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 $500
Q: PROBLEM 4- South River Chemical manufactures a product called Zbek. Direct materials are added at…
A: The equivalent units are calculated on the basis of percentage of the work completed during the…
Q: On January 1, 2023, Bramble Limited paid $478,737.60 for 12% bonds with a maturity value of…
A: There are two methods to prepare the amortization schedule for bonds i.e., straight line method and…
Q: Listed below are the transactions that affected the shareholders' equity of Branch-Rickie…
A: Financial statements of the company comprises of the shareholder's equity statement, balance sheet…
Q: What is the effective interest rate of a simple discount note for $32,400, at an ordinary bank…
A: The effective interest rate - is the real rate or rate which determines the rate of interest…
Q: Dandy's Dandy Dandelion Wine Watering Hole Income Statement For Years-Ended 12.31.12 and 12.31.13…
A: Ratio analysis is quantitive method of getting inside review of an organisation. This able to…
Q: On March 30, Century Link received an invoice dated March 28 from ACME Manufacturing for 59…
A: Trade discount is given at the time of selling goods and cash discount is given at the time of…
Q: Fitness Express sells three different types of elliptical machines. They have manufactured 50 of…
A: Break even sales is the dollar amount of revenue at which a business earns a profit of zero. In…
Q: 4 How much should you invest today at A% to accumulate $X in Y years? $930,000 31 years 12% X= Y= A=…
A: As per the guidelines, the solution to the first question is given below. For obtaining an answer to…
Q: The information necessary for preparing the December 31, 2024, year-end adjusting entries for Vito's…
A: An adjusting entry is a change you make to your books to better match your revenue and spending…
Q: General Journal for the following: Campbell Inc. produces and sells outdoor equipment. On July 1,…
A: Interest The charges that are levied on the purchase of borrowings are classified as interest. They…
Q: Munirah Bhd was incorporated in 2015. In order to expand its business operation, M Bhd made the…
A: Intangible Assets - An identifiable non-financial item without a physical foundation is an…
Q: Q₁ 8 BigMoney Ltd has been operating in a hyperinflationary economy for the past five years and IAS…
A: The company runs the business with some assets, liabilities, and capital. The company should follow…
Q: [The following information applies to the questions displayed below.] Jaguar Plastics Company has…
A: Balance Sheet - Balance Sheet is a part of Financial Statement. It includes Assets, Liabilities and…
Q: why are current liabilites important in accounting
A: Current liabilities are important in accounting because they represent the obligations that an…
Q: Examples: Example 1: Purchased a building for $1,000,000 in cash Example 2: Issued shares of common…
A: e) Debtors (asset)--- increase-- $5000 Inventory (asset)--- decrease-- $3000 Profit…
Q: Part 3 The following information is available for Hocking Company for March 20X8. All materials are…
A: Process Costing : Process costing is the costing method which is been used to determined cost…
Q: 1. How much is the NCI at the end of 2019? 2. Net Income Attributable to Parent.
A: NCI: non-controlling interest (NCI) is an ownership stake of less than 50% in a corporation, where…
Q: Discuss well about the exchange Rate Mechanisms of currencies; what does it mean “Independent…
A: Answer:- Currency meaning:- The public uses currency, an officially recognized type of money, for…
Q: Balintawak Inc. insured the life of its president for P4,000,000, the corporation being the…
A: Gain on life Insurance policy is the difference between the amount received from insurance company…
Q: BS&T Partners has developed a new hubcap with the model name Spinnin' Wheel. Production and sales…
A: Cost refers to the amount spend or required to have someting in hand. For example, under…
Q: Newark Company has provided the following information: Cash sales, $450,000 Credit sales,…
A: The net sales is reported in the income statement of the company. The cost of goods sold would be…
Q: 8. On 15 January, Anthony paid the salaries of his employees for one month in the amount of P35 000.…
A: The sales, expenses, and profits of a company are shown on an income statement over time. It also…
Q: (f) On February 26, Houghton shipped goods to a customer under terms FOB destination. The invoice…
A: FOB (Freight on Board) Destination seems to be a shipment terminology that signifies the supplier…
Q: Use the 2016 marginal tax rates to compute the income tax owed by the following person. Single male,…
A: Taxable Income: Taxable income is the baseline income used to determine taxes. The revenue may be…
Q: Juliet opened an Office Cleaning Service company on January 1, 2021. During the year she had the…
A: Notes payable are the liabilities noted in the business records when borrowing is made from outside…
Q: On January 1, 2016, Prima Company issued 1,500 of its $20 par value common shares with a fair value…
A: 1) Journal entry on Prima's Books Date Account title Debit ($) Credit ($) 01.01.2016…
Q: federal income tax.
