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7. Which of the following allowances would have to be included in an employees Net Income For Tax Purposes? A. An allowance of $600 per
7. Which of the following allowances would have to be included in an employees Net Income For Tax Purposes?
A. | An allowance of $600 per month to compensate the employee for using his personal automobile for employment related activities. | |||||
B. | An allowance of $0.40 per kilometer to compensate an employee for using his personal automobile for employment related activities. | |||||
C. | An allowance of $70 per day for food while traveling on the employers behalf. | |||||
D. | An allowance of $120 per night for hotels while traveling on the employers behalf. |
8. Which of the following is an advantage of being an employee as opposed to being self-employer (an independent contractor)?
A. | The ability to receive more fringe benefits. | |
B. | The ability to have more control over job duties. | |
C. | The ability to deduct a wider range of expenses. | |
D. | The ability to make an increased profit. |
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