How do you reduce taxes by contribution to a define contribution plan?

Q: How to calculate the indexed cost base for capital gains tax

A: SOLUTION- CAPITAL GAIN TAX- IT IS A TYPE OF TAX APPLIED  TO THE PROFITS EARNED ON THE SALE OF AN…

Q: How to calculate total taxable pay?

A: Introduction: The income of an individual or entity, less any legal tax deductions, is their taxable…

Q: What distinguishes an income tax from other taxes?

A: A tax is a governmental entity's required financial charge or other kind of levy put on a taxpayer…

Q: Write a short reflection on taxes, who should carry the burden and who benefits from it?

A: Taxes Taxes which are considered to be one of the important source of revenues for the government…

Q: What are all type of taxes we need to pay

A: As individuals and as entities we need to pay various direct taxes as well as indirect taxes in our…

Q: How do you calculate withholding taxes?

A: Federal income tax withholding:  The amounts which the employer withheld from employees’ gross pay…

Q: What are FUTA and SUTA taxes? Is there any possible reduction in the FUTA tax rate? If so, what is…

A: Introduction: Employer payroll taxes are paid by the employer from its own funds on the basis of…

Q: Compute the Income Tax due.

A: Income tax can be defined as the portion of income being paid to the tax authority or government.…

Q: Diamond trading has the following data: Sales 500,000 Electricity expense 50,000 Water expense…

A: NET profit after tax is calculation of company's profit after all the expenses and Tax that is paid.…

Q: Discuss the various effects of income taxes on the ability to work, save and invest

A: Income Taxes- Individuals, entities/corporations/firms, and entities/corporations/firms are taxed on…

Q: What are the additional income taxes?

A: Income tax: Income tax is a tax levied on an individual’s income (taxable income). It is a direct…

Q: How to calculate Value-added tax

A: Value added tax is a type of tax that is charged by the central government on the sale of…

Q: How much was the profit before finance cost and income tax?

A: Cash Flow Statement is a part of the Financial Statement of a company. It literally means a…

Q: Horace is an employee of Ace Electric Company. Ace provides all employees with group term life…

A: Many employers provide fringe benefits to their employees. One such benefit that is commonly…

Q: What are the features of final income tax?

A: Introduction:- Final tax is one of the exemptions to the extent of the regular income tax. An…

Q: Define provision for income taxes.

A: A provision for income taxes is the estimated amount that a business or individual taxpayer expects…

Q: What is the Net Income After Tax?

A:

Q: What is the amount of the plan assets available to pay benefits? What are the factors that can cause…

A:

Q: How do defined-benefit plans differ from defined contribution plans?

A: For long, pension has been taking care of post-retirement needs of a large section of retirees.…

Q: what is an example of value added taxes

A: Value-added tax (VAT) refers to the consumption tax which is imposed on a commodity once the value…

Q: Define tax savings due to interest (TSt )

A: Tax savings are the amount saved in form of tax payable to the government. Tax savings due to…

Q: Calculate Earning before interest Tax

A: EBIT (earnings before interest and taxes) is a company's net income before income tax expense and…

Q: What are taxes ? Explain types of Taxes Both Direct and Direct.

A: To run a nation judiciously, the government needs to collect tax from the eligible citizens; paying…

Q: What are direct taxes?

A: The financial position of the company can be arrived from the income statement prepared by the…

Q: What is Percentage Tax?

A: Tax:- A tax is the compulsory payment which is imposed by the government on income and capital gain…

Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.