One of the following statements is correct. A choice of by an individual of the Optional Standard Deduction means that:     His/Her income tax return need not be accompanied by financial statements.     S/he need not need keep books of accounts     S/he need not have records of gross income      His/Her choice can still be changed by filing an amended return.

Q: the income is derived solely and exclusively from emoluments, from which tax at source is deducted…

A: Tax at source refers to the system in which taxes are withheld or deducted by the payer of income…

Q: In Jamaica Lump sum payments in respect of the termination of employment of a person may be relieved…

A: Lump sum payments paid to an employee by an employer as a form of reward in regard for the services…

Q: Please answer with reason for all why the option is correct and why the other options are incorrect…

A: Adjusted gross income refers to the income earned after deducting the operating expenses including…

Q: Taxpayers with large amounts of deductions may claim extra withholding allowances on their Form…

A: Deduction: It is the expense which is subtracted from the taxable income of the tax payer.…

Q: One limitation, on the deduction for self-employed insurance, is that taxpayers cannot deduct the…

A: Self-employed individuals may be able to deduct their health insurance premiums as an above-the-line…

Q: PLEASE ANSWER ALL QUESTIONS IN BOTH 1 AND 2 PLEASE. 1. Some accountants believe that deferred taxes…

A: Temporary differences are defined as differences between the carrying amount of assets and…

Q: What is the consequence of the purchases of a OPT-taxpayer from a VAT taxpayer?

A: VAT Taxpayer: In the European Community, the Value Added Tax, or VAT, is a wide ranging taxation…

Q: If you discover a client has not complied with the tax laws, or made an error in or omission from a…

A: Tax return is the return which is filed by the tax practitioner on behalf of the client which…

Q: Which of the following is not true? A taxpayer must obtain approval or consent of the IRS to change…

A: A taxpayer is an individual or entity that is obligated to pay taxes to a governmental authority,…

Q: Using the following codes, identify the basic approach(es) to tax avoidance that are used in each of…

A: The percentage of an individual's or entity's income that is subject to taxes by a government body,…

Q: Which of the following statements regarding the AMT exemption amounts is not true? Multiple Choice…

A: Answer:- AMT means:- The percentage of taxes that a filer is required to pay the government,…

Q: True or false: After calculating your income taxes, you may find yourself owing to the IRS instead…

A: A tax is a governmental organization's mandatory financial obligation or another form of levy…

Q: Which of the following does NOT apply to both a W−2 and a W−​3?     A. Reports the total amount of​…

A: IRS forms W-2 and W-3 both are submitted by the employer to Social Security Administration and both…

Q: For any given year, your income tax payable can never exceed income tax expense. a) True b) False

A: Lets understand the basics. When there is temporary taxable difference arise book profit and tax…

Q: Which of the following is an adjustment that will generally result in lower tax liability for an…

A: A tax is a charge which is levied by the government on the taxable income of a taxpayer. A tax…

Q: Section 61 of the IRC (Internal Revenue Code) has been labeled as "too broad" and "vague" by some…

A: Internal Revenue Code (IRC), Section 61 (a) describe the gross income as the income from the sources…

Q: A person does not have to complete a return form if he has no income or chargeable income. Select…

A: As per the protocol and instruction we provide solution to the one question only but you have asked…

Q: It has been suggested that tax policy favors deductions for AGI compared to deductions from AGI…

A: Deductions for Adjusted Gross Income (AGI):Deductions for AGI, often referred to as "above-the-line"…

Q: Which of the following statements is NOT correct?

A: The answer for the multiple choice question and relevant explanation are presented hereunder :

Q: yer. Whether taxpayers rent or own their residence. Taxpayer’s filing status (e.g., single, married,…

A: An itemised deduction is expense that can be deducted from adjusted gross income to lower  taxable…

Q: Describe the difference between the standard deduction and itemized deductions. How should a…

A: Lets understand the basics. In US taxation, there are two type of deduction specified. Tax payer can…

Q: Describe some reasons why it is a good idea to file a tax return if you have earned income, even if…

A: If there is no tax liability, even then the Income-tax return (ITR) is mandatory to file if the…

Q: Which of the following is correct?    a. A person with vatable sales or receipts not exceeding the…

A: Value-added tax: The value-added tax refers to an indirect tax or sales tax that lived on the…

Q: True (t) or False (f) ______ The IRS does not require the taxpayer to use the same depreciation…

A: Due to various reasons such as normal wear & tear, obsolescence, change in technology, etc., the…

Q: Work through the self-study problem in this section if you need to, but do not post your answer.…

A: Taxation on income is a type of direct taxation which is paid by citizens of a nation on the income…

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: Will you be imprisoned for non-payment of tax? Is it absolute?

A: Income Tax- Income tax is a tax levied on a person's or a company's earnings for the previous year.…

Q: Which of the following statements is false?

A: Generally, most U.S. citizens and permanent residents who work in the United States need to file a…

Q: Do income exclusions provide taxpayers “tangible” benefits Is the IRS appearing to be socially…

A: Net Income The net earnings a corporation receives from its business operations are known as net…

Q: The following person is not required to file income tax returns. a. A sole trader b. An individual…

A: Tax is a mandatory financial charge that is imposed on individuals, businesses, and organizations by…

Q: Please advise on the answers for After Tax (C) the first two answers are wrong. It is not -26100 and…

A: Discontinued operations refer to the business units that start turning unprofitable to the business.…

Q: Which of the following may be a current liability? Withheld Income Taxes Deposits Received from…

A: The liabilities are classified as current liabilities and long term liabilities.

Q: Tax laws, being imposition of burden, shall be strictly construed against: *         A person who…

A: The rules and regulations that govern how, when, and how much taxes must be paid to local, state,…

Q: The QBI deduction will reduce both the income tax and self-employment taxes owed by a self-employed…

A: Answer:   False.

Q: Tax preparers often have a difference of opinion with their clients as to how some transactions…

A: As a tax preparer, the role involves ensuring that tax returns comply with the Internal Revenue…

Q: The secondary authority should be cited in the analysis section of a tax file memo. Is true or…

A: Hey, Since there are multiple questions posted, we will answer first question. If you want any…

Q: Examine the income source rules discussed in the textbook and suggest at least two current tax rules…

A: Manipulation of income to avoid taxes is a typically unlawful and immoral practice. Tax evasion,…

Q: Failure to furnish a completed copy of a prepared tax return no later than the time such return is…

A: Every Tax return filer has to submit a copy of the tax return after certification with signature to…

Q: When a petition is filed with the Tax Court, the taxpayer is required to pay the deficiency only if…

A:

Q: A cash basis taxpayer can defer income by not depositing a year-end bonus. True False

A: Cash-basis taxpayers are those who, for income tax purposes, report their income and expenses on a…

Q: remedy in recovering the overwithholding? a. Claim the overwithholding as tax credit for the year b.…

A: Tax is a liability for the company calculated on the income earned by the company and paid to the…

Q: Explain one difference between the W2 and 1099 tax forms.

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

Q: Which of the following accurately describes when a taxpayer may report capital gain/loss…

A: Capital Gain :— Sale or Transfer of Capital Assets on which Consideration is Involved resulting in a…

Q: The IRS does not have the authority to: a.Summon taxpayers to make them appear before the IRS.…

A: The IRS or Internal Revenue Service’s is the tax collection agency of the nation that administers…

Filing Federal Income Tax Return

A tax is the amount of money paid to the government on the revenue earned by the individual or business organization. It acts as an income for the government and an expense for the individual or business organization. There are different regulations regarding filing an income tax return in other countries.