Which of the following is true about excluded fringe benefits? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.)

Question

Quizplus · Accepted Answer

Excluded fringe benefits are not considered taxable income for the employee, meaning they do not generally increase the employee's tax burden. Consequently, they are often not reported on the employee's W-2 form, which is used for tax reporting purposes. The cash value of excluded fringe benefits is not always taxable, as the definition of excluded benefits specifically refers to those that are exempt from taxation. While some excluded benefits may be offered through an employer's cafeteria plan, it is not a requirement for a benefit to be considered an excluded fringe benefit.

Which of the Following Is True About Excluded Fringe Benefits