Particulars Amount Salary for the month dd: Allowences sice Alowence Clothing Allowence 33,000 300 500 lowence 200 Lsund dd: Seles Commission dd: Overtime (Working Note :2 100,000x 3 45,000 Total etime hourax Rete per hour 39 Hoursx187 TOTAL 35,5525 Working Note- Total Overtime Hours REGOT Working hours 10 Houra

Q: Define Effective tax rate.

A: Tax: Tax refers to a compulsory payment or a contribution to the state revenue, levied by the…

Q: Kindly explain and give an example of Capital Gains Tax

A: Introduction:- The capital gains tax is a federal tax. It is charged on profit made from selling…

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: FUTA tax is paid by:

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

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: How to calculate the indexed cost base for capital gains tax

A: SOLUTION- CAPITAL GAIN TAX- IT IS A TYPE OF TAX APPLIED  TO THE PROFITS EARNED ON THE SALE OF AN…

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: 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: Which of these is a speculative motive for holding cash? A.Paying a $100 bonus to all employees at…

A: The three main motives of holding cash are as follows: Transaction motive.  Precautionary motive.…

Q: summarize the features of a tax position

A: Tax assessment is the framework through which governments collect income from people and businesses…

Q: Which of the following represents the total dollar amount of revenue actually received by the…

A: Income generated before accounting for taxes, offers insight into operational profitability.Computed…

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: On page 2, number 16, how do I find the total for tax?

A: The total of tax is the tax amount which is payable amount which has been computed on the basis of…

Q: what are the two components of income tax expense

A: PLEASE LIKE THE ANSWER  Firstly, income tax expense means an amount of tax expense incurred on the…

Q: Discuss the major features of the federal income tax system

A: In USA federal income tax is collected by the federal government.

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: 5 Examples of Income Items derived from whatever source

A: 'Income from Other Sources' is one of the five types of income subject to taxation, according to the…

Q: PROBLEM 3: EXERCISES 1. Park Co. has the following information for the current year: Pretax income $…

A: Deferred tax liabilityWhen a firm's taxable income for financial reporting purposes and its taxable…

Q: How did you determine the federal income tax amount?

A: The federal income tax is the tax which is payable over the taxable income of the person and this is…

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 a taxable gift?

A: Gift tax: When a person transfers a property to another person without any consideration then such…