Keith's employer reimbursed him $5,000 as part of a employee educational assistance plan. How much of this benefit is taxable to Keith?

Calculate the taxable value of the fringe benefit using the statutory formula in the following case context:Harris provides his employee (John) with the use of a Nissan car 216 days during the Fringe Benefits Tax year.During the period, the car travelled 11,000 km. Harris purchased the car last year for $57,000. Harris contributed$3,000 towards the cost of running the car and has provided Harris with relevant documentation.

Determine the total amount that will qualify for itemized deduction by the taxpayer.  Rita needed some cash to attend a friend's 21st birthday COVID-themed bash in Nashville, but eas bit short of the amount required for the (safe)travel. She borrowed $500 form her sister for the trip and two months later repaid the amount along with $25 extra as an interest payment.

Clarence is an employee at the Drake Candy Corporation, an S corporation. Clarence and other employees are covered under a disability income plan that will pay him 50% of his $96,000 salary if he becomes disabled. The company adds the pro rata cost of the plan to each employee's W-2. Clarence is in the 25% income tax bracket. What is the amount of monthly disability benefits Clarence will receive after tax if he remains in the same tax bracket when disabled? 1. $2,250. 2. $3,000. 3. $3,500. 4. $4,000. Ⓒ$4,000. $3,500. $2,250. Ⓒ$3,000.

If Kayla received a $2,000 unrestricted scholarship from a local civic organization, how much of the scholarship would be taxable? $0 $2,000 The remaining balance of the scholarship not applied towards qualified expenses. The portion of the scholarship used to pay for qualified expenses.

Suzanna earns $4000 in her summertime job; the rest of the year she attends college fulltime. Suzanna may claim an exemption from FIT withholding if: a.she also has a taxable scholarship (used for housing) = $15,000. b.her unearned income (interest) = $1698. c.her aunt claims her as a dependent and she has no unearned income. d.her unearned income (dividends) = $1800.

Chad and Jason Roberts paid $8,500 during the year for childcare for their three children, aged 2, 6 and 11. Chad's annual salary was $12,000 and Jason's annual salary was $42,000. Chad can deduct the $8,500 paid from his income. a) True b) False The entire amount of retiring allowance received must be included in income, even if some part of the allowance was transferred to an RRSP. a) True. b) False The amount earned in a Tax Free Savings Account (TFSA) is not subject to taxation; however, the withdrawals from a TFSA are taxed in the hands of the recipient. a) True b) False int) MacBook Pro

Rosa is in the 35% tax bracket and itemizes her deductions. How much will her tax bill be reduced if she makes a $800 contribution to​ charity?  Her tax bill will be reduced by ​$enter your response here. ​(Simplify your​ answer.)

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For each of the following situations, indicate how much the taxpayer is required to include in gross income: Note: Leave no answer blank. Enter zero if applicable. Required: a. Steve was awarded a $7,050 scholarship to attend State Law School. The scholarship pays Steve's tuition and fees. b. Hal was awarded a $23,800 scholarship to attend State Hotel School. All scholarship students must work 20 hours per week at the School residency during the term.