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Immaterial or nominal value of a non-cash gift is not taxable. Gift cards are taxable because it is a near-cash gift Performance related awards are
| Immaterial or nominal value of a non-cash gift is not taxable. | ||||||||||
| Gift cards are taxable because it is a near-cash gift | ||||||||||
| Performance related awards are remuneration and must be part of employment income. | ||||||||||
| Non cash awards for length of service given 5 years apart and are less than $500 will not be considered | ||||||||||
| as employment income. | ||||||||||
| Wedding gift - cuttlery is not taxable because it is non-cash total less than $500 | ||||||||||
| Innovation award as well as the holiday gift are part of the non-cash gifts and when they exceed $500 the | ||||||||||
| excess is fully taxable. Wedding gift + Innovation + Holiday gift = 300+250+150=700 - 500 (free) = 200 | ||||||||||
| Sales target award | 400.00 | |||||||||
| Birthday gift card | 75.00 | |||||||||
| Excess over $500 for | ||||||||||
| the other gifts | 200.00 | |||||||||
| Income | 675.00 | |||||||||
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College Accounting Chapters 1-30
Authors: John Price, M. David Haddock, Michael Farina
15th edition
1259994975, 125999497X, 1259631117, 978-1259631115
