In the current year, Armadillo Airlines covers an employee with a qualified dental plan at cost...
In the current year, Armadillo Airlines covers an employee with a qualified dental plan at cost of $200. In addition, its employees are allowed to fly for free on a standby basis, and this same employee takes free flights valued at $3,000. The employee is also provided with free parking at the airport worth $400 per year. Of these amounts, how much must the employee include in his gross income for the current year?
Homework Answers
In the given question AIrlines prov ides the follwoing benefits to it's employee
1.Dental Plan @$200
2.Fly for free on a standby@$3000
3.Free Parking@$400
As per IRS
1.Dental Plan .ie insurance plan provided to employee is specifically excluded from gross total income
2.Fly for free as apart of duty is also excluded from gross total income
3.Free Parking is specifically excluded from gross total income
So no part of given amounts are included in calculation of gross total income of employee
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In the current year, Armadillo Airlines covers an
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