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An employer in the United States may provide transportation benefits to their employees that are tax free up to a certain limit. Under the U.S. Internal Revenue Code section 132(a), the qualified transportation benefits are one of the eight types of statutory employee benefits (also known as fringe benefits) that are excluded from gross income in calculating federal income tax.
Reimbursement is the act of compensating someone for an out-of-pocket expense by giving them an amount of money equal to what was spent. [1]Companies, governments and nonprofit organizations may compensate their employees or officers for necessary and reasonable expenses; under US [2] [3] law, these expenses may be deducted from taxes by the organization and treated as untaxed income for the ...
The business mileage reimbursement rate is an optional standard mileage rate used in the United States for purposes of computing the allowable business deduction, for Federal income tax purposes under the Internal Revenue Code, at 26 U.S.C. § 162, for the business use of a vehicle. Under the law, the taxpayer for each year is generally ...
The modern excise tax on motor vehicles was established in 2000. The motor vehicle tax assesses a three and one quarter percent tax on the sale price of all vehicles in the State, new and used. Taxes are collected by local motor license agents (or tag agents) under the supervision of the Tax Commission.
A commonly required liability insurance is $25,000/$50,000/$25,000. Here's how it breaks down: $25,000/$50,000 for personal injury (PI) liability.
Police in Ohio are searching for suspects after a 19-year-old woman was stripped of her clothes and attacked last month.. The Akron Police Department in Ohio told PEOPLE in a statement that ...
A strategy is available to roll your 401(k) to a tax-free annuity and ensure you have a steady income stream during retirement. This idea would be advantageous if you have concerns about your ...
Between summer 1981 and summer 1982, tax revenue fell by about 6% in real terms, caused by the dual effects of the economy dipping back into recession (the second dip of the "double dip recession") and Kemp-Roth's reduction in tax rates, and the deficit was likewise rising rapidly because of the fall in revenue and the rise in government ...