Which of the following is false regarding consumption and business tax?

Q: f a business owner paid for the business expenses with their personal account, and those expenses…

A: Business expenses are the rightful expenses which can be deducted on tax return as these expenses…

Q: S1 - Individual taxpayers can be entitled to 1% (old rate 3%) percentage tax if their registration…

A: Correct option: B

Q: Pursuant to the Foreign Account Tax Compliance Act, foreign financial institutions will have to…

A: ANSWER:- True    EXPLANATION:- The Foreign Account Tax Compliance Act (FATCA) requires foreign…

Q: Who is the person statutorily liable to pay the consumption tax on importation of goods? * Seller…

A: In case of importation, the person who imports goods shall be liable to pay the consumption tax. In…

Q: How could failing to collect sales tax result in a larger tax liability for a business than failing…

A: Taxable amount is the measurement of the amount of tax that needs to be paid by an individual or a…

Q: What is the consequence of the purchases of a OPT-taxpayer from a VAT taxpayer?

A: VAT Taxpayer: In the European Community, the Value Added Tax, or VAT, is a wide ranging taxation…

Q: Consult the relevant proclamations and regulations to discuss elaborately how the following types of…

A: Schedule D tax rates is a residuary in which income taxable under them Income Tax Proclamation but…

Q: If the petty cash fund is not replenished at the end of the accounting period, A) the income…

A: Petty cash fund is a tiny sum of money that each department may have for the purpose of paying the…

Q: Which of the following is correct about input tax for the retailer?

A: Input tax: Input tax is the tax paid by the person to the previous person that is (Retailer paid tax…

Q: a. Explain what is meant by general anti-avoidance rule.  B).  State what impact this could have on…

A: Anti-avoidance in general:- The GAAR is a concept that allows a country's Revenue Authority to deny…

Q: The concept of reverse onus, as it relates to taxation in Canada, suggests: Select one:

A: In the intricate landscape of Canadian taxation, the concept of reverse onus holds significant…

Q: The registered taxpayer is required to prepare an own invoice to report the output tax on imported…

A: In the context of Value Added Tax (VAT) or Goods and Services Tax (GST), the output tax is the tax…

Q: Sales taxes tend to be regressive, that is why food, medicine are often excluded.a). True b). Fales

A: Regressive taxes are those taxes which are distributed uniformly among both low income group and…

Q: In order to simplify the tax code, current regulations require that a dollar of income earned by a…

A: US levy of Tax: Tax is levied by US government on the citizens and citizens for their world wild…

Q: Which of the following should not be claimed as deductions from gross income?   A. Interest payment…

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

Q: Prohibits practitioners from advertising tax preparation services.  Requires practitioners to…

A: Section 10.27- fees specify that the practitioner should not charge any unconscionable fees before…

Q: The Federal Trade Commission (FTC) brings a deceptive trade practice action against Beneficial…

A: The slogan “Instant tax refund” is highly misleading. When the financial product of Beneficial’s…

Q: Which of the following statements is incorrect? *       A. If 5% special tax on gross income is…

A: If a firm pays a special added tax then it receives benefits in some form. Gross income is the…

Q: The Tax Code was created to punished people who did not pay taxes.  True  False

A: Tax code is created  for individual and who are in  businesses .In this tax code lots of sections,…

Q: Which of the following statements about RRSP is false? ○ 1) The income in an RRSP accumulates at the…

A: Under Registered Retirement Savings Plan (RRSP), money placed in an account grows tax-free until…

Q: Which of the following payment is a capital expenditure and not deductible under profits tax?

