P’s employer provided her with the following gifts and awards: Wedding gift (cutlery) - $300; Holiday...
P’s employer provided her with the following gifts and awards: Wedding gift (cutlery) - $300; Holiday season gift (art) - $200; Excellence award (gift certificate) - $400; First long service award for 10 years of service (golf clubs) - $1,500. What amount is included in P’s employment income for tax purposes?
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P’s employer provided her with the following gifts and awards:
Wedding gift (cutlery) - $300; Holiday...
Q's employer provided her with the following gifts and awards: Golf shirt with employer logo valued...
Q's employer provided her with the following gifts and awards: Golf shirt with employer logo valued at $30; Weekend at a spa valued at $1,200 as reward for meeting sales targets; Holiday season gift (camera) valued at $200; Gift certificate of $150 to a local restaurant in recognition of her birthday. What amount is included in Q's employment income for tax purposes?
Can anyone help please with this my tax hw? Instructions: Determine if the gifts and awards...
Can anyone help please with this my tax hw?
Instructions: Determine if the gifts and awards given to the employee are taxable or not-taxable. Place an "X" in the correct column. Include an explanation for your answer. Exercise #1: The employer received the following gifts and awards: Gifts and Awards Value Taxable Non-taxable Explanation T-shirt with employer logo $15 (cost) Birthday gift (gift certificate) $75 $400 Reward for meeting sales performance target (weekend holiday) $275 10 year anniversary award (art...
during 2019, Maggie received from her current employer: A 400 gift card for amazon, A 600...
during 2019, Maggie received from her current employer: A 400 gift card for amazon, A 600 reclining easy chair for outside customer service during the year A set of coffee mugs with the employers logo etched on the side. These mugs cost the employer 20. An easter basket of treats valued at 245. And cash reward of 300 for 10 years of service. What is the amount that will be included in Maggies 2019 income tax purposes due to the...
On October 1 of the current year, B's employer provided her with the use of a...
On October 1 of the current year, B's employer provided her with the use of a car. The car was purchased for $45,000 (including tax). The employer will also pay for the operating expenses that are expected to be $2,600 annually. B will drive the car 1,500 km per month of which 300 km will be for employment purposes. What amount is included in B's employment income for tax purposes in the current year?
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...
Part B. Gross Income Inclusions & Exclusions For each Q-6 through Q-19 below, determine whether the...
Part B. Gross Income Inclusions & Exclusions For each Q-6 through Q-19 below, determine whether the item described should be INCLUDED IN or EXCLUDED FROM the Gross Income of the taxpayer who receives the item. • Darken Box A on the Scantron sheet if the item should be INCLUDED IN gross income • Darken Box B on the Scantron sheet if the item should be EXCLUDED FROM gross income 6. $25,000 scholarship for tuition and books received by a full-time...
[20] Bob, a calendar-year, cash-basis taxpayer, owns an insurance agency. Bob has four people selling insurance...
[20] Bob, a calendar-year, cash-basis taxpayer, owns an insurance agency. Bob has four people selling insurance for him. The salesmen incur ordinary and necessary meal and entertainment expenses for which Bob reimburses them monthly. During the current year, Bob reimbursed his agents $10,000 for meals and $26,000 for entertainment. How much of the reimbursement can Bob deduct for meal and entertainment expenses on his current-year federal income tax return? A. $5,000 B. $8,000 C. $30,800 D. $36,000 [21] In January...
Gleim 6 Deductions from AGI [1] Which one of the following expenses does not qualify as...
Gleim 6 Deductions from AGI [1] Which one of the following expenses does not qualify as a deductible medical expense? A. Cost of long-term care for a developmentally disabled person in a relative’s home. B. Special school for a deaf child to learn lip reading. C. Cost of elevator installed for individual who had heart bypass surgery (in excess of increase in value of individual’s home). D. Cost and care of guide dogs used by a blind person in his...
Q's employer provided her with the following gifts and awards: Golf shirt with employer logo valued at $30; Weekend at a spa valued at $1,200 as reward for meeting sales targets; Holiday season gift (camera) valued at $200; Gift certificate of $150 to a local restaurant in recognition of her birthday. What amount is included in Q's employment income for tax purposes?
Can anyone help please with this my tax hw?
Instructions: Determine if the gifts and awards given to the employee are taxable or not-taxable. Place an "X" in the correct column. Include an explanation for your answer. Exercise #1: The employer received the following gifts and awards: Gifts and Awards Value Taxable Non-taxable Explanation T-shirt with employer logo $15 (cost) Birthday gift (gift certificate) $75 $400 Reward for meeting sales performance target (weekend holiday) $275 10 year anniversary award (art...
On October 1 of the current year, B's employer provided her with the use of a car. The car was purchased for $45,000 (including tax). The employer will also pay for the operating expenses that are expected to be $2,600 annually. B will drive the car 1,500 km per month of which 300 km will be for employment purposes. What amount is included in B's employment income for tax purposes in the current year?
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...
Part B. Gross Income Inclusions & Exclusions For each Q-6 through Q-19 below, determine whether the item described should be INCLUDED IN or EXCLUDED FROM the Gross Income of the taxpayer who receives the item. • Darken Box A on the Scantron sheet if the item should be INCLUDED IN gross income • Darken Box B on the Scantron sheet if the item should be EXCLUDED FROM gross income 6. $25,000 scholarship for tuition and books received by a full-time...
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