Contributions of the employer for the benefit for the benefit of the employee to retirement, insurance and hospitalization benefit plan is subject to the fringe benefit tax. a.true b.false

Q: Please answer with reason for all why the option is correct and why the other options are incorrect…

A: Adjusted gross income refers to the income earned after deducting the operating expenses including…

Q: Identify two different types of deductions that an employer is required to subtract from a

A: There are several deductions from paycheck but two are absolutely necessary other are optional.

Q: Identify a false statement:  a. If taxpayer derives income from employment only, any other income…

A: Taxable income refers to the income on which the taxpayer is liable to pay tax to the collecting…

Q: Which of the following is true regarding Social Security benefits? a.Up to 100 percent of S

A: Social Security benefits are a government-administered retirement, disability, and survivor benefit…

Q: Taxes are:  Retroactive Prospective Only proportional Personal to the taxpayer

A: Taxes are only proportional

Q: Which of the following is incorrect? a. Contributions to a traditional IRA are a deduction for AGI.…

A: Gross income less adjustments to income is known as adjusted gross income (AGI). Your earnings,…

Q: Employer contributions to employee health insurance must be: Multiple Choice O Added to Federal…

A: The W-2 reports how much you earned from your employer as well as how much tax was withheld on your…

Q: Contributions of the employer for the benefit for the benefit of the employee to retirement,…

A: Income tax:    It is the amount a person is liable to pay on the earned amount in an accounting…

Q: 1. Plans qualifying for preferential tax treatment must meet minimum participation and vesting…

A: “Since you have asked multiple question, we will solve the first question for you. If you  want any…

Q: Match the following terms with the word or phrase that describes it. Gross pay plus employee…

A: Questions similar to the one given are called matching questions which need to be evaluated and…

Q: S1 – If fringe benefit is given to non-rank and file employees, fringe benefit is generally subject…

A: Fringe benefits are additions to compensation that companies give their employees.  Fringe Benefit…

Q: An independent contractor or self-employed person's employer is not required to deduct taxes, CPP,…

A: Benefits provided by employers when an employee works for a company, then every employer has to…

Q: A minimum wage earner who is also earning a self-employment income is exempt from income tax on the…

A: A minimum wage earner who is also earning a self-employment income, will not be exempt from income…

Q: How do I account for an advance to an employee and the resulting deduction?

A: An advance to employee means to pay the salary or money to such employee before the due date.

Q: Should non-qualified education expenses be taxable in full?

A: Qualified education expenses includes amounts paid for tuition, fees, and other related expenses…

Q: When will the employer receive an income tax deduction for assets contributed to a deferred…

A: The deferred compensation is the amount withheld by the employees from the employer's paycheck and…

Q: 1 a. Briefly describe how are pension gains and losses recognized.    b.  Explain what are pension…

A: Pension gain and losses arise due to change in the underlying assumptions which affect the total…

Q: Statement 1: The fringe benefit tax shall be treated as a final income tax on the employee which…

A: In the given question, two statements are given related to fringe benefit tax and four options. We…

Q: proper plan

A: The obligation for collecting and remitting withholding taxes to the Internal Revenue Service lies…

Q: ndividuals that receive certain types of pension income under the registered pension plan (RRSPs,…

A: The individual meeting certain criteria receives certain payments like pension income and other…

Q: posit for their pay. C. The fringe benefit must be subject to income tax. D. The amount of the…

A: 1  The right answer is D. The amount of the deduction must be listed on the employee's pay advice. 2…

Q: If a pension plan is both contributory and qualified, it is

A: First let us understand the key terms in the question. Pension plan- A Pension plan is an…

Q: Which of the following describe differences between a tax-advantaged retirement plan and a qualified…

A: Correct option is 4- Neither I nor II

Q: Which expense is an option company's can choose to offer for their employees:

A: Q1 answer is Option D) Medicare  Q 2 statement is False

Q: FICA taxes are a mandatory deduction from employee earnings, and are also imposed upon employers as…

A: Taxes are mandatory financial charges or levies imposed by a government on individuals, businesses,…

Q: true or false individual that receive certain types of pension income under the registered pension…

A: SOLUTION- RRSP  IS REGISTERED RETIREMENT SAVING PLAN WHICH IS CREATED BY MAKING CONTRIBUTION FROM…

Q: Which of the following is accurate advice for a client who is considering a nonqualified deferred…

A: NQDC plan is a plan that provides additional retirement benefits and long-term or mid-term incentive…

Q: Which of the following would be considered a tax benefit or advantage of a qualified retirement…

A: Answer:   Option 4.

Q: Which of the following is NOT a valid use of Form 990-1? O Request credit for certain excise taxes…

A: Filling out Form 990-T is how exempt organizations:declare any unrelated business revenue.Determine…

Q: Which of these statements are correct? i. A contract for service is an independent contractor; the…

A: i. A contract for service is an independent contractor; the contractor is responsible for filing…

Q: The Income Tax Act does not define:

A: The Income tax Act provides the Methods and the way income tax liability will be calculated and how…

Q: n employer sponsored defined contribution plan (401K), must by law, have an employer matching…

A: A 401(k) plan is a defined-contribution retirement account offered by many employers to their…

Q: Which type of deduction does not require the employer to have the employee's written permiss O…

A: From the employees paycheck, there are various deduction which are required to be deducted by the…

Q: Paloma Company has four employees. FICA Social Security taxes are 6.2% of the first $137,700 paid to…

A: Payroll taxes is the amount that is held by the employer from the employees' earnings and pay it to…

Q: The portion of FICA taxes designated as Medicare is paid by a.employees only. b.the employer and the…

A: FICA is a U.S. federal payroll tax. FICA stands for The Federal Insurance Contributions Act.

Q: 8.  S1: Fringe benefit that is exempt from fringe benefit tax is likewise exempt from any other…

A: S1: Fringe benefits tax (FBT) was a form of tax that companies paid in lieu of benefits they offered…

Q: Use (a) the percentage method and (b) the wage-bracket method to compute the federal income taxes to…

A: Withholding Taxes - Percentage method Taxes that are withheld from an employee's pay or compensation…

Q: The taxes that the employer must pay are __________.         social security and…

A: The question is asking about the types of taxes that an employer is obligated to pay. These taxes…

Q: An employer invests money to establish a fund of money to pay future nonqualified deferred…

A: future nonqualified deferred compensation plan benefits received by an employee is not exempt from…

Q: substituted Filing of Tax Return is applicable

A: First option is wrong because the substituted filing of tax return is available to the employee who…

Q: Which of the following statements is not correct? Relatively small meal allowances paid to rank and…

A: Solution: Which of the following statements is not correct? Relatively small meal allowances paid to…

Q: The QBI deduction will reduce both the income tax and self-employment taxes owed by a self-employed…

A: Answer:   False.