A: The IRS warrants every taxpayer to clear their tax dues on time. However, various exemptions and…
Q: Fickel Company has two manufacturing departments-Assembly and Testing & Packaging. The predetermined…
A: Overhead Cost or Expenditure is the expenses which is incurred for running the production or factory…
Q: Jasper Company provided the following information for last year: Costs Sales in units Selling price…
A: 1. Income Statement of Jasper for the last year Sales (285,000 units * $17) 4,845,000.00…
Q: Construct a balance sheet for Sophie's Sofas given the following data, including shareholders'…
A: The balance sheet is a summary of permanent accounts prepared at the end of the accounting period.…
Q: 7) Bear Mountain Sporting Goods has the following information from producing a specified quantity of…
A: Variances: The difference in the amount of standard cost of manufacturing and actual cost is termed…
Q: Preble Company manufactures one product. Its variable manufacturing overhead is applied to…
A: The term variance defines the difference of actual costs and standard costs of the production. The…
Q: Required information [The following information applies to the questions displayed below.] The…
A: The sales-value-at-split-off technique allocates joint costs in accordance with each product's…
Q: If an asset is book depreciated by the DDB (Double Declining Balance) method over a 5-year period,…
A: In double declining balance method depreciation rate is double that of the depreciation in straight…
Q: 6 A new machine costs $X. It will be used for Y years then sold for $Z. If interest is A%, what net…
A: Net savings means the total income less the costs of operation.
Q: OA. Net income was $145,000; the change in retained earnings was $5,000. OB. Net income was…
A: Solution Answer is - C Net Income was $4000,the change in Retained earning was $3000…
Q: During July 2022, the following transactions and events occurred for Alpha Juliet Charlie Ltd who…
A: Periodic inventory system is an inventory system where inventory updates are made on periodic basis…
Q: Friar Company discloses the following information for the year ended October 31, 2021. Sales Sales…
A: Friar company Income Statement For the year…
Q: 1. On 3 January, Mr. Anthony Angbait put in P250 000 in capital to start his business Budel Payt…
A: Journal entry: It is the first step of recording transactions of a company. Before this, no other…
Q: Part 3 of 4 - Solve: If the seller invested $2,750,000 to produce this increased service level, what…
A: Return on investment (ROI) is one of the performance indicators used to assess an investment's…
Q: An entity purchases $5,000 of inventory with terms 2/10, n/45 on December 28, 2018. The entity…
A: Gross Method - Under the Gross Method of recording accounts company has to record the purchase…
Q: Required: a. Based on cost data from the most recent year, what is the price per pound charged by…
A: Cost accounting refers to the process in which cost is allocated as per the products, services,…
Q: Emily is a sole trader. Emily’s payables ledger control account shows a balance of $24,903 which…
A: A payable ledger is a type of account that shows the total amount set aside by the company for some…
Q: Key comparative figures for Apple, Google, and Samsung follow. Samsung In millions Total liabilities…
A: Debt Ratio. Formula Debt Ratio = Total Liabilities ÷ Total Assets x 100
Q: On May 20, Indy Landscapers received $3,000 cash in advance from one of its customers for lawn…
A: Journal entries refers to the entries which are passed by the business into the books of account and…
Q: Inventory Turnover Ratio Ending Inventory (Dec. 31st) $126,000 Month…
A: Inventory Turnover Ratio is a ratio which represent, how much inventory level is maintained by the…
Q: a. Total assets of Charter Company equal $700,000 and its equity is $420,000. What is the amount of…
A: Accounting equation which is also referred to as balance sheet equation is the base on which of the…
Q: What will be the Compensation for officers in the 1120, 2020 form? Please show the calculation as…
A: Shareholder: we can also acknowledge this term as stockholders. Any person, company, or institution…
Q: LO.1, 8 Compute the taxable income for 2020 for Emily on the basis of the following information. Her…
A: The processes used to produce tax assets and liabilities in an individual's or a business's…
Q: Joy Warren is an employee at Jankoski Cycles. She earns a salary of $38,465 annually, paid…
A: Answer:- Fringe benefits meaning:- A fringe benefit is an additional benefit that an employee…
Which scenario does not qualify as a de minimis
-occasional party or picnic for employees
-traditional holiday gifts
-occaisional dinner stipend for working overtime
-legal services worth less than $500
