Taxable, cash, non-cash, or near-cash benefits are also pensionable – meaning that you must pay CPP contributions on taxable benefits. The CPP deductions taken from the employee’s income is based on their total earnings. So, when taxable benefits are added to an employee’s total earnings,...
When determining whether or not one owes gift tax, one needs to determine what gifts were given for the year, whether or not they are exempt from gift tax or within the annual exclusion amount, and to what extent they may be offset by the unified credit amount for the year in question....
The birth of a child is not just a blessed event; it's the beginning of a whole new set of tax breaks for your family. Learn how the newest addition to your family can help trim your tax bill, and how to save for your child's future in the most tax-effic
doi:urn:uuid:2cf85b4b3a435310VgnVCM100000d7c1a8c0RCRDRewards that are given away as part of new banking account recruitment drives are considered income and can be taxed. If the value of those taxable rewards is more than $600, banks are required to send 1099 tax notices to both the ...
These taxes only affect those who leave behind a significant amount of money and property upon their death or who make gifts of substantial value during their lifetime. Unless you are in the top 2 percent of the wealthiest Americans, these taxes are not likely to be of concern to you. ...
An itemized deduction is an expense that can be subtracted from youradjusted gross income (AGI)to reduce your taxable income and lower the amount of taxes you owe. Taxpayers can itemize deductions likemortgage interest, charitable gifts, and unreimbursed medical expenses, or choose to take thestan...
Profits From the Sale of Wedding Gifts If you decide you don’t want a wedding gift and sell it later, you may need to report the proceeds as taxable income. For example, say your grandmother gives you an antique vase as a wedding gift. She originally bought the vase for $50, but yo...
Employee discounts on company products or services Small, infrequent benefits like holiday or employee appreciation gifts or occasional meals Note that the value of taxable fringe benefits must be included in Boxes 1, 3, and 5 of Form W-2 and on line 3 of Form 940.Tools...
Your wealth should help you accomplish your goals — which might be as simple as remaining comfortable before you pass or as lofty as traveling the world or giving significant gifts to family members. Understanding what exactly you have, how it’s invested, and how best to withdr...
we have a short window of opportunity to take action before the Section 2704 regulations go into effect. The Treasury Department, for procedural reasons, cannot finalize the regulations until December 2016 at the earliest. In the interim, you can make gifts or sales to your family taking full ...