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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 PeriodLoan BalanceGov'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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