TAILIEUCHUNG - Lecture Taxation of individuals and business entities 2015 - Chapter 12: Compensation

In this chapter students will be able to: Discuss and explain the tax implications of compensation in the form of salary and wages from the employee’s and employer’s perspectives, describe and distinguish the tax implications of various forms of equity-based compensation from the employer’s and employee’s perspectives, compare and contrast taxable and nontaxable fringe benefits and explain the employee and employer tax consequences associated with fringe benefits. | Chapter 12 Compensation Learning Objectives Discuss and explain the tax implications of compensation in the form of salary and wages from the employee’s and employer’s perspectives Describe and distinguish the tax implications of various forms of equity-based compensation from the employer’s and employee’s perspectives Compare and contrast taxable and nontaxable fringe benefits and explain the employee and employer tax consequences associated with fringe benefits Salary and Wages Employee Considerations for Salary and Wages Fixed amount of compensation for the current year no matter how many hours worked Salaried employees eligible for bonuses Employees receiving wages generally get paid by the hour Salary, bonus, and wages taxed as ordinary income They report their wages on page 1, line 7 of the 1040 federal tax return Salary and Wages Withholding Taxes Employees complete a Form W-4 to supply the information the firm needs to withhold the correct amount of tax and also to indicate .

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• Business entities
• Individual taxation
• Multijurisdictional taxation
• Transfer taxes
• Equity based compensation
• Fringe benefits
• Urban market business entities
• Competitiveness of urban market business entities
• Market business entities
• Organization and management capacity
• Finance competence and business performance
• Essentials of taxation
• Business tax credits
• Corporate alternative minimum tax
• Limited liability entities
• Profits and distributions
• Entity legal classification
• Nontax characteristics
• Business income
• Accounting methods
• Operating partnerships
• Flow through entities
• The financial statements
• Business deductions
• Financial statements
• Loss limitations
• Property transactions
• Corporate taxation
• Nonliquidating distributions
• Corporate formation
• Taxable acquisitions
• Partnership interests
• Partnership distributions
• Operating distributions
• Post termination transition period
• Local taxes
• Income taxes
• Multinational transactions
• Taxing multinational transactions
• Wealth planning
• Tax rate structures
• Federal taxes
• Tax compliance
• Tax authorities
• Tax planning strategies
• Related limitations
• Individual income tax
• Filing status
• Gross income
• Recognize income
• Individual deductions
• Deductions for AGI