Mr. 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 Incentive

CONCEPTS IN FED.TAX.,2020-W/ACCESS
20th Edition
ISBN:9780357110362
Author:Murphy
Publisher:Murphy
Chapter14: Choice Of Business Entity—operations And Distributions
Section: Chapter Questions
Problem 73DC
icon
Related questions
Question
Mr. 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 Incentive
Expert Solution
steps

Step by step

Solved in 3 steps

Blurred answer
Knowledge Booster
Computation of Taxable Income
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
CONCEPTS IN FED.TAX., 2020-W/ACCESS
CONCEPTS IN FED.TAX., 2020-W/ACCESS
Accounting
ISBN:
9780357110362
Author:
Murphy
Publisher:
CENGAGE L
PAYROLL ACCT., 2019 ED.(LL)-TEXT
PAYROLL ACCT., 2019 ED.(LL)-TEXT
Accounting
ISBN:
9781337619783
Author:
BIEG
Publisher:
CENGAGE L
SWFT Comprehensive Volume 2019
SWFT Comprehensive Volume 2019
Accounting
ISBN:
9780357233306
Author:
Maloney
Publisher:
Cengage
SWFT Comprehensive Vol 2020
SWFT Comprehensive Vol 2020
Accounting
ISBN:
9780357391723
Author:
Maloney
Publisher:
Cengage
SWFT Essntl Tax Individ/Bus Entities 2020
SWFT Essntl Tax Individ/Bus Entities 2020
Accounting
ISBN:
9780357391266
Author:
Nellen
Publisher:
Cengage
Individual Income Taxes
Individual Income Taxes
Accounting
ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT