Given the following tax structure: Salary $ 21,500 $ 43,000 $ 21,500 Taxpayer Mae Pedro Venita Total Tax $ 1,806 $ 4,257

Q: FUTA tax is paid by:

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

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: What is the difference between recognition and realization of a deferred tax asset?

A: A deferred tax asset is a balance-sheet item that decreases a company's taxable income in the…

Q: Which of the following is an example of a regressive tax? a) Income tax b) Sales tax c) Property tax…

A: Regressive tax is tax system in which low-income earners have to pay a significantly higher portion…

Q: flat tax income tax property tax

A: A progressive tax is one in which the average tax burden grows in proportion to income.…

Q: The unified tax credit can be applied against the:

A: The objective of the question is to understand against what the unified tax credit can be applied.

Q: Which of the following is an example of a regressive tax? a) Income tax b) Sales tax c) Property tax…

A: The objective of the question is to identify which among the given options is an example of a…

Q: Income tax is least likely to impact on the resultant entitlement

A: Entitlement:Distribution or automatic exercise of a contractually or legally granted absolute…

Q: What is the tax implication if the employment is one of contract of service rather than contract for…

A: The tax implications for you differ depending on whether you're considered an employee (contract of…

Q: What is ‘fringe benefit tax’(FBT)? Explain atleast five main salient features of the FBT?

A: Fringe Benefit Tax: It refers to a tax which an employer needs to pay on the value of fringe or…

Q: What are the advantages of an indirect tax such as the VAT compared with an income tax?

A: The objective of this question is to understand the advantages of an indirect tax, specifically…

Q: What is a deferred tax asset and how is the value created?

A: Deferred tax asset: When Income Tax Expense account is more than the Income Tax Payable account,…

Q: What are FUTA and SUTA taxes? Is there any possible reduction in the FUTA tax rate? If so, what is…

A: Introduction: Employer payroll taxes are paid by the employer from its own funds on the basis of…

Q: For income tax purposes, how is affiliated group defined?

A: Tax:   It refers to a compulsory charge imposed by the government on all the taxpayers of the…

Q: How does sale of personal residence work in individual taxation? Also, what are requirements to…

A: It is the increase or decrease in the value of an asset at a given date or time in comparison to its…

Q: What valuation allowance is used with respect to a deferred tax asset?

A: Deferred tax asset: A deferred tax asset refers to an asset that is recognized due to a temporary…

Q: What are the distinctions between deferred tax assets and deferred tax liabilities?

A: