclusion treatment of employee fringe benefits a. Under the no-additional-cost service type of fringe benefit, the employer does not incur substantial additional cost, including forgone revenue, in providing the services to the employee. True b. In the case of services, the qualified employee discount exclusion is limited to 5 percent of the customer price. False c. For working condition fringes, generally, an employee is not required to include in gross income the cost of property or services provided by the employer if the employee could deduct the cost of those items if he or she had actually paid for them d. De minimis fringe benefits are so small that accounting for them is impractical. Therefore, they are excluded from the employee's gross income. e. Qualified transportation fringes must be provided directly by the employer and may not be in the form of cash reimbursements. t. Qualified retirement planning services include any retirement planning advice or information that an employer who maintains a qualified retirement plan provides to an employee or the employee's spouse All work savedExplanation / Answer
a) True (As in case of this plan the liability of the enterprise is only limited liability hence any additional expense or additional revenue is to be borne by the employee
b)False (No ,in case of qualified employee discount exclusion is not limited to 5% of customer price it can be more than as per service rendered by an employee)
c)True(As working condition fringe provided by employer to employee ,is duty of employer to provide such which cannot become part of employee gross income)
d)True( As this type of fringe benefit are very difficult to assign to each individual employee hence the same should be charged to P&L account)
e)False (In case of qualified transporatation it can be provided by any way either by employer directly or can be received as cash reimbursement
f)True (employee qualified retirement planning services that an employer maintains such that it include qualified return plan to both employee or to emplouee spouse(in case employee decesed)
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