How much shall form part of the ordinary allowable itemized deductions from gross income?

Q: What types of ordinary and statutory income do not constitute assessable income?

A: Ordinary Income is that income which is taxable at ordinary rates or earned from working. Like…

Q: TRUE OR FALSE? In computing for the comprehensive income, the net remeasurement gain on defined…

A: Other Comprehensive income is added to Net income to arrive at Comprehensive Income. Comprehensive…

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: Various Income Taxes: Should all types of income be taxed at the same rate? First, relate the…

A: Taxable Income: It is a part of a person's gross income that should be taxed. It is also referred to…

Q: What are some examples of such exclusions in gross income?

A: Gross Income: For individual: Gross income includes the income of an individual in the form of…

Q: What are the different kinds of payments that are taxable or non taxable under the FU

A: Payments that are non taxable / exempt under the FUTA are as follows dismissal payments wages…

Q: Rate of income derived by the assessed is taxable under the head of ?

A: The income which a person can earn during the period or even during the lifetime as per income tax…

Q: How to calculate total taxable pay?

A: Introduction: The income of an individual or entity, less any legal tax deductions, is their taxable…

Q: An example of an expense classifi cation by function is: A . tax expense.

A: Expenses in the Income Statement are classified into two types: Expense by nature Expense by…

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: Explain and what is the calculation of the following. Total Assessable income Deductions Total…

A: Tax has to be paid by all people and entities whose income or earnings crosses that minimum tax…

Q: resident of the Republic may pay tax

A: A resident of South Africa is liable to pay tax to SARS on his/her income across the world.

Q: Asia owns stock that is listed on the New York Stock Exchange, and this year the stock increased in…

A: Economic income refers to the income earned by any individual or corporation that may be realized or…

Q: Deductions from gross income are subtracted from gross income to derive taxable net income. TRUE OR…

A: Gross income is the aggregate total income that is received by a taxpayer that is not tax-exempt…

Q: What types of income should not be classified as such on a tax return? Why shouldn't they be…

A: Answer Nontaxable income won’t be taxed, whether or not you enter it on your tax return. nontaxable…

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: What categories of expenses are represented on the Schedule A for itemized deductions?

A: Definition: Income tax: Income tax refers to the direct tax levied on individual persons or…

Q: What instances of gross income exclusions exist

A: Wages, salaries, pensions, alimony, interest, dividends, and rental income all count toward a…

Q: Two reason why expenses may not be deductiable for income tax/ corporatiion tax purposes.

A: Deductible expenses: These include all the expenses that are allowed to be deducted from the gross…

Q: Which of the following cases would affect the noncurrent liabilities portion of the balance sheet?…

A: When Taxable income is greater than the accounting income then deferred tax liability should be…

Q: What is the difference between tax reliefs and tax credits?

A: Taxes are mandatory payments placed on individuals or businesses by a government agency, whether…

Q: Distinguish between exemptions and deductions in determining taxable income

A: The determination of taxable income has a structured and tax laws guided process, this…

Q: What is the taxable base for federal income taxes? a. Gross income b. Net worth c. Total assets d.…

A: Taxable base is the amount on which income taxes are calculated by applying the applicable rate.

Q: What is the name of the amount of money that can bededucted directly from the computed tax, instead…

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

Q: The formula for Adjusted Gross Income (AGI) is: Gross Income - Exclusions Gross Income - Deductions…

A: Adjusted Gross Income (AGI) is a key financial metric used in the United States to determine an…

Q: Tax as a source is classified as?

A: Solution Concept Tax is the major source of revenue oto the government of any nation There can…

Q: What are the situs rules on income tax situs on sales of goods?

A: Income tax:A tax charged on the income earned by the individual or corporates by the central…

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: How to get the gross taxable compensation income?

A: Gross taxable compensation income: This is the amount that helps to know an individual, association…

Q: Which of the following income is completely exempt from income tax?   Interest received from ISA…

A: "Completely exempt from income tax," means you don't have to pay taxes on that money you earn or…

Q: 5. Related to insurance, what is a deductible and how does it

A: In insurance scheme there is always mentioned deductible amount.