Q’s employment income for tax purposes = Weekend at a spa as reward for meeting sales targets + Gift certificate to a local restaurant in recognition of her birthday = 1200+150 = $1350
Q's employer provided her with the following gifts and awards: Golf shirt with employer logo valued...
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?
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...
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...
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...