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In McCann, the court had to decide whether travel expenses paid by an employer to enable an employee to attend a company conference were part of the employee's gross income. The company provided the travel award to the employee for good work in increasing net sales during 1972.
The amount exempt has varied by year. The exemption is phased out for individuals with gross income above certain amounts. [30] Gifts and inheritances. [31] However, a "gift" from an employer to an employee is considered compensation, and is generally included in gross income. Life insurance proceeds received by reason of the death of the ...
Some fringe benefits (for example, accident and health plans, and group-term life insurance coverage (up to US$50,000) (and employer-provided meals and lodging in-kind, [22]) may be excluded from the employee's gross income and, therefore, are not subject to federal income tax in the United States. Some function as tax shelters (for example ...
Gross proceeds are the total amount that the seller receives from the sale of the home. Net proceeds are the amount that the seller actually pockets after paying the mortgage balance and various ...
Social Security tax withholding terminates when payments from one employer exceed the maximum wage base during the year. Amounts withheld by payers (employers or others) must be remitted to the relevant government promptly. Amounts subject to withholding and taxes withheld are reported to payees and the government annually.
A Qualified Employee Discount is defined in Section 132(c) as any employee discount with respect to qualified property or services to the extent the discount does not exceed (a) the gross profit percentage of the price at which the property is being offered by the employer to customers, in the case of property, or (b) 20% of the price offered for services by the employer to customers, in the ...
Alternatively, you could consider working with a low-commission real estate agent, who will likely charge much less than a traditional agent would (usually 1 to 1.5 percent of your home’s sale ...
Ohio phased out its net income tax on businesses and instituted a gross receipts tax. With the phase-in completed in 2010, Ohio and Washington are the only states with a broad-based gross receipts tax on businesses. However, Ohio's B&O system has a considerably higher threshold for tax liability and lower rates than Washington's system. [1]