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- Which scenario does not qualify as a de minimis fringe benefit? -occasional party or picnic for employees -traditional holiday gifts -occaisional dinner stipend for working overtime -legal services worth less than $500Mr. Nassir works as a sales agent in an insurance company and is responsible for selling life insurance. Mr. Nassir's basic salary is OMR 500 per month. However, as per his employment contract, he receives an extra income of OMR 30 for every life insurance he sells. This makes his total salary significantly different from his basic salary. This extra income belongs to which of the following categories? Illegal income Deduction Fringe benefit IncentiveTax Exemptions Exemptions allow people to take money out of their paychecks for specific uses before the income is taxed. These deductions are generally handled through the employer. Examples include: Flexible Spending Accounts. A few thousand dollars a year can be held back from your paycheck to pay for essential items such public transportation to and from work, and medical expenses. Individual Retirement Account Contributions. Under this exemption, you can put aside a certain amount of money for retirement without paying taxes on it. For example, the 2014 limit was $5, 500. Example: A single person earns $40,000 a year. Each month their employer takes out $200 and puts it into a retirement account a year). The employer also takes out $50 a month for transportation ($600 a year). This reduces the amount of income counted towards taxes by $3, 000 The employee can still spend the $50 on bus or train tickets for their commute, but the earnings do not count as income for tax purposes.…
- Mr. Dela Cruz, a managerial employee, was given cash so he can purchase a car. The car shall be in Mr. Dela Cruz’s name. The purchase price of the car amounts to P750,000, while the cash provided amounts to P800,000. How much is the fringe benefits tax on the transaction?Which statement is NOT true about the structure of the Earned Income Tax Credit (EITC)? A. EITC payments decrease as earnings increase, but everyone qualifies for some amount. B. At a particular range of income, government reduces EITC payments based on a certain fixed percent of income earned. C. EITC pays a fixed amount at a range of income. D. Up to a threshold, EITC pays a certain fixed percent of wage earned.In the case where an employer is delinquent in paying contributions to the state for SUTA: a. experience ratings may be decreased. b. their employees may not be eligible to collect unemployment benefits. c. the employer may be required to contribute monthly rather than quarterly. d. a 100% penalty may be imposed.
- A taxpayer has a liabilty on their California return greater than $80,000. They cut a check to the State for $100,000 instead of using an E-Pay system. They regularly have large liabilities, and this is not a one-time representation of their income, like a windfall or lottery payment. What is the amount of the penalty that they will pay due to not using the mandatory E-Pay for this liability? in california ftb?Dianna has performed very well in her salesperson’s role during July 2022. Her employer wants to reward her with a cash bonus of $1,000 after the deduction of PAYE or a fringe benefit in the form of a gold bracelet to the value of $1,000 – it is Diana’s choice. Diana’s marginal tax rate is 33%. Required: Prove why Dianna’s employer is indifferent to providing her with the fringe benefit valued at $1,000 or the after-tax cash bonus of $1,000.Mr. Abdullah's monthly salary is RO 200 but he also gets additional income based on his productivity. This additional income is an example of which of the following? A)Non-financial benefit B)Incentive C)Fringe benefits D)Non-monetary reward
- Suppose that Charles holds the land for appreciation and that the vacation was actually a business trip. What is the deductible taxes from AGI?If I receive a return to work payment of $20,000 and it is classified under statory income. What difference would it make if this was classified under ordinary income?T uses frequent flyer miles to take his family on a vacation. T received the miles duringbusiness travel paid for by his employer. The normal airfare for his vacation wouldhave cost $7,000.a. T must realize and recognize $7,000 as income.b. Although T has realized income, he will not be required to recognize it becausethe IRS has chosen, as a matter of administrative convenience, not to requiretaxpayers to recognize the value of frequent flyer tickets earned duringemployer-paid travel.c. Had T earned the frequent flyer miles during travel he had paid for himself, theissue of income realization and recognition would not arise.d. Both (a) and (c) are correct.e. Both (b) and (c) are correct. T buys a parcel of real estate for $100,000, which he finances by giving the seller a nonrecoursemortgage for the full purchase price. The debt is due in one balloon payment inYear 5. When the debt becomes due in Year 5, T decides to give the property back to theseller in satisfaction of the debt…
