Question 6 A $100 tax credit lowers your taxes owed by more than a $100 tax deduction. True False
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- Question 5 Tax-deferred income is never taxed. O True O FalseQUESTION 1 Tax revenue is a major source of government income and some governments are [25 MARKS] tempted to increase the tax rates so that they can earn more income. (a) Outline why governments levy taxes on companies and individuals. Marks) (15 (b) Discuss the implications of high tax rates Marks) QUESTION 2 (a) State any four (4) objectives of taxation. (10 [25 MARKS] (4 marks) (b) Do you think it is a good idea for the government of Namibia to tax the informal sector? Support your answer with relevant facts. Marks) (15 (c) What do you think the government of Namibia can do to widen the tax net in the country? Marks) END TOTAL MARKS [50] (6Sh10
- 7Question 10 Which of the folowing statements, if any, is false? A gift recelved by an individual is not taxable income. Cash received from a dead grandmother through an inheritance is not taxable income to the grandchild. A corporation that elects to use a fiscal year, instead of a calendar year, for tax purposes can choose either a 6 month, 9 month or 12 month fiscal year to file its income tax returns every year. O Under the Federal tax laws, all gross income is automatically (by default) taxable income unless a particular exclusion applies. None of the above-they are all true statements. D.Question 11: Which statement about calculating taxable earnings for Social Security tax is accurate? Answer: A. 401(k) contributions are taxable for Social Security tax and are subtracted from gross pay when calculating taxable earnings for that tax. В. O 401(k) contributions are taxable for Social Security tax and are not subtracted from gross pay when calculating taxable earnings for that tax. С. O 401(k) contributions are not taxable for Social Security tax and are subtracted from gross pay when calculating taxable earnings for that tax. D. O 401(k) contributions are not taxable for Social Security tax and are not subtracted from gross pay when calculating taxable earnings for that tax.
- SdM 18 Let’s say the current progressive personal income tax is now replaced by a flat tax, as advocated by many people for efficiency reason. A flat tax keeps only the standard deduction for a married couple (say in this case, $40,000) and a single tax payer (say $20,000), and gets rid of all other kinds of exclusions, adjustments, exemptions, deductions and tax credits. What remains of your income will be subject to a flat tax rate of, say, 20%. Here are two questions: a) Is this a proportional tax or is it still a progressive tax? (To help you answer this question, think of two hypothetical families with two different income level at $50,000 and $100,000. What is the average tax rate for these? two families under this flat tax system?) b) How is this flat tax compared to our current personal income tax design, as the one in Question 1, in terms of vertical equity?CASE 26 All taxpayers are VAT taxpayers. Prices given are VAT not included: Sale by Mr. A to Mr. B for P140,000; Sale by Mr. B to Mr. C for P280,000; Sale by Mr. C to Mr. D for P560,000; Sale by Mr. D to Mr. E for P750,000. (a) Value-added tax payable by Mr. B? (b) Value-added tax payable by Mr. C? (c) Value-added tax payable by Mr. D?
- Pls answer number 7 to 10. Thanks youQUESTION 27Section 50A to 50H on the Income Tax Act provides for the withholding tax on interest. Which of the following is not exempt from withholding taxes on interest?(1) Interest on listed debt or paid to a client as defined in The Financial Markets Act.(2) Interest paid by national, provincial or local government.(3) Interest paid by a headquarter company providing financial assistance in terms of Section 31 provisions.(4) Interest paid by a bank.(5) Interest from a source in the Republic paid to a non-resident.Section 529 college savings plans are state-sponsored. True Question 2 oo False Qualifying contributions to personal retirement accounts are subtracted as oooo adjustments to income itemized deductions exclusions tax credits Question 3 Which of the following types of taxes is deductible for federal income tax purposes? Federal income taxes Real estate property taxes Federal Social Security taxes Federal excise taxes on tires
