Kent Fuller is in the 28 percent tax bracket.A nontaxable employee benefit with a value of $500 would have a tax-equivalent value of approximately:

Question

Quizplus · Accepted Answer

To find the tax-equivalent value of a $500 nontaxable benefit for someone in the 28 percent tax bracket, divide the value of the benefit by (1 - tax rate): $500 / (1 - 0.28) = $500 / 0.72 = approximately $694.

Kent Fuller Is in the 28 Percent Tax Bracket