Question

Trinidad Schwab is an employee at the Kyletown Fire Department. He received the following benefits from his employer during 2019 for company purposes: On-site housing: $385 per month Employer-provided cell phone: $95 per month Meals: $190 per month Required: What amount of these benefits are taxable for 2019?

Answer 1

Step-by-step explanation:

None of these may be taxable if they occurred on the company’s location for the company’s purposes.

what is taxable income;

Taxable income is the amount of a person's gross income that the government deems subject to taxes. Taxable income consists of both earned and unearned income. Taxable income is generally less than gross income, having been reduced by deductions and exemptions allowed by the IRS for the tax year