C. None of the aboveUnallocated labor in the general overhead includes the costs of employees who normally work on a construction project and are billable to a construction project2. Trueb. Falsec.None of the aboveMeals and Entertainment are always 100% tax deductible.I

To address the questions:Question 1:"Unallocated labor in the general overhead includes the costs of…

Answered: C. None of the above Unallocated labor…

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter9: Deductions: Employee And Self-employed-related Expenses

Section: Chapter Questions

Problem 50P

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Similar questions

Which of these statements are correct? i. A contract for service is an independent contractor; the contractor is responsible for filing his/her own taxes. ii. Emoluments refer to the salary and monetary benefits an individual receives because of being employed. iii. There is no income that is exempt from PAYE. iv. Contract of Service is a contract of employment, and the employer is responsible to account and pay all statutory taxes. Question 20Answer a. i, ii and iii b. i, ii and iv c. i, only d. i. and iv
Unreimbursed employee expenses are deductible. a. True 6. False
FUTA taxes impose on employees and therefore are not deducted from employee wages. A. True B, False
3. High employee turnover, employer's, a) Increases b) Decreases c) Does not affect d) Payroll taxable income e) Income f) SUTA g) FUTA labor burden because it
1. It refers to all remuneration for services performed by an employee for his employer under an employee-employer relationship unless exempted by the NIRC and pertinent laws. Salary Gross compensation Net compensation Any of the above 2.Statement 1: To compute the taxable compensation, compensations which are exempted from income taxation must be excluded from the gross compensation. Statement 2: The gross compensation technically includes taxable and non-taxable compensation. Both statements are true Both statements are false Only statement 1 is true Only statement 2 is true 3. Statement 1: The mandatory contributions such as the SSS, Philhealth, Pag-ibig may be reduced or removed by agreement of the employer and employee. Statement 2: In case employee agrees to increase his mandatory contributions to more than what the law requires, the excess contribution over the amount required by law shall still form part of the…
Which of the following items is exempt from including into the assessable income for salaries tax purposes? Select one: a. Leave pay b. Commission c. Compensation for termination of employment not provided in the contract d. End of contract gratuities
FICA taxes are a mandatory deduction from employee earnings, and are also imposed upon employers as an expense. 11. 12. True False
Question 6: FUTA tax is paid solely by the employer. Answer: A. True В. False
An independent contractor or self-employed person's employer is not required to deduct taxes, CPP, and EI from their gross salary. True False
3. Which one of the following are valid deductible educational expenses? A. Professional development courses required by an employer for retaining a position. B. A tax seminar attended for reasons unrelated to one’s present job. C. A college or vocational course necessary to be considered for a job. D. A professional continuing education program that qualified the taxpayer for a new job.
Which of the following statements is correct regarding self-employment tax? W-2 income earned during a year will always reduce the amount of self-employment tax due on self-employment income. Two separate sources of self-employment income are combined to determine the total self-employment tax owed by the taxpayer. a.1 only. b. 2 only. c. Both 1 and 2.
Expenditure incurred by an employee in performing their employment may be deductible under s 8-1. Which of the following is correct (ignoring any substantiation requirements)? Select one:Employees are generally able to claim all employment-related expenses as deductions under s 8-1Travel to and from work is tax deductible for the employee under s 8-1, if the car is provided by an employer as part of a salary package arrangement.Laundry costs are deductible for protective clothing when it is related to income producing activities.None of theseAll clothing costs are normally tax deductible for employees under s 8-1.

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C. None of the above Unallocated labor in the general overhead includes the costs of employees who normally work on a construction project and are billable to a construction project 2. True b. False c. None of the above Meals and Entertainment are always 100% tax deductible. I