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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.
A gift tax, known originally as inheritance tax, is a tax imposed on the transfer of ownership of property during the giver's life. The United States Internal Revenue Service says that a gift is "Any transfer to an individual, either directly or indirectly, where full compensation (measured in money or money's worth) is not received in return."
If a gift exceeds the annual limit ($17,000 this year, $18,000 in 2024), that does not automatically prompt a gift tax. The difference is simply taken from the person’s lifetime exemption limit ...
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A single person who gives several gifts of up to $18,000 to different recipients in a year, for example, won’t be impacted by the gift tax and won’t have to file a gift tax declaration.
In economics, a gift tax is the tax on money or property that one living person or corporate entity gives to another. [1] A gift tax is a type of transfer tax that is imposed when someone gives something of value to someone else. The transfer must be gratuitous or the receiving party must pay a lesser amount than the item's full value to be ...
A company car is a vehicle which companies or organizations lease or own and which employees use for their personal and business travel. [1] A take-home vehicle is a vehicle which can be taken home by company employees. Depending on the company, company cars may be available to all employees or just top-level personnel. [2]
More: GM reports 1st quarter earnings increased on retail sales of trucks, improved EV sales. More: GM CEO Barra's compensation for 2023 dropped 4%, GM changes up exec pay formula The cost of a ...