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- Accordingtothetextbook,whichofthefollowingstatementsis(are)correct? (x) When a taxpayer attempts to legally reduce her tax liability, she is engaging in “tax evasion” and when an individual fraudulently avoids paying taxing, she is engaging in “tax avoidance”. (y) One tax system is considered more efficient than another if it raises the same amount of tax revenue at a lower cost to taxpayers. (z) Part of the administrative burden of a tax is associated with the headache of filling out tax forms imposed on taxpayers who comply with the tax. (x), (y) and (z) (x) and (y) only (x) and (z) only (y) and (z) only (x) onlyPls help with below homewrok, answer in 5-6 sentence only Bert contributes $3,000 to his son’s RESP during 2013. What impact does this have on Bert’s taxable income? Format: positive numbers as 100,000.00, negative numbers as (100,000.00)Jeff, a 56 year old professor is subject to a 28% tax rate. He has had a family emergency and must withdraw $5,000 from his IRA to fund it. How much money will he owe the government for this withdrawal?
- Pennington Oil is in the 50% effective tax bracket. It had gross income of $470 million in each of the last 2 years. In the first year, deductions were $160 million. In the second year, deductions were lower at $120 million. The difference in income taxes paid by the company in the 2 years was closest to: (a) $10 million (b) $20 million (c) $50 million (d ) $40 millionLaila’s Surveying Inc. had revenues of $1.5 million in 2016. Expenses totaled $900,000. What was her net profit (or loss) if the tax rate is 38%?A $5/ unit excise tax was applied. Please help me.
- Only typed answer Chanveida finds a home listed for $48k. Similar homes in good condition sell for $60k (market value). She pays $35k. Closing costs are $2k, estimated fix-up is $7k, and holding costs are $3k. She ‘flips’ the property after 3 months for $58k. Her closing costs upon sale are 7% of the sell price. Her overall tax rate is 30%. Assume no financing is used and there is no depreciation taken. Determine Chanveida's Net Sell Price. (Do not show a decimal or cents in your answer)Find value of output if:- Net value added at FC = $200 million Intermediate consumption = $150 million Depreciation = $20 million Tax = $40 Subsidy = $20 millionQuestion 4Calculate the gross value added : Sale - 400 Changein stock -(-20) Depreciation - 30Net indirect taxes - 40 Purchasea of mchinery - 200 Purchaseof an intermediate production - 250