ACTG 3P41 Chapter Notes - Chapter 3: Equalization Payments

• School: Brock University
• Department: Accounting
• Course: ACTG 3P41
• Professor: Michael Espinoza

Document Summary

Employment income is reported on a calendar year basis, individuals always ends dec 31. Self employed also have dec 31 year end, or they must use a more complicated method of reporting business income. 3015 salary, wages, and other remuneration including gratuities. Remuneration includes all items received as a result of the individuals employment(bonuses, tips, This includes direct(payment of salary) or indirect(employer pays employees rent directly to the landlord). Examples also include: payment of a ho(cid:272)ke(cid:455) pla(cid:455)e(cid:396)"s age(cid:374)t fee (cid:271)(cid:455) a ho(cid:272)ke(cid:455) (cid:272)lu(cid:271), ta(cid:454) e(cid:395)ualizatio(cid:374) pa(cid:455)(cid:373)e(cid:374)t (cid:373)ade to e(cid:373)plo(cid:455)ee to (cid:272)o(cid:373)pe(cid:374)sate highe(cid:396) ca(cid:374)adia(cid:374) ta(cid:454)es, a t(cid:396)ip i(cid:374)(cid:272)e(cid:374)ti(cid:448)e paid to a sales pe(cid:396)so(cid:374) (cid:271)(cid:455) the e(cid:373)plo(cid:455)e(cid:396)"s supplier. This includes all amounts received from employer, and any bonuses are were made receivable that year. All benefits received and enjoyed by (cid:448)i(cid:396)tue of a(cid:374) i(cid:374)di(cid:448)idual"s e(cid:373)plo(cid:455)(cid:373)e(cid:374)t (cid:449)ill (cid:271)e i(cid:374)(cid:272)luded as pa(cid:396)t of the e(cid:373)plo(cid:455)ee"s (cid:396)e(cid:373)u(cid:374)e(cid:396)atio(cid:374) a(cid:374)d (cid:449)ill (cid:271)e ta(cid:454)a(cid:271)le.