M is employed in the soft drink industry. In addition to his salary, he enjoyed the...
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 plan - $5,000; Premium of $300 paid for group term life insurance coverage of $50,000; Annual public transport bus pass - $600. What amount, with respect to the benefits, is included in M’s employment income for tax purposes?
Homework Answers
Contribution to company pension plan $5,000 need to be included in M's employment income for tax purpose.
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M is employed in the soft drink industry. In addition to his
salary, he enjoyed the...
CANADIAN TAXATION 2019 During the current year, R received a salary of $80,000. She also earned...
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...
K receives certain employment benefits in addition to a salary. During the current year, her employer...
K receives certain employment benefits in addition to a salary. During the current year, her employer paid for the following benefits: Premium of $200 for group sickness and accident insurance coverage, Annual dues of $1,500 for fitness club membership for personal use, Psychologist fee of $1,100 for mental health counseling for K’s son, and Premium of $800 for a private health services plan. What amount, with respect to the benefits, is included in K’s employment income for tax purposes?
Paul Fenson is employed as a shipping supervisor. In the evenings and on weekends, he holds...
Paul Fenson is employed as a shipping supervisor. In the evenings and on weekends, he holds a second job as a real estate salesman for a national real estate firm. His financial information for 2020 is as follows: 1. His salary from his day job is $60.000 per annum. However, the employer deducts a number of items from his salary, and so his net take-home pay is only $40.846. The following amounts were deducted in 2020: Income tax Union dues...
Dow, 42, is a manager for Winter Company. In addition to his $82,000 salary, he receives...
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...
Nontaxable Fringe Benefits (LO.4) Dow, 42, is a manager for Winter Company. In addition to his...
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...
Ul Lugihah for the year of assessment 2018. Question 8 Mr Lim, age 49, was employed as the Head o...
Ul Lugihah for the year of assessment 2018. Question 8 Mr Lim, age 49, was employed as the Head of Marketing of Blue Green Sdn Bhd in Kuala Lumpur since 1 August 1991. He resigned from his job on 30 November 2018. Payments and benefits received by Mr Lim from Blue Green Sdn Bhd in 2018 were as follows: a) Gross salary of RM10,000 per month. b) Bonu 2018) c) Medical bills RM8,000 (for his wife) paid by the company....
peter molloy is considering making a contribution to an IRA, but his employer has a profit-sharing...
peter molloy is considering making a contribution to an IRA, but his employer has a profit-sharing plan. Plan benefits vest over 6 years, and peter is 60% vested. The employer made no contribution to the plan for the year. No employees have terminated during the year. Which of the following statements concerning Peter’s contribution to an IRA is correct? peters contribution will not be deductible because contributions are not required every year to profit-sharing plan. Peters contribution will be deductible...
Question 1 BWS Corporation pays the premiums on an $80,000 group-term life insurance policy on the...
Question 1 BWS Corporation pays the premiums on an $80,000 group-term life insurance policy on the life of its 45-year-old vice-president, Warren. The annual cost per $1,000 of coverage for a person aged 45 to 49 is $1.80. If Warren has paid $25 toward the cost of the insurance, what is the cost of hte policy includible in Warren's gross income? 1) $278.00 2) $144.00 3) $54.00 4) $29.00 5) $0 Question 2 During 2019, Edward East had wages of...
7-60 Tony Johnson (M). No. 456-225-7657). age 45. Is smgle. He IIves at 5220 Grand Avenue....
7-60 Tony Johnson (M). No. 456-225-7657). age 45. Is smgle. He IIves at 5220 Grand Avenue. Brooklyn, NY 10016. Tony is employed by RTI Corporation, which operates a chain of restaurants in and around New York City. He has supervisory responsibilities over the managers of four restaurants. An examination of his records for 2011 revealed the following information. 1. During the year, Tony earned $33,000. His employer withheld $2,200 in Federal income taxes and the proper amount of FICA taxes....
Ms. Brenda Fisher has been employed for many years as a computer technician in Vancouver, British...
Ms. Brenda Fisher has been employed for many years as a computer technician in Vancouver, British Columbia. Her employer is a large publicly traded Canadian company. During 2018, Ms. Brenda Fisher’s gross salary was $250,000. In addition, she was awarded a $50,000 bonus to reflect her exceptional performance in 2018. Ms. Brenda Fisher arranged with her employer that none of this bonus would be paid until 2025. Other Information: Ms. Brenda Fisher’s employer withheld the following amounts from her income:...
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...
Paul Fenson is employed as a shipping supervisor. In the evenings and on weekends, he holds a second job as a real estate salesman for a national real estate firm. His financial information for 2020 is as follows: 1. His salary from his day job is $60.000 per annum. However, the employer deducts a number of items from his salary, and so his net take-home pay is only $40.846. The following amounts were deducted in 2020: Income tax Union dues...
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...
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...
Ul Lugihah for the year of assessment 2018. Question 8 Mr Lim, age 49, was employed as the Head of Marketing of Blue Green Sdn Bhd in Kuala Lumpur since 1 August 1991. He resigned from his job on 30 November 2018. Payments and benefits received by Mr Lim from Blue Green Sdn Bhd in 2018 were as follows: a) Gross salary of RM10,000 per month. b) Bonu 2018) c) Medical bills RM8,000 (for his wife) paid by the company....
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