Which of the following tax items is of most value in terms of tax savings to a taxpayer? Choose the correct answer OA a $500 refundable credit against tax payable OB. a $500 non-capital loss carry forward OC a $500 non-refundable credit against lax payable D. a $500 deduction against net income for tax purposes

Which of the following tax items is of most value in terms of tax savings to a taxpayer? Choose the correct answer OA a $500 refundable credit against tax payable OB. a $500 non-capital loss carry forward OC a $500 non-refundable credit against lax payable D. a $500 deduction against net income for tax purposes

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

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.

Question

Which of the folewing tax items is of most value in terms of lax savings to a taxpayer?
Choose the correct answer.
OA a $500 refundable credit against tax payable
O B. a $500 non-capital loss carry forward
OC a$500 non-refundable credit against lax payable
D. a $500 deduction against net income for tax purposes

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