TRUE OR FALSE The cash prize received by Manny Paqcquiao in a boxing fight is exempt from income tax
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- Which of the following is not considered a purpose of taxation? A. To regulate B. To make the poor poorer C. To minimize the adverse effects of certain activities D. To have an equitable distribution of wealth among inhabitants True or False: You are employed. The Income tax on your salary is required to be paid at the Mayor’s Office.Consider this situation: Jinkee Pacquiao filed charges against Agot Isidro for the latter’s “noveau” statement against the former on Instagram. Jinkee received compensation from such charges amounting to ₱50,000. Will this amount form part of Jinkee’s gross income? Why or why not?8. The amounts charged to income for bad debts on accounts receivable will generally be the same for both tax and accounting purposes True or False? 9 A self employed individual cannot deduct CCA on a home office in his principal residence unless it is used exclavely for income producing purposes. True or False?
- John Taylor, a tax consultant, charges his clients a fee based on the percentage of the tax he saves a client. John received a payment from a client, but he realised that Angela didn’t declare income. Therefore, the income tax return that John’s prepared understated income tax liability.Taking into consideration the Accounting Professional Code of Conduct explain the Tax Penalties and actions John should take following his discovery.Taxpayers who make a combined business and pleasure trip: a.Can deduct the cost of meals, lodging, local transportation, and incidental expenses in full. b.Must allocate the travel cost between the business and pleasure parts of the trip if the travel is outside the United States. c.Can take a tax deduction only for the personal part of the trip. d.Must allocate the travel cost between the business and pleasure parts of the trip if the travel is within the United States.TRUE OR FALSE? By seizure, no part of the proceeds goes to the taxpayer because the property is confiscated in favour of the government.
- An example of a tax where the concept of progressivity finds application is the: tax on certain articles. amusement tax on boxing exhibitions. excise tax on petroleum products. income tax on individuals.Right or Wrong 1. A senior citizen earning minimum wage is exempt from income tax and exempt from capital gain tax. 2. If the senior citizen sold his investment in equity secuties at a gain, that income is exempt from capital gain tax. 3. A senior citizen is self employed. His sales in his business is exempt from business tax. 4. The water and electric consumption of senior citizen as tenant is allowed with 5% discount if the water and electric meters are registered in the name of his family. 5. The employer of senior citizen could claim the compensation payment to senior citizen as item of deduction from the business taxale income at 150% of tha actual amount of compensation paid to senior citizen.A taxpayer must report the full amount of gambling winnings on Schedule 1, line 8. How are gambling losses reported? Select one: a. On Schedule 1, line 22 Ob. On Schedule A, line 16, limited to gambling winnings included on Schedule 1 OC. Subtracted from gambling winnings before reporting on Schedule 1, line 8 Od. On Form 1040, line Ba as an adjustment to income
- Which of the following statements, if any, is false? O An individual can get lower Federal tax rates on long-term capital gains as compared to short-term capital gains. O A corporation can get lower Federal tax rates on long-term capital gains as compared to short-term capital gains. DAn individual has a taxable capital gain if they sell their personal car at a gain O Normally a taxpayer must own a capital asset for more than one year in order to get long-term capital gain (or loss) treatment on the sale of that asset. None of the above - they are all true statements.Which of the following is excluded from gross income? a. Winnings of Manny Pacquiao from his boxing competitions. b. Prize of Hidilyn Diaz for winning the gold in the Olympics. c. Income of a government owned and controlled corporation d. All of the above e. None of the aboveA landlord who receives prepaid rent is required to report that amount as gross income when the payment is received. Why would Congress choose to do this? What problem does this create for the taxpayer? C O A. Congress taxes prepaid rental income due to the concern that taxpayers who spend the money will be unable to pay the tax when t comes due. The problem created for taxpayers is that they are taxed before they incur related expenses, such as repairs, insurance, and depreciation. Therefore, there is a mismatching of revenue and expense. O B. O C. Congress taxes prepaid rental income to collect more taxes from a taxpayer by increasing their tax bracket with the additional income. The problem this causes for the taxpayer is inconsistent taxable income from year to year and increases the risk of an audit. O D. Congress taxes prepaid rental income due to numerous landlords not reporting this income in the following tax year. The problem created for taxpayers is that they are taxed…