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Explain the understanding (or misunderstanding) of the working poor with tax return preparation within one page report.
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- State some of the more serious problems encountered in seeking to achieve the ideal measurement of periodic net income. Explain what accountants do as a practical alternative.What about the tax return preparation?Consider the economic debates about either 1) the effects of immigration on wages in receiving areas or 2) the effects of immigration on public finances in receiving areas. What are the main factual conclusions that you would draw from these debates?
- Which of the following defines outstanding salary account? [A] natural personal account [B] artificial personal account [C] representative personal account [D] real accountExplain why you would prefer to have an expense labeled as an adjustment to income instead of being labeled as a deduction. List two types of individuals who are most likely to take itemized deductions. Be specific.Explain how to record sales tax.
- The AICPA has issued standards for CPAs in tax practice, called Statements on Standards for Tax Services (SSTS). Download the Statement on Standards for Tax Services No. 1-7Links to an external site.. What does the SSTS say about a CPA relying on information supplied by the client (see SSTS #3)? Are estimates ever permitted to be used in preparing a tax return (see SSTS #4)?You pay personal taxes on your calculated _________________ income. Group of answer choices A.marginal B.taxable C.adjusted gross D. grossWhich of the following would be included in the journal entry to record the payment of accrued sales tax? Select one: O a. A credit to Sales tax expense O b. A debit to Sales tax expense O c. A credit to Sales tax payable O d. A debit to Sales tax payable