Questions: . How much is Mr. Quiton's gross earnings? . How much is his total deductions? - After subtracting the deductions to the gross earnings, how much is is net earnings?

Q: In Accrual-Basis Accounting how can you recognize your Revenues?

A: The accounting based on accrual method refers to recording of revenue and expenses when they are…

Q: accounting income and taxable income?

A: Accounting Income -: Accounting Income is the revenue a firm earns or keeps after paying off all…

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: cases would affect the current assets portion of the balance sheet

A: First option is wrong because when Current Tax Expense > Tax Payments, there is a current…

Q: Is all accounting income taxable? is there any accounting income that is not taxable? Please Explain…

A: Accounting income is the profit left over after all applicable expenses have been deducted from…

Q: Question 5 Which of the following would be deducted in determining an employee's net pay? O FUTA…

A: Some taxes are deducted by employer from employee salary and paid to the government and net salary…

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: How does payments for tax and licenses affect accounting equation

A: The accounting equation shows that the asset is equal to the sum of liabilities and stockholders'…

Q: What are interest received and dividends received in accounting (tax)? Also, please describe…

A: Interest received and dividends received in accounting and taxation refer to two different types of…

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 the amount of tax Jacob will owe on the income allocation if the income is qualified…

A:

Q: What is Jasimes adjusted grosss income?

A: Adjusted gross income: Adjusted Gross Income is the difference between the gross income minus…

Q: Please explain the meaning of the following statement, I don't understand. The income reports net…

A: Income: It is often defined as the amount that is generated by a business from performing its…

Q: Personal income taxes are paid on all of your income. a. true b. false

A: Personal income tax is paid on taxable income of an individual. Taxable income is calculated as…

Q: What is Income tax payable?

A:

Q: Why are preferred dividends deducted from net income when calculating EPS? Are there circumstances…

A: Earnings per cash (EPS):   The amount available as earnings for each of the common shares…

Q: Which of the following taxes would be deducted in determining an employee’s net pay? a. FUTA taxes…

A: Net pay: It can be defined as the amount that is taken by an employee to its home in the form of…

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: Adjusting entry to record the accrual income tax expenses includes a what

A:

Q: Which of the following accounts would not be involved in preparing the income statement? Group of…

A: Profit and loss : Amount earned or lost on the sale of one or more items is referred to as the…

Q: Where can I find after tax interest income on a balance sheet or income statement(trying to find…

A: Components of income statement: The income statement is part of the financial statement of the firm.…

Q: What is the role of BIR?

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

Q: What is the sales tax? Is it an expense or a liability?

A: Sales tax is the tax on sales which is levied by the government. However, sales tax is an indirect…

Q: ccounting" What are you looking for in terms of compensation and benefits?

A: Accounting is the process of measuring, processing, and communicating financial information about an…

Q: EBITD is equivalent to profits after taxes. true or false?

A: EBITDA is the earnings before interest tax depreciation and amortization.

Q: How is tax accounting different from financial accounting?

A: Accounting: It can be defined as the process of summarizing and recording the company’s financial…

Q: The tax rate is the ratio between the amount of tax and the amount of income. true Error

A: >Tax rate is the rate of tax that is levied by the regulating authorities.>Income tax rate is…

Q: How would you differentiate items that are exempted from gross income and items deductible from…

A: Items exempted from gross income refers to income which need not be part of income while calculating…

Q: the purpose of grossing up of Interests in calculating taxable income from Int

A: Taxable income refers to the sum value of money gained by an entity on which the government implies…

Q: Net earnings can be greater than gross earnings

A: The gross earning is calculated by deducting the cost of goods sold from the sales revenue of the…

Q: Which option is the correct definition of tax base? Select one: a. Tax base is the amount the asset…

A: Explanation: Tax Base is defined as the amount that is attributed to an asset or liability for tax…

Q: What are the additional income taxes?

A: Income tax: Income tax is a tax levied on an individual’s income (taxable income). It is a direct…

Q: Net income is the amount of money you earn before deductions money earned from working, investments,…

A: Net Income is also known as net profit.

Q: What is a tax return? brief explain

A: Tax return in a form designed by designated tax authorities which helps taxpayers to disclose their…

Q: Which of the following is deductible as interest on Schedule A? a.Subscriptions to professional…

A: Answer Schedule A is for itemized deductions.it contains medical and rental expense, contribution…