Which of the following is NOT proper treatment regarding discounts provided employees as a fringe benefit?
A Windham Industries excludes from income reported for employees discounts provided employees of of the purchase price plus the gross profit margin applied to the price charged to nonemployee customers for products the employee purchased.
B Heron Industries excludes from income reported for employee discounts provided employees of of the services that they purchase using pricing that is charged for nonemployee customers.
C Thompson & Sons includes in reported income of its highly D compensated employees discounts on its products that are not available to other employees of the company.
D All of these statements are proper treatment according to requirements of the IRS
Which of the following could be a statutory employee?
D A a licensed real estate agent
D B a direct seller
D C a life insurance sales agent who deals primarily with one carrier
D D an independent contractor
Form MISC is used to report payments for rents, commissions, fees and nonemployee compensation that total:
A $ or more
D B $ or more
D C $ or more
D D more than $
Which of the following is NOT CORRECT with regard to the reporting and taxation of the following fringe benefits for AC Industries employees.
A AC Industries provides donuts to employees on the first Friday of the month and this is not considered a taxable benefit for employees AC Industries provides $ of group term life insurance for all of
B its employees and it does not discriminate in this benefit and it does not include this benefit in income of its employees.
AC Industries requires its manager, Dan Smith, to live on the premises.
C It provides him with an apartment and does not include the fair market of the apartment in Dan's income nor does it subject him to payroll taxes for this benefit.
AC Industries provides a trophy to its top salesperson of the year and D includes the value of the trophy in that employee's W
