30. Individual Income earners are classified as in taxation purposes a. Pure compensation income earner h Pure business or professional
Q: What are the classifications of individual taxpayers?
A: An entity that is required to pay taxes to state, federal or government municipal body is known as a…
Q: Itemized Deductions can be classified as: a. Expenses that are purely personal in nature or…
A: Deduction can be defined as claims which lower a person or organisation’s liability by lowering…
Q: Question 5 Which of the following would be deducted in determining an employee's net pay? O FUTA…
A: Some taxes are deducted by employer from employee salary and paid to the government and net salary…
Q: Deductions from gross income are allowed to the following income earners, except: a. Compensation…
A: Gross income refers to the income earned by the entity exclusive of any deduction.
Q: The account that should be credited for the total income tax withheld from employee's earnings is ○…
A: The objective of the question is to identify the correct account that should be credited when the…
Q: Social welfare is the sum of O tax revenue and deadweight loss. O deadweight loss and consumer…
A: Social welfare is an activity to serve the society by providing best quality products and services.…
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: 1. What does self assessment mean?
A: Self assessment refers to the act or the procedure of analysing as well as determining the actions…
Q: . What is the amount of tax Jacob will owe on the income allocation if the income is qualified…
A:
Q: explain in detail regarding the following topics 1. Adoption Tax Credit 2. Non Business…
A: 1) An adoption tax credit is a tax credit offered to adoptive parents to encourage adoption in the…
Q: he category of ‘Other Income' includes Multiple Choice 1. pension benefits. 2. lottery…
A: Other income is not the company or business main income. It is more like side income Capital gains…
Q: What is Capital Gains Tax and give examples?
A: Income tax: It is the amount a person is liable to pay on the earned amount in an accounting year.…
Q: Which of the following is subject to the creditable withholding tax system?
A: Creditable withholding tax is an advance income tax of the particular tax payee. This would mean…
Q: What is Professional Tax and give examples?
A: A tax is a financial charge imposed by government. It is a source of income for the governments to…
Q: Which of the following is not subject to self-employment tax? a. Gain on the sale of real estate…
A: Self-employment tax: It is a tax levied on the income generated from self-employment. A tax of 12.4…
Q: computing the taxable income of a compensation income earner, what is deducted from his total…
A: Taxable compensation income derived from deducted all deductions from taxable income .
Q: Which of the following taxes would be deducted in determining an employee’s net pay? a. FUTA taxes…
A: Net pay: It can be defined as the amount that is taken by an employee to its home in the form of…
Q: Which of the following items can be deducted from total income for tax purposes? O A. Child care…
A: Answer:- Income tax meaning:- Income taxes are levied against both businesses and individuals.…
Q: taxation policy? The average tax rate and the marginal tax rate are the same under the Select one: O…
A: Regressive Tax Policy: This form of taxation is progressive, meaning that the tax rate decreases as…
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: What is the role of BIR?
A: “Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: Give at least 3 specific examples of each source of income from compensation, business or…
A: Income is the money which is received by an employee from the employer in return of working. There…
Q: What is the basis of taxation of a Resident Citizen? Group of answer choices Gross Income less…
A: Basis is taxation means is what gets taxed.
Q: 1. What is Profession Tax and its examples?
A: Tax is the money to be used by government for the overall development of the nation. Tax may be in…
Q: Sharon Incorporated is headquartered in State X and owns 100 percent of Carol Corporation, Josey…
A: Nexus is a connection or link between the state having tax jurisdiction and the business entity in…
Q: Question 6: FUTA tax is paid solely by the employer. Answer: A. True В. False
A: Answer -6 Futa tax is a payroll tax that is solely paid by the employer . In other words, it is…
Q: Net income may be based on estimates. true or False
A: Net income: Net income is the revenue of the company after deducting all the expenses and taxes. It…
Q: The following are generally non-taxable income, except: A. Stock Dividend B. Compensation for…
A: The person would not be taxed if the source of income is a stock dividend, receipt from farming, or…
Q: The account that should be credited for the total income tax withheld from employee's earnings is o…
A: The objective of the question is to identify the correct account that should be credited when the…
Q: Discuss the various effects of income taxes on the ability to work, save and invest
A: Income Taxes- Individuals, entities/corporations/firms, and entities/corporations/firms are taxed on…
Q: tax system where the percentage of tax is the same for everyone regardless of income or wealth is…
A: Tax is a kind of financial charged which is levied on a person's income by the government or the…
Q: When would it be considered that income has arisen in relation to employee benefits?
