What is the best definition of allowance?

What is the best definition of allowance?

1a : a sum granted as a reimbursement or bounty or for expenses a salary that includes a cost-of-living allowance especially : a sum regularly provided for personal or household expenses Each child receives a weekly allowance. b : a fixed or available amount provide an allowance of time for recreation.

What is the meaning of pay and allowances?

Any monetary benefit offered by the employer to its employees for meeting expenditures, over and above the basic salary are known as Salary Allowances. The employers offer various kinds of additional benefits in monetary terms to their employees over and above the basic salary, which are known as salary allowances.

What's another word for allowance?

What is another word for allowance?

share	portion
quota	allotment
grant	allocation
lot	slice
amount	measure

Why is it called allowance?

Parents often give their children an allowance (British English: pocket money) for their miscellaneous personal spending, and also to teach them money management at an early age. The parenting expert Sidonie Gruenberg popularized this concept in 1912. Usually young children get "gift" allowances.

How do you calculate allowance?

Percentage of Credit Sales or Accounts Receivable Calculate the actual percentage for each period and then calculate the overall average percentage. Multiply that figure by the sales or accounts receivable balance to determine your allowance for bad debts.

Is allowance considered salary?

The income of an employee from an employment includes wages, salary, remuneration, leave pay, fee, commission, bonus, gratuity, perquisite, or allowance (whether such items are paid in money or otherwise) in respect of having or exercising the employment.

Does allowance count as income?

There are no federal income tax consequences to your minor child if you give him or her an allowance. Similarly, there are no federal income tax consequences to you, as a parent, for giving an allowance to your minor child. ... But for now, it's income tax free for federal purposes.

What is the opposite of allowance?

Opposite of an amount that is allocated or apportioned to an individual or group. forfeit. loss. whole. juncture.

How do you speak allowance?

0:241:03How to Pronounce Allowance | Allowance Pronunciation - YouTubeYouTube

Is allowance a source of income?

1 Answer. Yes, it is, as long the funds are legally obtained by the source (your parents) and as long as it meets the given financial threshold. You are being supported by your family, not uncommon or unusual, and the monies are really gifts, rather than employment income.