All are true except: OSD is a substitute for itemized deduction. The OSD relieves the taxpayer of the responsibility to deduct withholding taxes. Taxpayers who choose OSD are not required to submit their financial statements with their ITR. The option to claim OSD must be signified in the income tax return, otherwise, itemized deduction is presumed.

Q: the income is derived solely and exclusively from emoluments, from which tax at source is deducted…

A: Tax at source refers to the system in which taxes are withheld or deducted by the payer of income…

Q: In Jamaica Lump sum payments in respect of the termination of employment of a person may be relieved…

A: Lump sum payments paid to an employee by an employer as a form of reward in regard for the services…

Q: If an individual purchases property insurance on business equipment, the premiums are deductible,…

A: The tax treatment of insurance premiums is determined by the kind of insurance and the purpose of…

Q: TRUE OR FALSE? By forfeiture, the proceeds of the property sold are applied to satisfy the tax…

A: The tax liability is the liability which is upon the shoulders of the person who is known as the…

Q: If a person is claimed as a dependant by another taxpayer, eligible tuition and expenses paid by…

A: A tax dependent is a child or relative whose traits and relationship to you qualify you for tax…

Q: Identify a false statement:  a. If taxpayer derives income from employment only, any other income…

A: Taxable income refers to the income on which the taxpayer is liable to pay tax to the collecting…

Q: If the applicable statute of limitations on assessment of a tax deficiency has expired and a…

A: The question is related to true or False.

Q: A taxpayer received Form 1099-A with box 5 checked, indicating recourse debt. This informs the tax…

A: Form 1099-A includes the particulars relating to transfer of a property that is already disclosed.

Q: It is a tax on a person's income, payments, profits arising from property, the practice of the…

A: The government imposes different types of taxes on people. Some taxes are in the form of direct…

Q: What is the consequence of the purchases of a OPT-taxpayer from a VAT taxpayer?

A: VAT Taxpayer: In the European Community, the Value Added Tax, or VAT, is a wide ranging taxation…

Q: The use of the earned income credit could result in a taxpayer receiving a refund even though the…

A: Earned Income Credit(EIC) is a type of tax credit available to U.S. Citizens that earn low income…

Q: a. Define the term constructive receipt. Explain its importance. b. Explain three restrictions on…

A: Receipts - The act of transferring anything of value from one party to another is acknowledged in…

Q: Income is taxable, unless specifically included in the IRS.  What are some examples of tax…

A: Taxable income is the measurement of income which is used to calculate the amount of tax that needs…

Q: In lieu of itemizing  deductions, a taxpayer can elect to use or claim:     a. deduction for AGI…

A: Taxpayer can choose itemized deduction in lieu of standard deduction. Itemized deduction means those…

Q: at income be recognized when it is made available to the cash basis taxpayer even though there are…

A: The correct answer is  True    Explanation:  ruling is applicable only to the taxpayer who would…

Q: What AMT adjustment items are likely to affect all taxpayers who itemize their deductions? Please…

A: AMT(ALTERNATE MINIMUM TAX) The purpose of AMT is to ensure everyone pays a minimum amount of tax. It…

Q: True or False Excluded income will never be

A: Excluded income can never be subject to federal tax. The comprehensive definition of income means…

Q: True or false: After calculating your income taxes, you may find yourself owing to the IRS instead…

A: A tax is a governmental organization's mandatory financial obligation or another form of levy…

Q: Provide two examples of expenditures that are typically not allowable for tax deductions but are…

A: Introduction: A tax-deductible cost is one that is "ordinary, essential, and reasonable" and…

Q: Why would a taxpayer file a tax return if not required to do so?

A: A person is required to file the income tax return as per their respective country’s taxation law.…

Q: all be recognized for all taxable temporary differences.

A: Answer:- correct option is true.

Q: The tax law requires that capital gains and losses be separated from other types of gains and…

A: Short-term capital lose are allowed to be setoff against both long-term gain and short-term…

Q: A taxpayer uses

A: There are two basis in accounting  acrual and cash.                In accural basis…

Q: TRUE OR FALSE? Under IFRS, deferred tax liability and deferred tax asset should be reported as…

A: The given statement is True... Under IFRS, deferred tax liability and deferred tax asset should be…

Q: A person does not have to complete a return form if he has no income or chargeable income. Select…

A: As per the protocol and instruction we provide solution to the one question only but you have asked…

Q: In terms of the tax formula applicable to individual taxpayers, which, if any, of the following…

A: Deductions for AGI means above the line deduction which a taxpayer can deduct from his gross income…

Q: C) Adjusted gross income is decreased by any tax preference and adjustment items.

A: Minimum tax refers to the separate system that is required by some taxpayers for calculating the…

Q: It has been suggested that tax policy favors deductions for AGI compared to deductions from AGI…

A: Deductions for Adjusted Gross Income (AGI):Deductions for AGI, often referred to as "above-the-line"…

Q: Which of the following statements is NOT correct?

A: The answer for the multiple choice question and relevant explanation are presented hereunder :

Q: n situations where there is no requirement for the taxpayer to provide documentation to substantiate…

A: The EIC is a tax benefit for low to moderate-income individuals and families, and it's meant to…

Q: Describe the difference between the standard deduction and itemized deductions. How should a…

A: Lets understand the basics. In US taxation, there are two type of deduction specified. Tax payer can…

Q: Describe some reasons why it is a good idea to file a tax return if you have earned income, even if…

A: If there is no tax liability, even then the Income-tax return (ITR) is mandatory to file if the…

Q: Which of the following is correct?    a. A person with vatable sales or receipts not exceeding the…

A: Value-added tax: The value-added tax refers to an indirect tax or sales tax that lived on the…

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: the registered taxpayer is required to prepare an own invoice to report the output tax on imported…

A: In the context of Value Added Tax (VAT) or Goods and Services Tax (GST), output tax refers to the…

Q: Define the term constructive receipt. Explain its importance. Explain three restrictions on the…

A: Constructive receipt- Under this concept, it is assumed that a taxpayer has received income, even if…

Q: As You Read QUESTION What could happen if your employer did not deduct federal income taxes from…

A: Introduction:- A paycheck, also known as a paycheck is a paper document issued by an employer as…

Q: Which of the following statements is false?

A: Generally, most U.S. citizens and permanent residents who work in the United States need to file a…

Q: Indicate which of the following statements on the taxation of income from real estate under Personal…

A: Comment- We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: Which one of the following is not true of itemized deductions of an individual taxpayer?…

A: The third option statement is incorrect, that is, residential interest is a common example of an…

Q: 1. What is the tax preparer required to disclose before allowing a customer to apply for a Financial…

A: a) All filing and product options available to the customer, including those with no additional…

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: hich of the following statements NOT correct? a.

A: Tax is a financial charge or levy imposed by a government on individuals, businesses, or other…

Q: Which of the following is NOT true about an RESP? Select one: a. Withdrawals are taxed in the hands…

A: Analysis of the options:Option a. Withdrawals are taxed in the hands of the beneficiary:In reality,…

Q: 43. True or False. If the debt is canceled due to services rendered by the debtor, the basis of tax…

A: There are cases and instances in which a debtor renders services and in lieu of these services the…