A: The benefits or perks that are being offered to and given to the employees in addition to their…
Q: Employee benefits given by an employer to an employee may be recognized by the employer as I.Asset…
A: The financial statements of the business include the income statement and balance sheet of the firm.
Q: employees as to taxability
A: Correct Answer is :- C Corporate earner Employees.
Q: Determine if this shall result in recognition of liabilities 11. withholding of taxes on employees'…
A: The employer will need to pay the amount of tax withhold on employees compensation to government.
Q: Question 5: Which of the following employee taxes is matched by the employer? Answer: A. State…
A: Introduction:- Payroll taxes are the state and federal taxes. As an employer, are responsible to…
Q: Which of the following taxes is paid by the employee and the employer? a.SUTA b.Federal withholding…
A: SUTA: State Unemployment Tax Rate FUTA: Federal Unemployment Tax Rate FICA: Federal Insurance…
Q: What are tax considerations of household employers
A: Household employee: He is an individual who is paid to provide a service within their employer’s…
Q: A tax that requires a higher-income person to pay a higher percentage of his or her income in taxes…
A: Explanation Proportional tax rate is a system in which same tax rate is implied to all the tax…
Q: 1.) Passive incomes of resident citizen derived from abroad is a.subject to final tax b.Tax exempt…
A: The correct answer for the above mentioned question is given in the following steps for your…
Q: Question 2: Which of the following is the due date for Form 940 when it is submitted without a…
A: Question 2: The deadline to submit Form 940 is January 31. You have until February 10 to file if you…
Q: In computing the taxable gross income of a taxpayer engaged in business and/or profession, what is…
A: When taxable income from business and profession is calculated, the already determined net operating…
Q: How is the Self-Employment (SE) tax calculated? What types of income are subject to the SE tax
A: Self-employment tax is a combination of Social Security and Medicare taxes The self-employment tax…
Q: What is the meaning of “person” when the term is used in the Income Tax Act? _________, __________…
A: Person includes : an Individual; a Hindu Undivided Family (HUF) ; a Company; a Firm an association…
Q: The term to describe taxable income before the qualified business income deduction and less…
A: Lets understand the basics. Qualified business income is an income on which qualified business…
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- MC: Topic: Income Taxation Which of the following income is subject to regular income tax? * Income from sale of personal jewelry Income from sale of lot by a real estate dealer Income from sale of inventory All of the aboveWhich of the following categories represent Deductions for AGIWhich of the following statements is true? a. Earned income for RRSP purposes includes any interest and dividend income recelved. b. Earned income for childcare purposes includes gross employment income. c. Earned income for childcare purposes is equal to earned income for RASP purposes. d. Earned income for childcare purposes is reduced by any net business losses.
- The three leading candidates for best tax base are A. Income, consumption and wealth OB. Income, consumption and estates OC income, estates and wealth OD. Income, wealth and gifts Indicate whother the following statements are true (T) or false (F) When comparing an income and consumption as the base for tax, atention must be paid to whether or not the tax is progressive or regressiveWhich of the following taxes is both an employee and an employer tax?a. federal income tax.b. FUTA.c. local income tax.d. OASDI.! Required information Problem 12-45 (LO 12-3) (Algo) [The following information applies to the questions displayed below.] Mason (single) is a 50 percent shareholder in Angels Corporation (an S Corporation). Mason receives a $191,000 salary working full time for Angels Corporation. Angels Corporation reported $444,000 of taxable business income for the year (2021). Before considering his business income allocation from Angels and the self-employment tax deduction (if any), Mason's adjusted gross income is $191,000 (all salary from Angels Corporation). Answer the following questions for Mason. (Leave no answer blank. Enter zero if applicable.) Problem 12-45 Part a (Algo) a. Assuming the income allocated to Mason is qualified business income, what is Mason's deduction for qualified business income?
- What are allowable deductions against gross income for purposes of computing regular income tax? Business expenses Family support Personal expenses by the taxpayer Expenses of employmentThe profit was first taxed in the corporate level and then taxed on the personal level. This is a. Unjust taxation b. Tiered taxation c. Double taxation d. Purposeful taxation34. Which is a type of Employees as to Taxability: * O a. Minimum wage earners b. Regular employees c. Corporate Earner employees O d. Both A and B
- What form of business pays personal income tax?The account that should be credited for the total income tax withheld from employee's earnings is o a. FICA Tax Expense. o b. Employee Income Tax Expense. . FICA Tax Payable o d. Employee Income Tax Payable.4. Explain how these types of business may affect tax liability: a. Sole proprietor b. Partnership c. Limited liability partnership d. Company