Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

5. Which of the following fringe benefits provided by an employer will not result in a taxable benefit to an employee? A An award provided

image text in transcribed

5. Which of the following fringe benefits provided by an employer will not result in a taxable benefit to an employee? A An award provided to an employee after 3 years of exemplary service B. Company car that is made available for the employee's personal use C. Interest free loan to the employee D. Auto allowance paid at the prescribed amount per kilometre, for the total business (employment) kilometres driven in a calendar year 6. Which of the following is excluded from the calculation of an employee's net employment income? A standby charge for the employee's use of the company car B. an employer's contribution to a Registered Pension Plan C. a monthly allowance of $200 provided to an employee for incidental costs D. an employer's contribution to public health care premiums 7. Which of the following educational fringe benefits would be taxable income to the employee? A. An employer pays the costs of a cooking class for any of its employees who want to take it B. An employer pays the cost of a corporate tax update class for its tax director. C. An employer pays the costs of a leadership skills class for its director of training. D. An employer pays the costs of a business communications class for any of its employees who want to take it 8. Which of the following fringe benefits is a non-taxable benefit to employees? A Premiums pald to a group health and sickness plan B. A grocery store employee gets a 15% discount ongroceries, and this discount is available to all store employees C. A 1.000 award is given for 3 years of service D. A company's top salesman gets a $600 bonus during the year. 9. Solita works in the corporate office at Loblaws and receives the following during the year. Salary: $ 51,000 Frequent flyer miles eamed on business flights purchased with a personal credit card: 29,000 miles wi A long-service (non-cash) award for five years of service: $850 Christmas (cash) bonus: 5800 Value of a wedding gift, as Solita got married in the current year: $450 How much of the items aretaxable

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting And Equity Markets

Authors: Philip Brown

1st Edition

1138617083, 978-1138617087

More Books

Students also viewed these Accounting questions