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Okay there guys I want to thank aronia for asking another question on my wall and she really has well three questions here the first question is what is a fringe benefit why do we have fringe benefits tax and who have to pay fringe benefits tax aronia I want you to understand that this is one of the most frustrating pieces of tax law and you might tell me well all tax law is kind of frustrating no this is this is one of the worst alright what is a fringe benefit now you can read the definitions of fringe benefits in your textbook but basically it goes like this whenever you have an employer who pays an employee anything or any benefit or any good thing that flows from the employer to the employee is going to be a benefit it's so wide it includes the desk you see that includes having toilet facilities at work any good thing at all that flows from the employer to the employee whatsoever but it's the negative limbs that take away from this and start to narrow down what the government really meant by a fringe benefit so any wages that flow from the employer to the employee the employees will pay income tax on that so the government doesn't need to chase you there because they've already got you there's also the otherwise deductible rule this basically says that if the employee had to pay for that expense and they would get a deduction for it then it won't be covered by fringe benefits taxes now you can read a lot about the confusing formula and fringe benefits tax is written in such a way that it's just mind-boggling ly frustrating to read but in reality when you do fringe benefits taxes in workplace you'll find it's actually pretty mechanical and fairly straightforward yeah but the legislation that's not so much fun so to understand what a fringe benefit is I think your second question is really hitting upon the mark and that's the sort of thing that isn't explained very well at much of the text books why do we have fringe benefits tax in the first place I mean why couldn't we just grab it under income taxes and indeed in most countries like in England they actually do grab it under income taxes they don't have a need for fringe benefits taxes at all so let me tell you this in the form of story time thank you to my three-year-old daughter for learning her little DUPLO figures I guess so we have our employer and we have our star employee and she's doing fantastic she deserves a bonus she deserves a raise so the so the employer decides to reach inside the pocket flavonols one through three to like and hands this wonderful woman a hundred dollars increase in wages now you would think that she's happy about this but she's going to pay tax.

FAQ

What is the benefit, need and effect of asking the students to fill out feedback forms?
Yes, in almost all IITs course feedback system is implemented. Here at IIT-M , it's popularly known as TCF. For a certain physics course, our instructor was not upto the mark and hence we filled the TCF accordingly, I dont know if he/she has been questioned, but we did get a better instructor this semester,for yet another physics course.  TCF is an open way to vent out anger, by shading the omr bubbles in a certain form to resemble written text( I lost the picture), and thus trolling the course.
How does fringe benefits affect tax?
In Canada, some fringe benefits are not taxable:Group medical, vision and dental premiumsEmployee discounts, provided they are open to all employees and are not below the employer's costLife Insurance premiums to a maximum death benefit of $10,000That is pretty much it, other benefits are taxable for income tax.
How do fringe benefits count as income?
Please define fringe benefits.If what you mean is "free use of the office photocopier" then, no, that does not count as income.Please define the context in which you are asking.If you are asking from a "comparing compensation" perspective, that is quite different than if you are asking from a "tax implications" perspective.Please tell us what country you work in.Laws and practices vary by country.
As a business owner, what online/offline templates would you benefit from having (e.g. a template to fill out and send invoices, business plan templates, etc.)?
One awesome highlight of ZipBooks‡ invoice templates is that you can save default settings like your notes and payment terms for your invoices once you nail down the details of what exactly should be on your invoice. Using ZipBooks for your invoice means never sending off an invoice without your own company information on it (oops!). They actually score your invoice based on what information you include and so you'll be able to leverage the data we've collected from tens of thousands of invoices on what things are important to get you paid faster.Here are a couple tips on things that you will get you paid faster and should definitely be included on your invoice:Company logo: This is part of the invoice template that we prfor you. You'll save a company logo under company settings and you'll never have to think about whether your invoice template header looks good again.Notes: Thanking a customer for their business will always make you stand out in a crowd and leverages the psychological principle of reciprocity so that you get paid faster. Lots of studies show that including a thank you note gets you paid faster. I think that would especially be true when someone is getting a big bill for legal services.Invoice payment terms: Another great free feature of ZipBooks invoice templates for legal services (and anyone else who used our invoice templates for that matter) is that when you put terms into an invoice, we automatically detected it and set a due date for you. If you don't set terms, we assume that the invoice will be due in 14 days. This is the due date that we use to drive the late payment reminder and to display the number of days that a invoice has been outstanding in the AR aging report. If you don't want to set the invoice payment terms every time, you can set it up once under Account Preferences in the ZipBooks app. Pretty neat, right?Customer information: This one might seem pretty straightforward but it should always be on the list of "must haves" when thinking about what you should put on your invoice.Detailed description of bill: ZipBooks' invoice template lends itself to the ability to show a detailed account of everything that you have charged since you last sent an invoice. You can do that by manually entering the invoice details or you can use the time tracker to automatically pull in billable activity once you are ready to send the next invoice for your legal services.
How does one get invited to the Quora Partner Program? What criteria do they use, or is it completely random?
