TRUE OR FALSE The cash prize received by Pia Wurchzbach in the Miss Universe Beauty Pageant is exempt from income tax
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- Example 1 concludes that Miranda cannot deduct her annual CPA license fee because her mother paid it for her. Correspondingly, Example 2 concludes that Marty’s mother cannot deduct her annual property taxes since Marty paid them for her. Are these two examples consistent with the Tax Court’s reasoning in Lang? Why or why not? plzzz and asap..... (Hint: Example1 Miranda is a public accountant and is required by state law to have a license to practice public accounting. When the state license renewal fee comes due, Miranda is short of money and cannot renew her license. Miranda’s mother pays the license renewal fee for her so she can continue working as a public accountant. Can Miranda deduct the fee as a business expense? Discussion: The license renewal fee is Miranda’s business expense, and only she can deduct the payment of the fee. Because Miranda does not pay the license renewal fee, she is not allowed a deduction for the business expense. Because the license renewal fee is not…1. Which of the following is not deductible from gross income? a. Transportation expense from the main office to the branch b. Transportation expense from home to the office and from the office back to home c. Travel expenses on business trips d. Travel expenses while away from home in the pursuit of trade, business or profession. 2. Examples of taxes that are deductible except: a. Occupation tax b. Privilege tax c. Documentary stamp tax d. Philippine income taxWhat is the tax implication in jamaica if the employment is one of contract of service rather than contract for services?
- Income tax payments to a foreign country in the case of a resident citizen taxpayer may be claimed as either a or b, at the option of the taxpayer. allowed deduction. O neither a nor b. tax credit.Vladimir received his compensation for his work in London amounting to P100,000.00. In order to obtain that, he spent P32,000.00 for his living expense. Considering that his income is derived from compensation, is the P32,000.00 personal expenses be deducted? Group of answer choices Yes, just because. No, no jurisdiction. Yes, it is a necessary and ordinary expense. No, deductions are not allowed for compensation income earner.Will you be imprisoned for non-payment of tax? Is it absolute?
- Although Margaret's tax return has been prepared, she is unable to pay the balance owed. She ought to?If a taxpayer chooses to have his dividends automatically reinvested in the corporation's stock, they are not reported on the tax return nor taxed because he did not receive the money. Choose one a. True answer. b. False Which of the following items is generally not taxable on a Federal return? Choose one a. Income from illegal activity answer. b. Inheritance c. Fees received for jury duty d. Tips under $20 a month e. None of theseDo income exclusions provide taxpayers “tangible” benefits Is the IRS appearing to be socially responsible when it excludes from gross income, living expenses, property damage and funeral expenses tied to Disaster Relief, employer payments to deceased employees surviving family members, insurance proceeds for the terminally ill and other similar considerations? Is there some underlying purpose for offering exclusions to taxpayers?
- TRUE OR FALSE The cash prize received by Manny Paqcquiao in a boxing fight is exempt from income tax.Assume the taxpayer does NOT wish to contribute to the Presidential Election Fund, unless otherwise stated in the problem. In addition, the taxpayers did NOT receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency during the year. During 2021, Cassandra Albright, who is single, worked part-time at a doctor's office and received a W-2. She also had a cash- basis consulting practice that had the following income and expenses: Revenue Laptop computer purchased 4/23/21 ($ 179 elected) Travel: 2,500 miles for business, 13,000 personal Supplies Cell phone charge $ 53,000 3,300 500 960 Cassandra (SSN 412-34-5670) resides at 1400 Medical Street, Apartment 3A, Lowland, CA 92273. Her W-2 shows the following: Wages Federal withholding Social security wages Social security withholding Medicare withholding State withholding Other income: $ 49,000 5,200 49,000 3,038 711 2,265 1099-INT Old Bank 2,200 1099-DIV Bake Company, Incorporated-Ordinary dividends…The following person is not required to file income tax returns. a. A sole trader b. An individual on the PAYE system who has no other sources of income. c. An individual on the PAYE system who has other sources of income. d. A company
