M is employed in the soft drink industry. In addition to his salary, he enjoyed the following benefits paid for by his employer in the current year: Contribution to company pension plan - $5,000; Premium of $300 paid for group term life insurance coverage of $50,000; Annual public transport bus pass - $600. What amount, with respect to the benefits, is included in M’s employment income for tax purposes?
M is employed in the soft drink industry. In addition to his salary, he enjoyed the following benefits paid for by his employer in the current year: Contribution to company pension plan - $5,000; Premium of $300 paid for group term life insurance coverage of $50,000; Annual public transport bus pass - $600. What amount, with respect to the benefits, is included in M’s employment income for tax purposes?
Chapter6: Business Expenses
Section: Chapter Questions
Problem 59P
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Question
M is employed in the soft drink industry. In addition to his salary, he enjoyed the following benefits paid for by his employer in the current year: Contribution to company pension plan - $5,000; Premium of $300 paid for group term life insurance coverage of $50,000; Annual public transport bus pass - $600. What amount, with respect to the benefits, is included in M’s employment income for tax purposes?
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