Which one of the following would be a taxable benefit? (See CRA's Folio S2-F3-C2: Benefits and Allowances Received from Employment, and Guide T4130, Employers' Guide – Taxable Benefits and Allowances.) Multiple Choice Financial counselling services related to the retirement of the employee. Childcare services provided at the employer's place of business. The cost of a free trip for the employee won for exceeding a sales quota established by the employer. The cost of a new cell phone provided to the employee to use for employment and personal use.

Which one of the following would be a taxable benefit? (See CRA's Folio S2-F3-C2: Benefits and Allowances Received from Employment, and Guide T4130, Employers' Guide – Taxable Benefits and Allowances.) Multiple Choice Financial counselling services related to the retirement of the employee. Childcare services provided at the employer's place of business. The cost of a free trip for the employee won for exceeding a sales quota established by the employer. The cost of a new cell phone provided to the employee to use for employment and personal use.

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter2: Gross Income And Exclusions

Section: Chapter Questions

Problem 6MCQ: Which of the following items would be included in the gross income of the recipient? Insurance...

See similar textbooks

Similar questions

Which of the following, when provided by an employer, is a tax-deferred or tax-free benefit for the employee? a. Premiums for private health care plans providing extended health coverage beyond a public plan b. Financial counselling services not connected to re-employment or retirement c. Group term life insurance policy d. A $200 cash gift for the employee's wedding
When an employee elects salary reduction for a flexible spending account (FSA) which of the following statements is/are correct? Group of answer choices Under an FSA, dependent care benefits can be provided to a maximum of up to five children. The salary reduction is subject to payroll taxes, but not the employees' income taxes. The money in an FSA account can be used for deductibles, co-payments, and medical expenses, that are covered by the employer's medical plan. If the employee does not use all of the health care salary reduction, the balance may be rolled over to the following year.
Which of the following fringe benefits provided by an employer would result in taxable income to an employee? Group of answer choices A cell phone used by a salesperson to talk to clients while traveling. Reimbursements paid by the employer for qualified business travel expenses Occasional personal use of an office copy machine Use of a company car for daily commuting
Source of Disability Insurance. Briefly describe some of the sources of disability income insurance. Match the source of disability income insurance with the description. (Select from the drop-down menus.) Source individual disability insurance B D insurance from Social Security employer disability insurance C worker's compensation A Description A. income is influenced by the individual's prevailing salary level B. provided at low premiums as part of a benefit package C. the premium is based on the type of job D. guidelines to qualify are strict and income may be low
Sohar Aluminium is providing free housing and child education facilities to its employees. ldentify the type of benefit provided by Sohar Aluminum in the above statement? O a. Social security measures O b. Fringe benefits O c. Bonus O d. Incentives
Which of the following fringe benefits is taxable? a. use of on-premise athletic facility b. qualified employee discounts c. membership in a country club d. job-placement assistance e. reduced tuition for education
In a defined benefits retirement plan, the employer bears the investment risks in funding a future retirement income benefit. ____ 12. The cost of replacing an engine in a truck is an example of ordinary maintenance that should be expensed instead of capitalized. ____ 13. For proper matching of revenues and expenses, the estimated cost of fringe benefits must be recognized as an expense of the period during which the employee earns the benefits. ____ 14. Medicare taxes are paid by both the employee and the employer. ____ 15. Costs associated with normal research and development activities should be treated as intangible assets. True and false questions....
Please match the voluntary deductions listed with the correct definition.
If an employer contributes to an Health Savings Account (HSA) on behalf of an employee, a. Is the contribution deductible by the employee? Yes No b. Is the payment considered income to the employee? Yes No
Which of the following is true about the self-employed health insurance deduction? The deduction can be claimed when a subsidized employer health insurance plan is also available. The deduction can be claimed if the taxpayer has an overall business loss from self-employment. Long-term care premiums may not be deducted within specified dollar limitations based on age. The self-employed health insurance deduction is a for AGI deduction. Dental insurance is not included as deductible self-employed health insurance.
Which of the following statements regarding workers’ compensation insurance is true? Group of answer choices a. The federal government is responsible for setting workers’ compensation legislation and regulating the program. b. Workers’ compensation insurance includes only rehabilitation expenses. c. Employees are required to bear half of the entire cost of workers’ compensation insurance. d. Workers’ compensation insurance compensates workers who are injured on the job or become ill through work-related causes. e. Employers who file the most claims pay the lowest premiums on the insurance coverage.
Terminology: Employer-Sponsored Retirement Plans Many employers offer retirement plans as an employee benefit. An opportunity to participate in one should be seized, even if at its minimum participation requirements. In order to know what you're getting yourself into, you need to be familiar with the terms, provisions, and types of plans you may be offered. Match the terms relating to the basic terminology and concepts associated with employer-sponsored retirement plans on the left with the descriptions of the terms on the right. Read all descriptions first then make the best match between each description and term. In the Answer column, select the letter corresponding to the term's correct description. These are not necessarily complete definitions, but there is only one possible answer for each term. Term Answer Description ERISA A. A law that establishes parameters for employee eligibility, waiting periods, and vesting in employer-sponsored plans. Vested В. An employer sponsoring…