The fringe benefit that must be included in wages and reported on Form W-2 is: A: A Group-term life insurance coverage in excess of $50,000. B Contributions by your employer to provide long-term care services. C Health or accident insurance coverage provided by your employer. D Employer provided parking near the place of business valued at less than $200 per month.
A. Group-term life insurance coverage in excess of $50,000. Explanation: A) The cost of employer-provided group-term life insurance on the life of an employee's spouse or dependent, to the extent that the face amount exceeds $50,000, is subject to tax and must be included in the employee's wages. This is reported on the employee's Form W-2. B) Contributions by an employer to provide long-term care services are generally not included in income, so they are not reported on Form W-2. C) Health or accident insurance premiums paid by an employer are not taxable benefits and are not included in the employee's wages, thus not reported on Form W-2. D) Employer-provided parking is a tax-free benefit up to a certain limit. For 2022, the exclusion limit for qualified parking is $280 per month. If the value of parking provided by the employer is less than this limit, it is not included in the employee's wages and not reported on Form W-2.
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