21. Before the passage of CREATE Law, which entity is not subject to improperly accumulated earnings tax  a. Educational Institution b. Business Partnership c. Close Corporation d. Mining Corporation

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A: Business expenses are the rightful expenses which can be deducted on tax return as these expenses…

Q: Which of the following is tax exempt for a domestic corporation? a. business income derived from…

A: income tax charge on the individual or the corporation. there is rate fixed by the government for…

Q: The taxable portion of interest received by a 75- year-old resident of the Republic from a South…

A: “Since you have posted a many questions, we will solve first question for you. To get the remaining…

Q: 13. Statutory employees: a.Claim their expenses as deductions for AGI. b.Report their expenses as

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Q: What is the income that will not be taken into account in the determination of the Financial Profit…

A: This question deal with the answer of which income will not be taken into account while determining…

Q: The FUTA tax is paid by: Oa. Employers and employees. Ob. The federal government. Oc. Employers…

A: Depreciation is a method which measures the reduction in the value of an asset or equipment due to…

Q: Which of the following statements regarding political contributions made by a corporation is…

A: Option a is incorrect because  Political contributions are not allowed as a deduction in the…

Q: taxable income

A: Income tax is payable by every person that crosses the tax-exempted threshold. However, various…

Q: 29. These pertain to items of income that are excluded in the computation of regular income tax * a.…

A: Solution Note dear student as per the Q&A guideline we are required to answer the first question…

Q: Which one of the following statements is NOT correct about taxation? (A) Taxes produce revenue for…

A: Taxation is the imposition of compulsory levies on individuals or entities by governments in almost…

Q: 1. All associations or corporations enumerated under Sec. 30 of the NIRC on exempt association are…

A: D is the correct solution. i.e Both Statements are true.

Q: Using the following codes, identify the basic approach(es) to tax avoidance that are used in each of…

A: The percentage of an individual's or entity's income that is subject to taxes by a government body,…

Q: An item that is considered a nondeductible item in taxable income is recognizing estimated bad debts…

A: Non deductible item in taxable income is an item which will not be considered for deduction while…

Q: a corporation whose only source of income is rental income will not be subject to the personal…

A: The Internal Revenue Agency (IRS) levies a tax known as the personal holding company penalty tax on…

Q: No deductions shall be allowed where the transaction is between “related taxpayers” under Sec. 36(B)…

A: Solution Concept As per the provision of the Tax Code The interest expense in not allowed for…

Q: Which of the following should not be claimed as deductions from gross income?   A. Interest payment…

A: “Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: Since not-for-profit corporations are exempt from federal income taxes, they are not defined as…

A: Not-for-profit corporations are defined as employers under the federal income tax withholding law,…

Q: What are the expenses that will not be taken into account in the determination of the Financial…

A: Solution : What are the expenses that will not be taken into account in the determination of the…

Q: All of the following statements are correct concerning PAS 12 Income Taxes. Which is the exception?…

A: Following statements are correct concerning PAS 12 Income Taxes:1. Tax assets and liabilities…

Q: In a payroll journal entry, a credit to Federal Withholding Tax Payable indicates a.Federal taxes…

A: Solution: In payroll journal entry, Payroll expense are debited, amount paid to employee is credited…

Q: An S Corporation is not permitted to take a deduction for: Officers’ compensation Interest paid to…

A: Charitable Contribution Charitable contribution in which the person given for the help of  effected…

Q: WHAT ARE THE BASIC PRINCIPLES OF A SOUND TAX SYSTEM?

A: Each country has its own tax system. A tax system is the comprehensive system consisting of all tax…

Q: A major objective of MACRS is to: O A. Ensure that the amount of cost recovery for tax purposes will…

A: Modified Accelerated Cost Recovery System is method of depreciation in taxation. In this method…

Q: Under the cash method of tax accounting, tax deductions are taken when: a, Expenditures are made…

A: Answer: Under the cash method of tax accounting, tax deductions are taken when expenditures are…

Q: FICA taxes are a mandatory deduction from employee earnings, and are also imposed upon employers as…

A: Taxes are mandatory financial charges or levies imposed by a government on individuals, businesses,…

Q: Identify and describe the followings that are exempted from taxation. a. Some persons based on…

A: Income tax- Income tax refers to the tax that is levied on the earnings/ income of a person or…

Q: Some payroll taxes are paid by both employees and employers. Others are paid only by employers.…

A: Some payroll taxes are borne by both employer and employee while some are paid only by employees or…

Q: Deductions are allowed to:       Employed taxpayers       Individual taxpayers only       Corporate…

A: Deduction refers to the claim to reduce the overall taxable income of the tax payer.

Q: Which of the following is NOT a valid use of Form 990-1? O Request credit for certain excise taxes…

A: Filling out Form 990-T is how exempt organizations:declare any unrelated business revenue.Determine…

Q: Which of these statements are correct? i. A contract for service is an independent contractor; the…

A: i. A contract for service is an independent contractor; the contractor is responsible for filing…

Q: A company as a tax entity will___________. Select one: a. pay either companies tax or secondary tax…

A: Tax entity: A tax entity refers to a company, business, or a person who is responsible to pay tax to…

Q: Describe the FICA payroll tax implications when the IRS classifies a portion of a salary payment to…

A: FICA Payroll Tax-Individual's FICA contributions pay current benefits and build future ones that…

Q: Do income exclusions provide taxpayers “tangible” benefits Is the IRS appearing to be socially…

A: Net Income The net earnings a corporation receives from its business operations are known as net…

Q: Financial Assets representing a contractual right to receive cash in the future. Financial Liability…

A: Financial asset, is an asset that gives contractual right to an entity, to receive cash or another…

Q: What is the deadline by which a c corporation must file a tax return

A: Generally, an organization must file its tax return by the 15th day of the fourth month after the…

Q: The following person is not required to file income tax returns. a. A sole trader b. An individual…

A: Tax is a mandatory financial charge that is imposed on individuals, businesses, and organizations by…

Q: A company receives advance payments from customers that are immediately taxable butwill not be…

A: Deferred tax asset

Q: Which of the following constitutional rights is mainly violated by a tax law enacted for whereby its…

A: Constitutional rights are rights entrusted by the constitution of a country to its citizens. These…

Q: Which, if any, of the following transactions incurred by an S corporation is not a separately stated…

A: S Corporation:- S Corporation is a closely held corporation of United States federal income tax…

Q: A) Interest paid or accrued to purchase or carry tax-exempt investments is not deductible. B)…

A: Investment Income Under normal circumstances investment income can't be used for the tax deduction…

Q: 8.  S1: Fringe benefit that is exempt from fringe benefit tax is likewise exempt from any other…

A: S1: Fringe benefits tax (FBT) was a form of tax that companies paid in lieu of benefits they offered…

Q: uestion 39: Which of these is a voluntary deduction? Answer:   A.    Social security tax     B.…

A: Voluntary deductions are deduction takes by the taxpayer voluntarily, by their own choice. Some…

Q: Question 4: Employees are either subject to both federal and state income tax withholding or to…

A: Federal income taxes are collected by federal government while state income taxes are collected by…

Q: 1. C corporation on Form 1120 corporation on Form 1120S III. Partnership on Form 1065 IV. Sole…

A: The Section 199A qualified business income deduction is a tax deduction for eligible taxpayers with…

Q: Tax laws, being imposition of burden, shall be strictly construed against: *         A person who…

A: The rules and regulations that govern how, when, and how much taxes must be paid to local, state,…

Q: substituted Filing of Tax Return is applicable

A: First option is wrong because the substituted filing of tax return is available to the employee who…