All the listed benefits paid by an employer are required to be included in an employee's income for a tax year except one. Which one? Question 4 options: a) Tuition fees for training that relates to employer's work b) Medical expenses of an employee c) Forgiveness of employee debt d) Cost of life insurance

All the listed benefits paid by an employer are required to be included in an employee's income for a tax year except one. Which one? Question 4 options: a) Tuition fees for training that relates to employer's work b) Medical expenses of an employee c) Forgiveness of employee debt d) Cost of life insurance

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter12: Tax Credits And Payments

Section: Chapter Questions

Problem 1BCRQ

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True or False Points paid in connection with the purchase of a second residence may be deducted in the year paid. Answer: Points paid to refinance a mortgage on a principal residence are fully deductible in the year paid. Answer: If an employee incurs travel expenditures and is fully reimbursed by the employer, neither the reimbursement nor the deduction is reported on the employeeʹs tax return if reporting is pursuant to an accountable plan. Answer: answer all 3
Expenditure incurred by an employee in performing their employment may be deductible under s 8-1. Which of the following is correct (ignoring any substantiation requirements)? Select one:Employees are generally able to claim all employment-related expenses as deductions under s 8-1Travel to and from work is tax deductible for the employee under s 8-1, if the car is provided by an employer as part of a salary package arrangement.Laundry costs are deductible for protective clothing when it is related to income producing activities.None of theseAll clothing costs are normally tax deductible for employees under s 8-1.
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