I live in Germany. I got an invite to the Quora partner program the day I landed in USA for a business trip. So from what I understand, irrespective of the number of views on your answers, there is some additional eligibility criteria for you to even get an email invite.If you read the terms of service, point 1 states:Eligibility. You must be located in the United States to participate in this Program. If you are a Quora employee, you are eligible to participate and earn up to a maximum of $200 USD a month. You also agree to be bound by the Platform Terms (https://www.quora.com/about/tos) as a condition of participation.Again, if you check the FAQ section:How can other people I know .participate?The program is invite-only at this time, but we intend to open it up to more people as time goes on.So my guess is that Quora is currently targeting people based out of USA, who are active on Quora, may or may not be answering questions frequently ( I have not answered questions frequently in the past year or so) and have a certain number of consistent answer views.Edit 1: Thanks to @Anita Scotch, I got to know that the Quora partner program is now available for other countries too. Copying Anuta’s comment here:If you reside in one of the Countries, The Quora Partner Program is active in, you are eligible to participate in the program.” ( I read more will be added, at some point, but here are the countries, currently eligible at this writing,) U.S., Japan, Germany, Spain, France, United Kingdom, Italy and Australia.11/14/2018Edit 2 : Here is the latest list of countries with 3 new additions eligible for the Quora Partner program:U.S., Japan, Germany, Spain, France, United Kingdom, Italy, Canada, Australia, Indonesia, India and Brazil.Thanks to Monoswita Rez for informing me about this update.
How can I get more people to fill out my survey?
Make it compellingQuickly and clearly make these points:Who you are and why you are doing thisHow long it takesWhats in it for me -- why should someone help you by completing the surveyExample: "Please spend 3 minutes helping me make it easier to learn Mathematics. Answer 8 short questions for my eternal gratitude and (optional) credit on my research findings. Thank you SO MUCH for helping."Make it convenientKeep it shortShow up at the right place and time -- when people have the time and inclination to help. For example, when students are planning their schedules. Reward participationOffer gift cards, eBooks, study tips, or some other incentive for helping.Test and refineTest out different offers and even different question wording and ordering to learn which has the best response rate, then send more invitations to the offer with the highest response rate.Reward referralsIf offering a reward, increase it for referrals. Include a custom invite link that tracks referrals.
Should I invest in Bitcoin?
When I first noticed Bitcoin, it was hovering around $11 in 2021. I tried to start mining, but quickly realized my Macbook Pro’s processing power wasn’t sufficient to justify the time and energy it would take to get up and running. I never mined a single Bitcoin, but I did quite a bit of research.I rapidly read articles on Bitcoin, its past and its future.I watched tutorials on how to mine Bitcoin and the mechanics of its payout system.I browsed all the major forums, for opinions from Bitcoin owners.This isn’t me trying to brag about my foresight in spotting Bitcoin before it became big. As a technology enthusiast, this was just one of the many tech crazes I explored. Many of these failed quietly or haven’t yet satisfied the hype (3D printing).If there was one consensus among Bitcoin owners in 2021. it was that they truly believed in Bitcoin. Enthusiasts foresaw the potential revolutionary impact of a de-centralized currency. Libertarians hoped for an end to the monopoly of the dollar. Despite its problems, the future looked bright, and early adopters invested on that premise.Today, many purchase BTC with no basis other than the gargantuan number beside the ticker and an exponential price chart. With every sharp increase, more and more speculators purchase BTC, with nothing but a hunch as vindication. Answers appear on Quora, where writers ‘guarantee‡ BTC will rise to $25,000+.Yesterday, I talked to someone who purchased 1 BTC, at ~$12,500. He excitedly revealed that he had earned a 25% return within 24 hours, as BTC rose to $16,500. I interrupted to ask what had prompted him to buy BTC in the first place. His only response was that he saw the pattern of BTC’s growth and didn’t believe the profits would end anytime soon.My friend is normally a rational, intelligent person, whose opinions I seek and respect. As such, I was astounded to hear his speculation was based solely on a hunch.My response was simple. I showed him a chart of an even bigger growth stock than BTC, at the height of the tech bubble in 2021. At the height of its powers, Cisco was the largest company in the world. Like Bitcoin, for over a decade the stock had been exponentially rising, posting a 265,100% return between IPO and peak price.But then the party stopped and the bubble burst. From 2000–2002, Cisco lost 88% of its value. The stock never fully recovered, and still lingers as a shadow of its former formidable self.Cisco isn’t an isolated example. History is filled with examples of ‘the next best thing‡ with an astounding growth record but without the fundamentals to back up these crazy valuations. Tulipmania, the South Sea company and the Mississippi company are just some of these precedents.I then asked another simple question, to forget about the share price, and to imagine he could never sell the stock on an exchange. If he had to buy BTC at $16,500 and could never sell it on any exchange, would he be happy to hold BTC, as an investment which he could only use as a currency in shops, as he would the Euro or the US dollar? Would he be happy to use BTC for its intended purpose, not just to make a quick profit.I invite you to ask yourself the same question. BTC is currently worth a collective $267 billion. Do you believe that BTC could buy $267 billion worth of items, either online or in brick and mortar stores?You may strongly believe BTC will become accepted as a fiat currency, but even then what makes you believe each BTC will be worth more than it is today?Is it not already priced into the market?Considering the lack of assets or government guarantor to act as collateral, why is BTC worth more than the paper clip on my desk?These are all questions you have to ask before purchasing BTC. We’re in the middle of a 9 year bull market, the 2nd longest in history. Markets have been rising so long, they’ve all but forgotten the possibility of a crash. People are buying a ticker, without any consideration for the underlying asset.Ultimately, BTC is at its current price because no-one is certain it will go up or down. I believe it's grossly overvalued, and the underlying asset doesn't deserve a value of $267 billion. That's why I can't recommend investing in BTC.
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