Julie, an unmarried individual, lives in a home with her 13-year-old dependent son, Oscar. In 2022, Julie had the following tax information.

Q: ow to do a P&L statement

A: A profit & loss statement shows the organization's revenue, expenses, and its profit for a…

Q: Define special purpose entity (SPE)

A: A special purpose entity is a legally separate enterprise that bears liability to an organization.…

Q: Define carried interest

A: Carried interest: It could be a portion of any profit that private equity and hedge reserves common…

Q: Define T- account.

A: Transaction:   It is an economic event that is recorded in the accounting system of an organisation.…

Q: Define Assigning.

A: Assigning is a process of assignment. Assignment means a transfer of a right to receive a…

Q: Define statement of operations.

A: Financial statements of an organization includes income statement, balance sheet and cash flow…

Q: Define compound interest

A: Compound interest: Compound interest is the accumulation of interest to the principal amount of a…

Q: What is asset

A: Assets are those items that provide value for money and future economic benefit for an organization.…

Q: Define basis point

A: Answer: A base value is an approximate number, also used as an initial index value. All potential…

Q: Define attainable set

A: Attainable SetA set of all the portfolios that are possible to be formed by the group of the number…

Q: Define charter

A: Introduction: Charters are legalized documents that lawfully set up corporate companies. Only…

Q: Define direct quote

A: A direct quote can be computed using the following formula: Direct quote=1Indirect quote

Q: Define interest.

A: Interest is the amount charged by the lender for the money lend for specific period.

Q: Define collection policy

A: Introduction: A mutual responsibility between the operating departments, accounts receivables is to…

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.