When considering tax planning ideas related to employment status, which of the following factors is a reason to favor classifying workers as independent contractors? a.The company can avoid unreimbursed business expenses. b.The company can avoid payroll taxes and circumvent a myriad of state and local laws. c.The company can avoid having services performed by more than one party. d.The company can avoid payroll taxes but not circumvent a myriad of state and local laws. e.The company must furnish tools or equipment or a place to work.

Which is not correct?  a) The fringe benefit tax by nature is a final tax. b) The personal expenses of a managerial employee shouldered by the employer are subject to fringe benefit tax. c) Employees do not need to file income tax returns to report the fringe benefit. d) The monetary value of the fringe benefit is multiplied by the fringe benefit tax rate.

It is talking about "Hong Kong Tax system, tax planning, type I service company, disguised employment relationship", can you explain these two slides? What is condition and what is effect? And if the service fee is chrageable to salaries tax  and profit tax? As these two slides have some contradiction between if it is chargeable to salaries and profit tax. Or I interpreted it wrongly.

Explain the significance of Lucas v. Earl and Helvering v. Horst. C O A. Lucas v. Earl, the Supreme Court held that earnings from labor are taxed to the person who performs the services rather than the person who receives the income. In Helvering v. Horst, the Supreme Court held that income from property is taxed to the person who owns the property rather than the person who receives the income. One cannot assign income by arranging to have payment made to another person. O B. Lucas v. Earl, the Supreme Court held that income from property is taxed to the person who owns the property rather than the person who receives the income. Helvering v. Horst, the Supreme Court held that earnings from labor are taxed to the person who performs the services rather than the person who receives the income. OC. Helvering v. Horst, the Supreme Court held that earnings from labor are taxed to the person who performs the services rather than the person who receives the income. Lucas v. Earl, the…

27. Which of the following is TRUE in fringe benefits tax? If the foreign travel is a business travel A. The cost of plane is exempted from FBT B. The traveling expenses are exempted from FBT C. Proof of expenses is required in all cases D. The cost of lodging is subject to FBT if it's expensive 28. Which is FALSE in fringe benefits tax? S1 - Generally, fringe benefits are subject to fringe benefits if given to managerial employees S2 - Fringe benefits when given to rank-and- file are exempted from fringe benefits tax 53 - The employer is the person statutorily liable to pay the fringe benefits tax 54 - The basis of the fringe benefits tax is the monetary value of the fringe benefits A. S1 B. S2 C. S3 D. S4 29. Which of the following is FALSE? Income (is / are): A. All wealth which flows to the taxpayer B. An amount of money coming to a person or corporation within a specified time, whether as payment for services, interest or profit from investment C. Flow of service rendered by…

From a tax avoidance viewpoint, the best type of compensation is:a. Salary: current deduction for firm and currently taxed to employee.b. Deferred bonus: deferred tax for company, deferred deduction to employee.c. Dividends: never taxed to firm or to the shareholder.d. Perks: deduction for firm and not taxed to employee.

The main objective of most for-profit businesses is to maximize: O the number of happy, satisfied employees O tax revenues for the Federal Government O the social conscientiousness of members of society O Profits (which become available for distribution to the owners)

1. What is the tax preparer required to disclose before allowing a customer to apply for a Financial Product? a) All filing and product options available to the customer, including those with no additional costs b) The timing and costs associated with each refund option c) All fees and/or repayments that will be deducted from the refund d) All of the above e) Nothing. The tax preparer is not required to disclose anything to the customer.

Employers are responsible for paying FICA taxes, but are not responsible for paying state and federal unemployment taxes. True or false

Identify the following statement that is false.   a. If an employer is not required to withhold income taxes from an employee’s wages, the wages are not taxable to the employee.   b. In certain situations, income tax withholding by an employer is voluntary.   c. An employer must deposit with the government an amount of FICA tax that is twice the amount withheld from the employee’s salary (i.e., the employee’s and employer’s shares).   d. If an excess amount of FICA is withheld for an employee because the employee has multiple jobs, the employee may claim a credit for the excess amount withheld on his or her income tax return.