Question

Linda and Richard are married and file a joint return for 2018. During the year, Linda, who works as arn accountant for a national airline, used $2,100 worth of free passes for travel on the airline; Richard used the same amount. Linda and Richard also used $850 worth of employee discount coupons for hotel rooms at the hotel chain that is also owned by the airline. Richard is employed at State University as an accounting clerk Under a tuition reduction plan, Richard saved $4,000 in tuition fees during 2018. He is studying for a master's degree in business at night while still working full-time. Richard also had $30 worth of personal typing done by his administrative assistant at the University. What is the amount of fringe benefits that should be included in Linda and Richard's gross income on their 2018 tax return?

Answer 1

Linda and Richard are married and file a joint return for 2018. During the year, Linda, who works as arn accountant for a national airline, used $2,100 worth of free passes for travel on the airline; Richard used the same amount. Linda and Richard also used $850 worth of employee discount coupons for hotel rooms at the hotel chain that is also owned by the airline. Richard is employed at State University as an accounting clerk Under a tuition reduction plan, Richard saved $4,000 in tuition fees during 2018. He is studying for a masters degree in business at night while still working full-time. Richard also had $30 worth of personal typing done by his administrative assistant at the University.

What is the amount of fringe benefits that should be included in Linda and Richards gross income on their 2018 tax return?

=>Therefore the answer was

850+4000=$4850

What's more, they ought to decide the necessities for nontaxability of no-extra cost edges (free lodgings), the most extreme limits permitted on merchandise and enterprises to guarantee nontaxability, just as the standards for rejections from pay for nondiscriminatory stopping and travel passes, and so on.