How much is the income tax due under CREATE Law if the taxpayer is a domestic corporation?

Q: what is omar's self-employment tax liability?

A: The applicable self-employment tax rate on Omar's net earnings from self-employment is 2.9% because…

Q: what are the advantages and disadvantages of the payroll tax deferral?

A: Highlights of the payroll tax deferral scheme:- It applies to all those employees whose before tax…

Q: Explain the difference between an individual and a corporation or society when filling taxes.

A: Individual Taxpayer: A taxpayer is someone who owes money to the federal, state, or municipal…

Q: What is qualified business income deduction in taxation/accounting? And, how is it used to reduce…

A: Certain business owners can benefit from the Qualified Business Income (QBI) deduction. Taxpayers…

Q: Examples for the permanent differences between financial reporting and reporting for the IRS in…

A: Answer:- Financial reporting meaning:- The process for recording and communicating financial…

Q: Income is taxable, unless specifically included in the IRS.  What are some examples of tax…

A: Taxable income is the measurement of income which is used to calculate the amount of tax that needs…

Q: an item is excluded from income taxation, it would follow that the same is likewise exempt from…

A: Ans. In regard to tax laws various tax treatments are made while calculating tax liability.

Q: for what minimum period must a self-employed taxpayer retain business documents supporting her…

A: The business makes money by selling goods and services. Self-employment refers to when the…

Q: who are benefits or do not benefit from payroll tax deferral?

A:

Q: Why would a taxpayer file a tax return if not required to do so?

A: A person is required to file the income tax return as per their respective country’s taxation law.…

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: A taxpayer uses

A: There are two basis in accounting  acrual and cash.                In accural basis…

Q: Which tax is NOT withheld from an employee?  Select one: Federal tax State tax Mortgage tax All of…

A:

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: Which type of income typically receives preferential tax treatment in many tax jurisdictions? a)…

A: Preferential tax treatment refers to the advantageous tax treatment given to certain types of income…

Q: Briefly describe why the obligation to pay taxes for citizens who have taxable income is a form of…

A: What is Taxation?  Taxation is a not a word it means when an authority i.e respective government ,…

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 was the federal tax refund

A: This is the follow-up question and now the question is regarding the federal tax refund. This is the…

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

A: The question is asking about the tax implications in Jamaica for two different types of employment…

Q: An individual taxpayer can adopt either the calendar or fiscal year period for purposes of filing…

A: Tax return:- A tax return is referred as the form or forms that is filled with a tax authority and…

Q: What are the advantages of claiming the standard deduction versus itemizing deductions on your…

A: Income tax:   It is the tax every individual or company is liable to pay on the income generated…

Q: What is the statute of limitations for income tax returns?

A: Given: The concept of a statute of limitations for the income tax returns.

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: earnings below a certain threshold are taxed. What is your opinion on the fairness of this tax?

A: social security tax is such type of tax in which a percentage of the gross wages that most of the…

Q: A shareholder has a personal service business corporation. What rate of federal tax may be expected…

A: The municipality, state, or country where an individual or corporation resides or conducts business…

Q: What is the deadline by which a c corporation must file a tax return

A: Generally, an organization must file its tax return by the 15th day of the fourth month after the…

Q: When applying credits against a taxpayer's gross tax liability, nonrefundable personal credits are…

A: False. When applying credits against a taxpayer's gross tax liability, the general order is as…

Q: What are some common taxpayer penalties?

A: Common taxpayer penalties are those fines or penalties which are to be paid in case of non…

Q: What types of organizations qualify for section 199a of the 2018 tax law

A: QBI stands for Qualified business income which is defined as the net amount of the qualified items…

Q: Who are considered “person” or “entities” or “taxpayers” for tax purposes? _____________________

A: The below mention definition of PERSON is as per Income Tax Act . As per income tax act , there are…

Q: Explain the Tax Treatment of Personal and Qualified Residences?

A: Tax Treatment of Personal and Qualified Residence: During one taxable, one taxpayer can choose 2…

Q: Why is recordkeeping so important as a taxpayer and tax preparer?

A: Record keeping is the process of maintaining and keeping all the accounting records of the business…