A: 1(a)  Payment to a departing employee agree for not competing with the company.   1(b)  1,3 and 4…

Q: The use tax is designed to complement the sales tax. A use tax typically covers purchases made out…

A: ThecUse tax is an essential component of the tax system as it helps in maintaining a level playing…

Q: For the purposes of the Goods and Services Tax (GST), when a registered business makes a GST-free…

A: For the purposes of the Goods and Services Tax (GST), when a registered business makes a GST-free…

Q: the accumulated earnings tax is paid instead of the regular corporate tax plus the alternative…

A: Accumulated Earnings Tax (AET) is a tax imposed by the United States government on corporations that…

Q: Which of the following is correct?    a. A person with vatable sales or receipts not exceeding the…

A: Value-added tax: The value-added tax refers to an indirect tax or sales tax that lived on the…

Q: Which of the following is true

A: The correct answer is 2. Investments in stocks of other companies accounted for using the equity…

Q: A taxpayer with which of the following incomes is eligible to claim the Foreign Tax Credit? 1.…

A: A taxpayer who has paid or accumulated income taxes to a foreign nation on income with a foreign…

Q: The Tax Administration has the right to refuse to provide evidence of the source (s) of income used…

A: Introduction:- The questions presented are related to tax and VAT, and they require a factual…

Q: What statement is false? a. A tax on consumption will effectively result in virtually all residents…

A: The question is related to consumption Tax. A consumption tax is a tax on the purchase of a good or…

Q: What are the issues related to state sales and income taxation relative to e-commerce? Include a…

A: Hello. Since your question has multiple sub-parts, we will solve the first three sub-parts for you.…

Q: Which of the following will be considered as tax evasion?   Reducing tax by paying gift aid…

A: Every person who is liable to pay taxes calculates tax payable by self assessment, which involves…

Q: Which of the following statements is false?

A: Generally, most U.S. citizens and permanent residents who work in the United States need to file a…

Q: For the purposes of the Goods and Services Tax (GST), when a registered business makes an input…

A: For the purposes of the Goods and Services Tax (GST), when a registered business makes an input…

Q: What should companies consider regarding sales tax for online transactions versus in-person…

A: When it comes to sales tax for online transactions versus in-person transactions, companies should…

Q: GST/HST differs from other sales taxes in that - Select one: a. it applies at all levels of sales b.…

A: The correct answer is c. all goods and services have GST/ HST applied.GST (Goods and Services Tax)…

Q: 1. Who is required to file a federal return in Puerto Rico (US Territories) and the United States?…

A: Comment; We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: Pierce Corporation has the following gross profits for 2018 and 2019: Sales = 2019 - P810,000; 2018…

A: Gross profit is the profit earned by an organization before its direct expenses (admin and selling…

Q: When a sale is made and sales tax is collected from the customer, the sales tax is recorded as a/an…

A: Sales tax is collected by the business owner for the government from the customer .

Q: Deferred income taxes arise because a. corporations often make errors in their tax estimations. b.…

A: Deferred tax arises because of timing difference, i.e, difference between taxable income and…

Q: Buyer Seller Regular Casual Foreign Resident Casual Regular ✓ ✓ ✓ ✓ ✓ ✓ ✓ Resident Foreign ✓ ✓ C D…

A: Business Tax-The meaning of business taxation refers to the taxes that businesses must pay as a…

Q: that without taxes, a government would be paralyzed for lack of power to activate and operate it,…

A: Taxes are levied by the government on their citizen in order to generate the income for the project…

Q: Please refer to the sample and paraphrase the deferred income tax. Please write a close word count…

A: Deferred Income Tax The meaning of deferred Income tax which was incurred in both the ways like…

Q: Why are disclosures about deferred taxes useful to identify the ways in which publicly-traded…

A: Here discussion about the disclosure about the benefits which are availed in the form of relief in…

Q: Determine the effect of the following item on the reconciliation of Net Income for Accounting…

A: The reconciliation of net income refers to the process of adjusting the reported net income figure…

Q: Which of the following statements is true about sales tax? O a. Sales tax is collected by retailers…

A: Sales: It can be defined as the selling of goods and services by the business to its customers.

Filing Federal Income Tax Return

A tax is the amount of money paid to the government on the revenue earned by the individual or business organization. It acts as an income for the government and an expense for the individual or business organization. There are different regulations regarding filing an income tax return in other countries.