If the fringe benefit is taxable the amount will be added to all of your gross taxable income and taxed at your marginal tax rate.
!000 X 10% = 100
It is the taxation of most, but not all fringe benefits, which are generally no-cash employee benefit.
can someone spell out what fringe benefit tax is and how an accountant of a compnay should compute the same
fringe benefit tax
ETD payable = Employer Tax Deductions Payable
Income tax, consumption tax (gst/vat), harm tax (cigarettes, alcohol etc), tariffs, corporate tax, fringe benefit tax, Witholding tax, non-resident withholding tax!
debit sales tax expensecredit sales tax payable
The below information is for the employer and can be found by going to the IRS gov web site and using the search box for Publication 15-B (2010), Employer's Tax Guide to Fringe BenefitsAny fringe benefit you provide is taxable and must be included in the recipient's pay unless the law specifically excludes it. Section 2 discusses the exclusions that apply to certain fringe benefits. Any benefit not excluded under the rules discussed in section 2 is taxable.Including taxable benefits in pay. You must include in a recipient's pay the amount by which the value of a fringe benefit is more than the sum of the following amounts. *.Any amount the law excludes from pay.*.Any amount the recipient paid for the benefit rules used to determine the value of a fringe benefit are discussed in section 3.If the recipient of a taxable fringe benefit is your employee, the benefit is subject to employment taxes and must be reported on Form W-2, Wage and Tax Statement. However, you can use special rules to withhold, deposit, and report the employment taxes. These rules are discussed in section 4.If the recipient of a taxable fringe benefit is not your employee, the benefit is not subject to employment taxes. However, you may have to report the benefit on one of the following information returns.Click on the below Related Link
Yes. Income tax is a direct tax. Individuals and businesses pay direct taxes to the government on a regular basis and it is calculated on all sources of income accrued by the business or individual.
it is other taxes payable like hormonised sales tax. It is not Income Tax or corporate Tax.
It stands for federal income tax payable.
25 CUC payable upon departure from airport
yes income tax is payable in jammu and kashmir if the person is the resident of it.