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Calculate the value of the taxable benefit for the year

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Reference no: EM133071922

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Q1. The company provided an employee with a $45,000 personal loan on February 1, at a rate of 4%. The government prescribed rates for the year are as follows:

1st quarter: 8%

2nd quarter: 6%

3rd quarter: 7%

4th quarter: 5%

Calculate the value of the taxable benefit for the year.

Q2. On January 2 an employee borrows $76,000 at a rate of 3% from his employer for a home purchase loan. The government's prescribed interest rates for the year are as follows:

1st quarter: 4%

2nd quarter: 6%

3rd quarter: 5%

4th quarter: 3%

Calculate the taxable benefit for each pay.

Reference no: EM133071922

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