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

Please determine the tax consequences to the employee of the following, independent fringe benefits. (a) Nike sells Air Jordans to customers for $180. Each pair of shoes costs Nike $45 to produce. Employees can buy Air Jordans for $30. Amount Excluded from Employee's Income: Amount Included in Employee's Income: (b) Supercuts plans to offer haircuts to employees for free. Employees can get their hair cut whenever a customer fails to show up for an appointment and there are no walk-ins waiting for a haircut. Haircuts cost $30 for customers. Amount Excluded from Employee's Income: Amount Included in Employee's Income: (c) Steve is the Chief Executive Officer at Heinz. Heinz provides Steve a free parking spot in the company's downtown office building. Heinz does not provide this benefit to any other employees. The parking spot would have cost $310 per month for someone from the general public. What are the monthly tax consequences for Steve? Amount Excluded from Employee's Income: Amount…

Discuss the Fringe Benefits Tax (FBT)implications of the followingcases (a) –(e): (a)An employer providesa Christmas lunch at a local restaurant, costing $1,000, for 10 of its key employees.

Which of the following statements are reasons employers may choose to delay eligibility of employees to participate in a retirement plan? 1.           Employees do not start earning benefits until they become plan participants (except in defined benefit plans, which may count prior service). 2.           Since turnover is generally highest for employees in their first few years of employment and for younger employees, it makes sense from an administrative standpoint to delay their eligibility.   A. 1 only.   B. 2 only.   C. Both 1 and 2.   D. Neither 1 nor 2.

Indicate which federal department or agency would be responsible in the following scenarios: a. An employee wants to retire and apply for Canada Pension Plan benefit b. The new type of earning introduced in the company but not sure if it is insurable -

how do you fill out and complete a payroll register for employees that are paid on a biweekly basis and married?

If an employee takes a customer to lunch and discusses business, can the employee deduct the cost of a meal? Explain. C O A. Employees can no longer deduct any portion of the cost of meals and entertainment. O B. Employees can deduct 50% of the entire cost. O C. Employees can deduct 50% of their own meals and entertainment that are business related but none of the cost of the customer's meal. O D. Employees can deduct 50% of their own meals and entertainment that are business related as well as 100% of the cost of the customer's meal.

Ms. Jessie Waud found a position in retail sales in September 2021. During the remainder of that year, she received gross employment income of $21,500. Prior to 2021, Ms. Waud had no earned income and made no contributions to either an RRSP or a TFSA View the RRSP information. View the common-law partner information. View the other sources of income or loss. Read the requirements. View the additional information. Requirement A. Calculate Ms. Waud's 2021 employment income. What is Ms. Waud's 2021 employment income? Requirement B. Determine Ms. Waud's maximum deductible RRSP contribution for 2022. (Round your answer to the nearest whole dollar.) What is Ms. Waud's 2021 employment income? Requirement C. As Ms. Waud's personal financial consultant, what advice would you give her regarding her TFSA and RRSP contribution and deduction for 20227 OA. Ms. Waud should contribute the maximum deductible amount to her RRSP for the year 2022 in 2022. She should also contribute the maximum allowable…

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 income