Don't use Ai and chatgpt.Answer in step by step with explanation. 4. At what levels within government can taxes beenacted? The federal government is infamous fortaxing individuals and business what othergovernments should businesses be aware of whensetting up a business?

Federal taxes are a requirement for all American businesses, and they have an immediate impact on…

Answered: 4. At what levels within government can…

Business/Professional Ethics Directors/Executives/Acct

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ISBN:9781337485913

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Chapter6: Professional Accounting In The Public Interest

Section: Chapter Questions

Problem 34.1EC

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Which is an incorrect statement regarding taxes? * a. Taxes are necessary for the continued existence of the government. b. The obligation to pay tax does not rest upon the privilege enjoyed by or the protection afforded to the citizen of the government but upon the necessity of money for the support of the state. c. There should be personal benefit enjoyed from the government before one is required to pay tax. d. Taxes should be collected without unnecessary delay but its collection should not be tainted with arbitrariness. e. Answer not given
6. Which of the following is g erally serving the regulatory function of taxation? a. Real Estate Tax b. Income Tax c. Customs Duties d. Estate Tax 7. Which of the following could not be considered as a purpose of taxation? a. To raise revenue to support the government. b. To distribute the wealth of the nation. c. To check inflation. d. To impose monetary burden to the people. 8. Which of the following business taxes serve more the regulatory functions of taxation? a. Value Added Tax b. Percentage Tax c. Excise Tax d. Documentary Stamp Tax
When a government lowers taxes it is employing ________. A) fiscal policy B) monetary policy C) domestic policy D) the law of one price
Which of the following is not an underlying objective of the income tax laws? A. Income tax laws enable the government to regulate the health of the economy. B. Income tax laws are designed to converge with U.S. GAAP rules. C. Income tax laws enable the government to assist certain members of society who are viewed as deserving help. D. Income tax laws are designed to raise money for the operation of the federal government.
3 What is income tax payable? O A company's liability, based on profitability, that is paid in advance to the government O A payment to a company, based on profitability, that is paid in advance from the government A payment to a company, based on profitability, to be paid from the government O A company's liability, based on profitability, to be paid to the government
4. The Bureau of Internal Revenue filed a case against Prorealty Corporation due to non-compliance with the said agency and delinquent tax payer. What could be the possible action of the Corporation? Discuss and relate it to the Political Risk.
Why is economic substance doctrine crucial in tax accounting ?
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Which of the following statements is (are) correct? (x) Part of the administrative burden of a tax is the cost of implementing and administering government programs that use the tax revenue that is collected (y) A tax loophole occurs when tax laws give preferential treatment to specific types of behavior. (z) A mortgage interest deduction would be considered a tax loophole because it allows home purchasers to reduce their tax liability when they pay mortgage interest. A. (x), (y) and (z) B. (x) and (y) only C. (x) and (z) only D. (y) and (z) only E. (y) only
How is a business activity distinguished from an investment activity? why is this distinction important for the purpose of calculating federal income taxes? What types of losses may potentially be characterized as passive losses?
Which of the following is not a goal of the tax law? a.Economic goals such as reduction in unemployment. b.Raise adequate revenue to operate the government. c.Social goals such as lowering the cost of adoption. d.Ensuring that all persons pay the same amount of tax.
Which one of the following statements is NOT correct about taxation? (A) Taxes produce revenue for government operations. (B) Itemized deductions provide a larger deduction amount than the standard deduction. (C) Taxation is used to influence the behavior of individuals, businesses, nonprofit entities, and even the government. (D) Tax rates and deductions are impacted by a taxpayer’s filing status.

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4. At what levels within government can taxes be enacted? The federal government is infamous for taxing individuals and business what other governments should businesses be aware of when setting up a business?