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- 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.Discuss the Fringe Benefits Tax (FBT) implications of the following cases (a) – (e):(Note - No calculations are needed. Only answer whether the employer is liable for FBT or not andwhy or why not)(a) An employer provides a Christmas lunch at a local restaurant, costing $1,000, for 10 of its keyemployees. (b) A sporting club, which pays its honorary treasurer an honorarium of $5,000 per year, providinga car to him. The car is used 90% for club business. The treasurer has a full-time job at the localhospital. ( (c) An employer gives each of its 15 staff a leg ham each valued at $60 for Christmas. (d) An employer allows its staff to take home their laptop computers. It is estimated that only halfthe work done at home is business related. (e) A company director, not in receipt of any remuneration from the company, uses the company’stwo-tonne truck while undertaking renovations to his own homeMr. 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
- Which of the following is true about the self-employed health insurance deduction? The deduction can be claimed when a subsidized employer health insurance plan is also available. The deduction can be claimed if the taxpayer has an overall business loss from self-employment. Long-term care premiums may not be deducted within specified dollar limitations based on age. The self-employed health insurance deduction is a for AGI deduction. Dental insurance is not included as deductible self-employed health insurance.Rajan’s employer, a shoemaker, takes all of its employees out to dinner whenever it is an employee’s birthday. The employer spent $3,000 on “birthday dinners” last year. What is the taxable value (if any) of the fringe benefit provided? (Assume that Rajan’s employer does not use the 12-week register method for meal entertainment fringe benefits.) a. Nil b. $1,500 c. $1,000 d. $3,000A taxpayer spends well over $50 each month on public transit, and the taxpayer’s employer is implementing a new policy that gives each employee a $50 transit pass each month. However, to alleviate the cost of the new “perk”, the employer plans to reduce the employee’s pretax salary by $1,000. Assuming the taxpayer’s marginal tax rate is 35%, is the taxpayer better off under the new policy? Hint: Also incorporate into your calculation that nontaxable fringe benefits are not subject to FICA taxes whereas salary is. $50*12 = $600 after-tax $1000 * (1 – 35% - 7.65%) = $573.50 after-taxYes, the taxpayer/employee is better off. Where does 7.65% come from?? Is there anybody who can explain this?
- Ay 2 XYZ Ltd, a British Columbia employer, awards Theresa Ray a $1,950.00 bonus that will be paid out together with her semi-monthly salary of $2,200.00. Terry will not reach the annual CPP maximum contribution with this payment. What is Theresa’s CPP contribution? (Make sure you round to the nearest cent). Hint: The amount of Terry’s gross pensionable/taxable income is required to manually calculate her CPP contributions. Since the bonus is included with regular pay, calculate CPP as you normally would.Discuss the Fringe Benefits Tax (FBT)implications of the followingcases (a) –(e): (a)An employer providesa Christmas lunch at a local restaurant, costing $1,000, for 10 of its key employees.Betty, a manager at Rustan’s department store receives the following from her employer on a monthly basis: Rice subsidy – Php3,000 Transportation allowance – Php1,000 Medical cash allowance – Php500 Laundry allowance – Php300 Wellness allowance – Php3,000 Entertainment allowance – Php800 Compute for the fringe (i) benefit exempt from FBT and (ii) subject to FBT. (i)Php2,550; (ii)Php3,800 C. (i)Php2,550; (ii)Php6,050 (i)Php3,800; (ii)Php4,800 D. (i)Php2,550; (ii)Php4,800
- Which of the following types of payment are exempt from unemployment taxable wage base: a. Standby payments. b. Noncash Christmas gifts of significant value. c. A union's payment to its striking members. d. Bonuses.Which of the following fringe benefits provided by an employer would result in taxable income to an employee? Group of answer choices A cell phone used by a salesperson to talk to clients while traveling. Reimbursements paid by the employer for qualified business travel expenses Occasional personal use of an office copy machine Use of a company car for daily commutingWhich of the following, when provided by an employer, is a tax-deferred or tax-free benefit for the employee? a. Premiums for private health care plans providing extended health coverage beyond a public plan b. Financial counselling services not connected to re-employment or retirement c. Group term life insurance policy d. A $200 cash gift for the employee's wedding
