The company provided an employee with a $45,000 personal loan on February 1,...
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Accounting
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%
a) calculate the value of the taxable benefit for the year.
| Pay Period | Loan Balance | Gov't. Prescribed Rates | Company Rate | Monthly Taxable Benefit |
| January | ||||
| February | ||||
| March | ||||
| April | ||||
| May | ||||
| June | ||||
| July | ||||
| August | ||||
| September | ||||
| October | ||||
| November | ||||
| December | ||||
Total Taxable Benefit for the Year: | ||||
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