An employer gave an educational assisstance to one of its managers amounting P78,000 that is seen to benefit the company's growth.
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A: Solution of above question are explained below
Problem:
An employer gave an educational assisstance to one of its managers amounting P78,000 that is seen to benefit the company's growth.
Requirement:
Justify whether it can be claim as a deduction or not.
Step by step
Solved in 2 steps
- . If a fringe benefit involves a deduction from employee pay, which of the following is true? A. Employers may only offer the benefit to certain classes of employees. B. The employee must enroll in direct deposit for their pay. C. The fringe benefit must be subject to income tax. D. The amount of the deduction must be listed on the employee's pay advice. 2. The ________ determines when benefit amounts should be withheld from employee pay. A. employee B. employer C. IRS D. State in which the business is conducted1. Which of the following items is normally NOT assessable under salaries tax? a. Payment in lieu of notice to an employee who has been dismissed without adequate notice given by the employer. b. Tuition fee paid by an employer for an employee's children, where the employer has entered into the relevant contract with the school directly. c. Reimbursement of medical expenses of an employee by an employer pursuant to the terms provided in the employment contract. d. Lump sum payment to a resigning employee in consideration of his not engaging in the same industry for two years. 2. Henry Ltd is carrying on business in Hong Kong. It acquires funding from various sources in Hong Kong and makes investment in securities listed in overseas markets. Henry Ltd's directors carry out investment analysis in Hong Kong and instruct its overseas agents to execute the orders of purchase and sale in the overseas stock exchange. During the year 2020/21, $10 million profits were derived from…1. What loan from the federal government given to individual states is used to provide unemployment benefits to state residents? Answer: A. SUTA Advances B. FUTA Advances C. Title XII Advances D. Title 15 Advances 2. The SUTA tax rate is determined by an employer’s _____. Answer: A. credit reduction B. FUTA tax rate C. experience rating D. Medicare tax rate 3. Identify each item as associated with Form 1099-NEC, Form 1096, or both. A. Displays earnings for one individual Form 1099-NEC Form 1096 Both B. Displays earnings for multiple individuals Form 1099-NEC Form 1096 Both C. Requires a signature Form 1099-NEC Form 1096…
- If I receive a return to work payment of $20,000 and it is classified under statory income. What difference would it make if this was classified under ordinary income?Question 6: FUTA tax is paid solely by the employer. Answer: A. True В. FalseMoney paid by a company to help cover needed and unforeseen expenses Options are : Withholding allowances, insurance, personal exemptions, graduated income tax, dependent, tax deductions, adjusted gross income, personal deductions, and taxable wages. Which one is it
- 20. Which of the following would be a non-taxable benefit to an employee? a. A discount on a product that brings the selling price below the cost of goods sold. b. A $100 gift card received for being employee of the month. c. A free membership to the gym on the employer's site. d. A cash allowance for lunches at local restaurants.1. How much is the additional allowable training expenses, if any?2. How much is the taxable net income of the company?Which of the following expenses are deductible, but subject to the 2% limitation on Form 1040, Schedule A, Job Expenses and Most Other Miscellaneous Itemized Deductions? Multiple Choice A blue suit for an accountant. Both of these. None of these. Uniforms for a UPS delivery person.
- Question 3: How much FUTA tax would an employer in a non-credit-reduction state owe if an employee has earned $6,400 to date and has current period taxable pay of $1,500? Answer: A. O $3.60 В. O 59 C. O $36 D. O $901-The employer provided the accommodation to its employee costing £ 80,000 with annual value of £1,000 and the official rate of interest of 2.5% during the tax year 2019/20. Accommodation is not job related. Which one of the following is taxable benefit from accommodation as per the UK tax laws? O a. None of the options b. £125 O C. £1,125 O d. £1,000Problem Solving Directions: 1. Compute for the gross taxable income and tax due of Ms. Myra dela Torre, supervisor of the telecommunication company. Basic salary of P1,401,148.83, 13th-month pay, and other benefits P90,000.00, de minimis benefits of P40,000.00, SSS/GSIS/, PHIC, and Pag-ibig contributions P16,570.60. 2. Explain the procedure of how you computed the gross taxable income and tax due of Ms. dela Torre.
