Anna's employer has an amazing benefits program. During the current year Anna has received from his employer the following benefits:
A RRP contribution of $5,250 Private health service plan that provide Anna with dental, and vision coverage, at a $650 premium $500 for cost of tools required to perform work duties Interest free loan that provided Anna with a $350 savings over the local financial institution. Golf membership dues of $950 for personal use which is available to all employees.
Determine the amount to be included in Anna 's employment income.
Answer : The amount to be included in Anna's employment Income is $1600 ($650+$950)
Anna's employer has an amazing benefits program. During the current year Anna has received from his...
Anna's employer has an amazing benefits program. During the current year Anna has received from his employer the following benefits: A RRP contribution of $5,250 Private health service plan that provide Anna with dental, and vision coverage, at a $650 premium $500 for cost of tools required to perform work duties Interest free loan that provided Anna with a $350 savings over the local financial institution. Golf membership dues of $950 for personal use which is available to all employees....
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?