User Account

All Pages

What is the effect on Xiang net employment income

Assignment Help Accounting Basics
Reference no: EM132826763

Problem - Xiang began employment with Deslauriers Ltd. on January 1, 2020. Deslauriers Ltd. leased an automobile at a cost of $650 per month for Xiang's use. Xiang drove a total of 25,000 kilometers during 2020 of which 15,000 kilometers were driven for employment purposes. Deslauriers Ltd. paid all costs of operating the car amounting to $10,800.

Required - What is the effect on Xiang's net employment income, that is, calculate the taxable benefit that would be added to Xiang's net employment income for tax purposes for 2020. Show ALL calculations to provide the required information, including those for which the result is nil.

Reference no: EM132826763

Questions Cloud

Summarize the situation faced by the resort general manager : Summarize the situation faced by the resort's General Manager. Explain the status of the company as a whole and the circumstances at the specific property.
Record the last transaction for dec : Record the last transaction (dec 20) assuming the price to reacquire the shares was $12 per share. this is the first time Hum had repurchased
Future integrity of the us healthcare system : Identify dilemmas that threaten the future integrity of the U.S. healthcare system.
Budgeted change in inventory-hyphonic merchandise company : The Hyphonic Merchandise Company has budgeted $40,000 in sales for the month of December. The company's cost of goods sold is 30% of sales.
What is the effect on Xiang net employment income : What is the effect on Xiang's net employment income, that is, calculate the taxable benefit that would be added to Xiang net employment income for tax purposes
What is the budgeted change in inventory levels : If the company has budgeted to purchase $27,000 in merchandise during December, what is the budgeted change in inventory levels over the month of December?
Trace the evolution of strategic management : Trace the evolution of strategic management and give rationale for health care organizations' adoption of strategic management.
Five elements of an abstract : Critique the abstract based on the five elements of an abstract as covered by the text. What elements are present, and what elements are missing?
Strategy for generating revenue for athletic program : The NCAA makes hundreds of millions of dollars annually from television contracts. The NCAA Men's basketball tournament's total rights payment for 2011-12

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd