Taxable benefits can be goods or services an employer pays for on the employee's behalf. An employer can give the benefit in the form of cash, near-cash, or in the form of non-cash.
When you provide a taxable benefit like employee rewards, it is added to the employee’s total compensation for the year. Here’s how: Income Reporting: The value of the gift card ($100) is added to the employee’s gross income on their W-2 form (or T4 form in Canada). Tax Wit...
depending on the situation and individual state laws. However, the tax-exempt status of municipal bonds is only granted if the projects funded from the proceeds of the issue provide a significant benefit to the community at large–in other words, the...
Life insuranceis often seen as a reliable way to provide for loved ones after you’re gone, and one of its biggest advantages is the tax relief it offers. Typically, the death benefit your beneficiaries receive isn’t taxed as income, meaning they get the full amount to use for expenses ...
After age 70, there’s no real benefit to delaying retirement—unless you just want to keep working—because your monthly benefit stops increasing. If you’re one of the 10 million Americans who qualify for Social Security disability payments, you’ll also see an increase in January 2025. ...
Even with these considerations, having an unprofitable or barely profitable oil industry weakens a country. Neither Brazil nor Canada is doing very well economically in 2021. These countries will likely reduce new oil investment in the next year or two, if inflation-adjusted oil pric...
Even with these considerations, having an unprofitable or barely profitable oil industry weakens a country. Neither Brazil nor Canada is doing very well economically in 2021. These countries will likely reduce new oil investment in the next year or two, if inflation-adjusted oil pri...