Which scenario does not qualify as a de minimis fringe benefit? -occasional party or picnic for employees -traditional holiday gifts -occaisional dinner stipend for working overtime -legal services worth less than $500
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Which scenario does not qualify as a de minimis
-occasional party or picnic for employees
-traditional holiday gifts
-occaisional dinner stipend for working overtime
-legal services worth less than $500
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- 20. Which of the following would be a non-taxable benefit to an employee? a. A discount on a product that brings the selling price below the cost of goods sold. b. A $100 gift card received for being employee of the month. c. A free membership to the gym on the employer's site. d. A cash allowance for lunches at local restaurants.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....In the case where an employer is delinquent in paying contributions to the state for SUTA: a. experience ratings may be decreased. b. their employees may not be eligible to collect unemployment benefits. c. the employer may be required to contribute monthly rather than quarterly. d. a 100% penalty may be imposed.
- 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 weddingWhich 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 educationWhich 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
- 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.Here's A Key Under certain conditions, an employee may put aside monies for a retirement account they have setup (known as an IRA or Individual Retirement Account). To be eligible for this tax-free contribution, two conditions must be met. Complete the statements below outlining these conditions. 1. The individual does not belong to a company-funded retirement plan. less 2. The individual has modified AGI of less than $ than In the case of a married employee, combined AGI must beTax Exemptions Exemptions allow people to take money out of their paychecks for specific uses before the income is taxed. These deductions are generally handled through the employer. Examples include: Flexible Spending Accounts. A few thousand dollars a year can be held back from your paycheck to pay for essential items such public transportation to and from work, and medical expenses. Individual Retirement Account Contributions. Under this exemption, you can put aside a certain amount of money for retirement without paying taxes on it. For example, the 2014 limit was $5, 500. Example: A single person earns $40,000 a year. Each month their employer takes out $200 and puts it into a retirement account a year). The employer also takes out $50 a month for transportation ($600 a year). This reduces the amount of income counted towards taxes by $3, 000 The employee can still spend the $50 on bus or train tickets for their commute, but the earnings do not count as income for tax purposes.…
- What is required for the employer's payment of a student's loan to be tax - free to the student?Payment must not exceed $2,500Payment must be only for loan principal Payment must be only for loan interestThe student employee must not have the option to receive the funds as taxable incomeWhich is not part of de minimis benefits. a) 13th month pay b) Uniform allowance c) Rice allowance d) Monetized unused vacation leave credtisAll of the following fringe benefits may be excluded from an employee's income EXCEPT: Qualified moving expenses for civilian employees. Qualified transportation benefits. Employer-provided education expenses up to $5,250. Health insurance benefits for an employee's spouse.
