Homework Answers
Computation of Arthur's gross income:
| Salary | 35,000 |
| Vacation pay | 800 |
| Christmas bonus | 1200 |
| TOTAL GROSS INCOME | 37,000 |
Employers are allowed to provide employees with $50,000 of tax-free group term life insurance coverage, hence 150 dollars paid by Arthur's employer are not taxable in Arthur's return.
A turkey falls under de minimis fringe benefits, which are benefits which are trivial in value according to the IRS and hence not taxable.
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$ 35,000 2. Arthur received the following benefits from his employer, Dragwo Salary Vacation Pay Christmas...
2. Arthur received the following benefits from his employer, Dragwood Inc. Salary $ 35,000 Vacation Pay...
2. Arthur received the following benefits from his employer, Dragwood Inc. Salary $ 35,000 Vacation Pay 800 Christmas Bonus 1,200 $35,000 Group insurance 150 for life insurance premium Thanks giving Turkey (value) 20 How much should be included in Arthur's tax return as gross income? Show computation.
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Dow, 42, is a manager for Winter Company. In addition to his $82,000 salary, he receives the following benefits from Winter during the current year: . Winter pays all its employees' health and accident insurance. Premiums paid by Winter for Dow's health insurance are $1,200. Winter provides all employees with group term life insurance coverage equal to their annual salary. Premiums on Dow's $82,000 in coverage are $820. (See Table 4- 1 IRS Premium Table above) Winter has a flexible...
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Nontaxable Fringe Benefits (LO.4) Dow, 42, is a manager for Winter Company. In addition to his...
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2. Arthur received the following benefits from his employer, Dragwood Inc. Salary $ 35,000 Vacation Pay 800 Christmas Bonus 1,200 $35,000 Group insurance 150 for life insurance premium Thanks giving Turkey (value) 20 How much should be included in Arthur's tax return as gross income? Show computation.
Dow, 42, is a manager for Winter Company. In addition to his $82,000 salary, he receives the following benefits from Winter during the current year: . Winter pays all its employees' health and accident insurance. Premiums paid by Winter for Dow's health insurance are $1,200. Winter provides all employees with group term life insurance coverage equal to their annual salary. Premiums on Dow's $82,000 in coverage are $820. (See Table 4- 1 IRS Premium Table above) Winter has a flexible...
CANADIAN TAXATION 2019 During the current year, R received a salary of $80,000. She also earned commissions of $30,000 of which $20,000 was received in the current year. The remaining commissions were paid in January of the following year. What is R's employment income for the current year? $ M is employed in the soft drink industry. In addition to his salary, he enjoyed the following benefits paid for by his employer in the current year: Contribution to company pension...
Nontaxable Fringe Benefits (LO.4) Dow, 42, is a manager for Winter Company. In addition to his 2019 $81,000 salary, he receives the following benefits from Winter during the current year: • Winter pays all its employees' health and accident insurance Premium paid by Winter for Dow's health insurance are $1,300 • Winter provides all employees with group term life insurance coverage equal to their annual salary. Premiums on Dow's $81,000 in coverage are $810. • Winter has a flexible benefits...
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