Explain the term enumerated deductions.  2. List and explain AT LEAST FIVE (5) enumerated deductions

Q: What do the allowable deductions include?

A: Tax: Tax refers to a compulsory payment or a contribution to the state revenue, levied by the…

Q: Differentiate Ordinary Deduction and Special Deduction

A: A deduction can be defined as an expense that can be deducted (as the name suggests) / subtracted…

Q: What are the four distinct categories of adjustments?

A: Adjusting entries in accounting are made with a view to accurately reflect the expenses and income…

Q: (Refer to this word problem In order to plan for their retirement, a married couple decides to…

A: Quarterly payment (Q) = P 50000 r = 8% per annum = 2% quarterly = 0.02 n = 10 years = 40 quarters

Q: Payment of insurance premiums in advance gives rise to Accrued expense O Prepaid expense Unearned…

A: any expenses that has been paid in advance considered as prepaid expenses.the fall in the category…

Q: As the usefulness of the property and equipment asset account of an entity expires, O A liability is…

A: Asset Account Expires: This occurs when a cost is totally consumed or when a benefit is received in…

Q: Deduction allowed is a kind of deduction from?

A: An "authorised discount" is a price cut on goods or services that a seller permits a customer to…

Q: Explain how the § 179 immediate expensing deduction affects the computation of MACRS cost recovery

A: Tax or Taxes: Tax is an amount paid by the persons (individuals and business entities) to a…

Q: 81 Which of the following is correct? I.      Direct origination costs – added to principal II.…

A: Origination Fees: It is the fees charged by the bank against the borrower for the creation of loan.…

Q: Cardinal Corporation, a calendar year taxpayer, receives dividend income of $250,000 from a…

A: Dividend Deduction is 50% (as per deduction table given), since Cardinal Corporation holds 10%…

Q: nsurance premiums on her policy covering 2021. How much of these premiums may Giana d deduction? If…

A: AGI stands for adjusted gross total income, which is gross income after deductions.

Q: Problem 9-25 (Algorithmic) (LO. 1, 3, 5) Kim works for a clothing manufacturer as a dress designer.…

A: Business days are 5 and total days is 8 , So tie spend in business is (5/8) =>62.5% Kim's…

Q: Please indcated each relevant cases from above question.

A: Please refer step 2 for relevant cases for which deduction is allowable under Australian taxation:

Q: Required information [The following information applies to the questions displayed below.] Jeremy…

A: Taxable Income is the net amount of income on which tax is imposed or determined using appropriate…

Q: Enumerate and explain five (5) powers of the BIR.

A: BIR stands for Bureau of Internal Revenue which is compulsory through law to assess as well as…

Q: GIVEN: ▪ Decedent - Filipino citizen ▪ Died - June 2021 ▪ Marriage - April 2013 ▪ Survived by -…

A: As per Bartleby, if there are multiple questions asked then we are asked to provide the answer to…

Q: Define a provision, and give three examples of a provision.

A: Definition:   Liability: Liability is an agreement made by a company to pay a certain amount for the…

Q: Match each of the voluntary deductions listed with the correct definition. 1: Match each of the…

A: 1. State disability insurance- Provides short-term benefits to employees who are unable to work as a…

Q: Which of the following categories represent O Expenses related to real estate taxes. O Expenses…

A: AGI deductions are specific expenses that can be subtracted from your total income to arrive at your…

Q: True or False. As a rule, deduction means itemized deduction

A: Deduction is reduction of taxable income . It is deducted from the tax payers gross income which…

Q: Which among the following suits best for Unearned revenue? a. Liability b. Expense c. Revenue d.…

A: Unearned Revenue: Unearned Revenue means money received from the customer in advance for the service…

Q: Enumerate the Qualifications of Incorporators. Explain each.

A: Incorporators are the person who initiates the incorporation or commencement of the corporation form…

Q: Explain with relevant examples  1. Primary Apportionment

A: Primary Apportionment is a concept related to the allocation and apportionment of overhead costs to…