13. Marie works in Toronto. She has group life insurance coverage through her employer. She pays...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
13. Marie works in Toronto. She has group life insurance coverage through her employer. She pays 50% of the annual premiums for a total of $500 a year The employer pays the remaining 50% of annual premiums, also for a total of $500 a year. Which statement describes the taxable nature of premiums in this case? O The employer cannot deduct any of the premiums it has paid. The employee can deduct the premiums he or she has paid. O The employee will be taxed on the premiums paid by the employer. The employer will be taxed on the premiums paid by the employee. O 13. Marie works in Toronto. She has group life insurance coverage through her employer. She pays 50% of the annual premiums for a total of $500 a year The employer pays the remaining 50% of annual premiums, also for a total of $500 a year. Which statement describes the taxable nature of premiums in this case? O The employer cannot deduct any of the premiums it has paid. The employee can deduct the premiums he or she has paid. O The employee will be taxed on the premiums paid by the employer. The employer will be taxed on the premiums paid by the employee. O
Expert Answer:
Answer rating: 100% (QA)
The employee will be taxed on the premiums paid by the employer Explanation Due to the fact that the ... View the full answer
Related Book For
Applied Statistics in Business and Economics
ISBN: 978-0073521480
4th edition
Authors: David Doane, Lori Seward
Posted Date:
Students also viewed these accounting questions
-
Do male and female school superintendents earn the same pay? Salaries for 20 males and 17 females in a certain metropolitan area are shown below. At = .01, were the mean superintendent salaries...
-
Do male and female students study the same amount per week? In 2007, 58 sophomore business students were surveyed at a large university that has more than 1,000 sophomore business students each year....
-
Do male and female students study the same amount per week? In a recent year, 58 sophomore business students were surveyed at a large university that has more than 1,000 sophomore business students...
-
In Equation (8.2), the cost of raw materials, C RM , is multiplied by a factor of 1.23. The reason for this is that, in general, the estimated cost of raw materials is expected to be about 20% low...
-
Safe Ride Incorporated applied for several taxi licences for its taxicab operations in the City of Waterford and, on August 31,2014, incurred costs of$14,200 in the application process. The outcome...
-
Hyponatremia (low sodium levels) occurs in a certain proportion of marathon runners during a race. Suppose that historically, the proportion of runners who develop hyponatremia is 0.12. In a certain...
-
Atlas Travel ended 2009 with Accounts Receivable of $90,000 and an Allowance for Uncollectible Accounts balance of $8,000. During 2010, Atlas Travel had the following activity: a. Service revenue...
-
The compensation committee of a large public corporation engages you to help design a tax efficient compensation plan for the current chief executive officer (CEO). In a preliminary interview with...
-
Branson works for a firm that is expanding into a completely new line of business. He has been asked to determine an appropriate WACC for an average-risk project in the expansion division. Branson...
-
Determine the following: a. Vertical reaction at point A. b. Horizontal reaction at point A. c. Moment reaction at point A d. Vertical reaction at point G e. Horizontal reaction at point G f....
-
Assuming a periodic inventory system is used, freight charges on merchandise purchases should be debited to: Multiple Choice the Freight In account. the Accounts Payable account. the Purchases...
-
Sheffield has been selling auto parts to the general public for over 70 years. It has built a reputation for outstanding customer service, becoming the third largest auto parts retailer in the...
-
You work for the Chickasaw Nation in Oklahoma. An automobile accident occurs on State Highway 9 near the Riverwind Casino. A truck, driven by Alex Jefferson, rear-ended a car, driven by Ayita Smith,...
-
Guide Questions: 1. What is a program? What is its purpose in a computer system? 2. Identify and describe the life cycle of a program. 3. What does SDLC stand for? Identify and describe the phases of...
-
The contents of the report include: 1. Project Charter (Students can chose their FYP or any other sample project, in IT/Business domain) 2. Detailed Scope document 3. Work break down structure (WBS)...
-
Excel has many functions, that can do most of the calculationsyou'll want to use. However, there's one very useful and importantfunction lacking: simple linear interpolation. The easiest way to do...
-
An investor purchases 100 shares of XYZ at 60 and also writes an XYZ 65 call @3. 100.100 18. What is the investor's maximum potential loss?
-
A consumer magazine is evaluating five brands of trash compactors for their effectiveness in reducing the volume of typical household products that are discarded. In the experiment, each block...
-
The HP dvd1040i 20X Multi format DVD Writer has an MTBF of 70,000 hours. (a) Assuming continuous operation, what is the probability that the DVD writer will last more than 100,000 hours? (b) Less...
-
Exam scores of 40 students in a statistics class are shown. (a) Estimate the mean and standard deviation from the sample. (b) Assuming that the data are from a normal distribution, de ne bins by...
-
In the following regression, X = monthly maintenance spending (dollars), Y = monthly machine downtime (hours), and n = 15 copy machines. (a) Write the fitted regression equation. (b) State the...
-
Discuss the approach you would take to building a system for playing Scrabble or another word game of the sort. What limitations does your system have? How likely do you think it is that your system...
-
Discuss the current state of the art of game-playing computer systems in relation to the following games: chess, checkers, Go, bridge, Othello, tic-tac-toe. What advances are likely in the near...
-
Show the steps that would be taken in running the Minimax algorithm on the game tree in Figure 6.7. Now run through the same tree using alpha-beta pruning. How do the two compare? data from figure...
Study smarter with the SolutionInn App