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Determine whether the following benefits are fringe benefits or exempt fringe benefits and, where applicable, the relevant category of the fringe benefits. Provide reasons for your answer:
a) Kerry is an employee of the university. She is provided with 10 gifts vouchers worth $50 each for use at the local supermarket as a Christmas gift. Advice Kerry and the University of the tax consequences of this transactions
b) Sorella borrowed $10,000 from her employer on 4 September 2011 as her home was damaged in a freak storm. The loan was provided at no interest. On 15 January 2012, her employer informed sorella that she was only required to repay half the loan. Advice sorella and her employer of the tax consequence of the transactions.
c) Penny is employed as a secretary by law firm. As part of her remuneration package, the firm agree to provide her with legal services in relation to her divorce a 60% discount to its normal rates. The firm also purchase plasma TV set for $5,500(inclusive of GST), which it gives to Penny. Explain how the taxable value of these fringe benefits will be calculated.
Evaluate the cost of the finished goods inventory of light-gauge aluminum and prepare an income statement for the current year ended 31st December
all have a specific name that coordinates with a specific account- from who shares were purchased/which company or who/which company sold shares.
Analyze the tax effects of the two job offers and then explain how each will affect Gretchen. Calculate the total after tax income (taxable and excluded) Gretchen can expect from each. Assume she has no other income and will use the standard de..
bonita places a coupon in every box of its product. customers may send in five coupons and 3 and the company will send
you also have several forms 1099 that report income received by the quandts in 2011nbspnbspnbspnbspnbspnbspinterest
What are three types of special tax credits and what are the limitations on special tax credits? Why do these credits exist?
title subject to the 200000 mortgage, and agreed to pay him 100000 with interest at 6 percent one year from the date of sale. How much is robert's recognized gain on the sale.
What rate of return do you expect to earn on your investment and what is the HPY on your investment
It's a tax problem. john smith (age 65) is single and earns 40000$ per year as a bank examiner. He has no itemized deductions and no dependents
Quarterly estimated tax payments
Michael earned $10,000 at the K-M Resort Golf Club during the summer prior to his senior year in college. He wants to make a contribution to a traditional IRA, but the amount is dependent on whether it reduces his taxable income.
ward owns 50 percent of teal company a calendar year partnership. for tax year 2010 the partnership reported ordinary
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