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Q: How is sales tax recorded? Is it considered an expense of a business? Why or why not?

A: Most states levy sales taxes on goods and services. Those states differ on what is taxed and for how…

Q: Explain how does the company’s effective tax rate calculated.

A: Effective interest rate:   An effective interest rate is the real return on savings account or any…

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: When determining the amount of cash paid for income taxes, what would be indicated by an increase in…

A: Defferred income tax liability indicates that the because of temporary difference between accounting…

Q: what is tax accounting?

A:

Q: Which of the following is not deductible from gross income? *   Community tax Excise tax…

A: Tax payer can deduct state and local income taxes, real property taxes, and personal property taxes…

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: Answer in points: Question. Difference between average and marginal tax rates

A: Average rate of tax is the amount of taxes paid on total income on average. For example, a business…

Q: how does taxes affect Businesses?

A: Taxes According to Tax laws Taxes means the levy of money which was imposed by the government…

Q: How is before tax profit calculated? Question 25 options: Sales plus expenses Sales plus liabilities…

A: INCOME STATEMENT Income Statement is one of the Important Financial Statement of the Company. Income…

Q: FUTA TAX MUST BE DEPOSITED WHEN THE CUMULATIVE QUARTERLY TAX LIABILITY EXCEEDS?

A: FUTA (Federal unemployment tax) Tax is required to be paid by an employer for the first $7000 wages…

Q: 1. What does self assessment mean?

A: Self assessment refers to the act or the procedure of analysing as well as determining the actions…

Q: What is Marginal tax rate ?

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

Q: Define Income tax paid

A: Income tax paid is a charge or payment made to the government by the individual or the firms in a…

Q: How does a company determine the amount of income tax expense to report in an interim period?

A: Income tax: Income tax refers to the direct tax levied on individual person or business and…

Q: The marginal tax rate is equal to Question 11 options:the change in the tax payment divided by the…

A: Marginal tax is the tax which you pay on an additional amount of incomes. This marginal tax is very…

Q: Cash basis taxpayers deduct rental expenses that apply to a future tax year in the year the expenses…

A: Cash basis taxpayer means the tax payer who report expense and revenue on cash basis and not on…

Q: What is an unrecognized tax benefit and how does it affect a company's current income tax expense?

A: The Meaning of Income Tax: FASB defines income tax as a tax on earnings. It is measured in terms of…

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: Which of the following is the tax rate for Social Security? 10.1 % 6.2% 13.7 % 4.5%

A: The objective of the question is to identify the correct tax rate for Social Security among the…

Q: Tax rates other than the current tax rate may be used to calculate the deferred income tax amount on…

A: Taxation is the process by which governments collect money from individuals and businesses to fund…

Q: A tax structured so that people with the different incomes pay the same percentage of their income…

A: A tax structured so that people with the different incomes pay the same percentage of their income…

Q: It is a kind of withholding tax which is prescribed on certain income payments and is creditable…

A: The question is related to the taxation.

Q: After tax cost of interest deals with the fact that interest is deductible for tax purposes.…

A: Interest expenses are the expenses which are related to borrowings raised by the company. The…

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 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: Chuck, a single taxpayer, earns $75, 400 in taxable income and $10, 200 in interest from an…

A: Tax refers to the amount charged by the government to the individual or organization on the income…

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: 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 problems might create from payroll tax deferral?

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

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: What is Income tax receivables?

A: Other receivables: Other receivables are the receivables other than the accounts receivable, and the…

Q: nature of arm's length transactions with information discussing the Income Tax Act of 1961 and…

A: The income tax defines how a fair price can be determined to determine whether a transaction was…

Q: How do I calculate the amount of sales tax that is included in total receipts?

A: Sales tax = Actual sales * Tax rate

Q: What are the benefits or advantages of filing a consolidated income tax return?

A: The consolidated tax return represents the single tax return of the affiliated group of companies.…

Q: how to calculate someones adjusted basis in tax

A: Adjusted basis refers to the amount of gain or loss earned on selling the property. It includes the…

Q: Tax rates other than the current tax rate may be used to calculate the deferred income tax amount…

A: Answer:-  Tax rate meaning:- Tax rate is that percentage on which and individual or corporation is…

Q: 1. Name three types of tax rate structure and give examples.

A: Hi student Since there are multiple questions, we will answer only first question.

Q: why is income tax expense shown in the income statement different from the income tax paid shown in…

A: Income statement: The financial statement which reports revenues and expenses from business…