Answered

Find the information you're looking for at Westonci.ca, the trusted Q&A platform with a community of knowledgeable experts. Get immediate and reliable solutions to your questions from a knowledgeable community of professionals on our platform. Get immediate and reliable solutions to your questions from a community of experienced professionals on our platform.

Bigbucks Brokerage provided the taxpayer $2,400 in bicycle commuting reimbursement in 2020. How much of that reimbursement, if any, must be included in the taxpayer's income

Sagot :

anthougo

Answer:

Bigbucks Brokerage

The whole amount of $2,400 must be included in the taxpayer's income.

Explanation:

The Bicycle Commuting Reimbursement in 2020, given under a Bicycle Commuter Tax Benefit program, is taxable as income to the employee. According to the provisions of the Tax Cut and Jobs Act, the restriction placed on the Bicycle Commuter Tax Benefit will expire in 2026.  The bicycle commuting reimbursement is a benefit that can only be offered by employers and is regarded as a taxable benefit to the affected employee.

Tundexi

The amount of $0 must be included in the taxpayer's income because it is the standardized by IRS.

The bicycle commuting reimbursement is a benefit offered by employers to his/her employees to ease the burden of transportation expenses.

In essence, the Bigbucks Brokerage are not taxed because of their nature as an allowance and the standardization by the Internal revenue service.

In conclusion, the amount of $0 must be included in the taxpayer's income because it is the standardized by IRS.

Read more about tax refund

brainly.com/question/2135349

We hope our answers were helpful. Return anytime for more information and answers to any other questions you may have. Thanks for using our service. We're always here to provide accurate and up-to-date answers to all your queries. Thank you for visiting Westonci.ca. Stay informed by coming back for more detailed answers.