Henry is an employee of Argus Corporation.His fringe benefits for the current year included: -$2,500 contributed by Argus to his qualified deferred compensation retirement plan.This year, the retirement plan earned $600 in interest and dividend income.Henry received no distributions from this plan
-A $500,000 face value group term life insurance policy for which Argus paid premiums of $650.Henry is a key employee and it is a discriminatory plan.The uniform monthly premium for $1,000 of group term life insurance is $0.15.
-The use of a company-owned automobile.The annual lease value of this car is $15,000.Henry used it 70% of the time (and miles) for personal use and 30% for business use.
-Free parking in the company parking lot (valued at $100 per month)
How much must Henry include in gross income?

Question

Quizplus · Accepted Answer

The Answer of Henry is an employee of Argus Corporation.His fringe benefits for the current year included: -$2,500 contributed by Argus to his qualified deferred compensation retirement plan.This year, the retirement plan earned $600 in interest and dividend income.Henry received no distributions from this plan
-A $500,000 face value group term life insurance policy for which Argus paid premiums of $650.Henry is a key employee and it is a discriminatory plan.The uniform monthly premium for $1,000 of group term life insurance is $0.15.
-The use of a company-owned automobile.The annual lease value of this car is $15,000.Henry used it 70% of the time (and miles) for personal use and 30% for business use.
-Free parking in the company parking lot (valued at $100 per month)
How much must Henry include in gross income?

Henry Is an Employee of Argus Corporation