GIVEN: I Decedent - Filipino citizen Died - June 2021 Marriage - April 2013 Survived by - spouse, parents, 2 children Properties/Rights/Obligations at the time of death Residential house and lot (family home) purchased in 2014 Building apartment brought into the marriage (acquired in 2000) Income specifically identified from building apartment Bank deposit-EPCIB Agricultural land inherited by decedent 10 years ago from mother (value then 600,000) Farm inherited by decedent 3 years ago from father (value when inherited 2,500,000) Family car (acquired 2015) Other properties Unpaid mortgage - building apartment Unpaid taxes - building apartment 19,000,000 20,000,000 3,000,000 5,000,000 800,000 2,800,000 550,000 1,000,000 1,000,000 100,000

Q: 13. Statutory employees: a.Claim their expenses as deductions for AGI. b.Report their expenses as

A: Statutory employees refers to an independent contractor who is considered as an employee in order to…

Q: FUTA tax is paid by:

A: FUTA TAX: It is payroll tax paid by employers of the organisation.

Q: Required information Use the following information for the Exercises below. (Algo) [The following…

A: FUTA is a federal tax that funds unemployment benefits for workers who lose their jobs.SUTA is a…

Q: Q: What amounts are deducted from the gross estate of a decedent? Please, include specific examples.…

A: The gross estate refers to the total value of all assets owned by a deceased person at the time of…

Q: Which of the following is not tax deductible? Gift tax Local income tax Real estate tax…

A: The objective of the question is to identify which among the given options is not tax deductible.…

Q: How to calculate capital gain tax

A: Capital gain is one of the income heads under the Income Tax Act. It includes the gains arising to…

Q: Describe the procedures for determining after-tax net cash flows in taxable situations?

A: Net cash flow after tax is an important measure used for the purpose of evaluation of company's…

Q: How do I calculate the taxable income?

A: The IRS allows businesses to carry forward their net operating losses for a time period of 20 years…

Q: Property taxes are considered: a. imposed tax revenues. b. derived tax revenues. c. voluntary…

A: Lets understand all the options. Imposed tax revenue is a revenue generated by the government based…

Q: 1 1 Form 8949, Sales and Other Dispositions of Capital Assets. ind Dividends and Capital Gain Tax…

A: The correct answer is: (B) The Qualified Dividends and Capital Gain Tax Worksheet. The Qualified…

Q: How did you find the taxable income in part a

A: Taxable income is the income that is subjected to tax. It is the amount of sales as reduced by cost…

Q: 1.The definition of gross income in the tax law is: A. All items specifically listed as income in…

A: "Since you have asked multiple questions, we will solve first question for you. If you want any…

Q: Question 4: Taxable earnings for Social Security tax are always the same as taxable earnings for…

A: Social security tax  pays for the retired people, disable persons, handicapped, widows, children and…

Q: Income tax is levied on all of the following taxable items except: O Wages O Interest and dividends…

A: Income tax is levied on Wages, Interest and dividends from moeny invested and Capital gains from…

Q: Read Section 1374 for built-in-gain tax 1. When does the tax apply?

A: The answer for the question on the Section 1374 for built - in - gain tax is given hereunder :…

Q: 1) Class, what are transfer taxes? What is the purpose? When and how might they apply? 2) Share…

A: Hello. Since your question has multiple parts, we will solve the first question for you. If you want…

Q: What is the tax base for each of the following taxes? Income Tax GST FBT

A: Taxes are the amount of dues that is being payable to the government on account of income earned,…

Q: The tax rate that is applied against a prepayment penalty is the Group of answer choices  1)…

A: On the basis of a slab scheme, the Indian income tax levies tax on individual taxpayers. The slab…

Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.