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1. Ashley is a marketing rep in the electronics division of XYZ Company, earning an...

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Finance

1. Ashley is a marketing rep in the electronics division of XYZ Company, earning an annual salary of $60,000. She receives multiple company benefits, including life insurance coverage equal to two times her salary; two weeks of vacation; a company car for travel to sales presentations; quarterly bonus payouts; and a laptop computer for her personal use. Of the benefits listed, which of these is exempt from income taxation for Ashley?

A)The total amount of life insurance coverage B)The vacation time C)Quarterly bonus payouts D)Use of the company car

2. Which of the following requires written records to be kept for business expenses claimed on an individual's return?

A)Meals over $25

B)Charitable donations under $100

C)Auto mileage

D)Group term life insurance coverage provided by an employer

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