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Related to Canadian Personal Income Tax- Chapter 3, Employment income Multiple Choices Question: Which of the following does not correctly describe a fundamental rule in determining employment income? 1
Related to Canadian Personal Income Tax- Chapter 3, Employment income
Multiple Choices Question:
Which of the following does not correctly describe a fundamental rule in determining employment income?
1. All remuneration from employment is included in employment income at the point in time that it is earned.
2. Subject to specific exceptions, all benefits enjoyed by employees by virtue of their employment are included in employment income.
3. Subject to specific exceptions, all amounts received as an allowance are included in employment income.
4. Except for specific list of items, no deductions are permitted in arriving at employment income.
5. All of the above statement correctly describes a fundamental rule in determining employment income.
6. None of the above statement correctly describe a fundamental rule in determining employment income
Expert Solution
Correct answer is Option 1
| 1 | All remuneration from employment is included in employment income at the point in time that it is earned. | Certain exceptions are available in the law which means NOT all remuneration is included in employment income |
| 2 | Subject to specific exceptions, all benefits enjoyed by employees by virtue of their employment are included in employment income. | It is correct as per the law |
| 3 | Subject to specific exceptions, all amounts received as an allowance are included in employment income. | It is correct as per the law |
| 4 | Except for specific list of items, no deductions are permitted in arriving at employment income. | It is correct as per the law |
| 5 | All of the above statement correctly describes a fundamental rule in determining employment income. | Since option 1 is the answer, this option is incorrect |
| 6 | None of the above statement correctly describe a fundamental rule in determining employment income | Since option 1 is the answer, this option is incorrect |
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