On January 2 an employee borrows $76,000 at a rate of 3% from his employer...
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Accounting
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.
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