ADMS 3520 Chapter Notes - Chapter 3: Fixed Cost, Gift Card, Accrual

• School: York University
• Department: Administrative Studies
• Course: ADMS 3520
• Professor: Thaddeus Hwong

Document Summary

Adms 3520 ch 3 income or loss from office/employment. Ita (cid:1011)(cid:1012)(cid:894)4(cid:895) i(cid:374)di(cid:272)ates, if (cid:271)o(cid:374)us paid (cid:373)o(cid:396)e tha(cid:374) (cid:1005)(cid:1012)(cid:1004) da(cid:455)s afte(cid:396) e(cid:373)plo(cid:455)e(cid:396)"s (cid:455)ea(cid:396) end, but less than 3 years, not deductable until paid: ex. pg 82, figure 3-1 pg. 83 bonus arrangements: net concept, net income inclusions less deductions. If net income is negative, can deduct from other incomes: ex. pg 83. 1,170$ annual/2. 28%: employees generally required to participate ei program, exception: employee owning more than 40$ of voting share of employer (no ei can be collected, self-employed can opt in ei premiums, but limited. Does not have to pay for e(cid:373)plo(cid:455)e(cid:396)"s sha(cid:396)e of ei p(cid:396)e(cid:373)iu(cid:373) (max 836$: ei premium payments for self-employed collected by cra, fringe benefits, employees get fringe benefits, but ind. Contractors do not: tax evasion, self employed can receive cash to avoid hst can also incorporate to be taxed at low rate (small business, employer perspective deduction, employer benefits from using ind.