Answered: Which of the following is not…

Which of the following is not deductible from gross income? * Community tax Excise tax Documentary stamp tax Foreign income tax claimed as tax credit

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter5: Deductions For And From Agi

Section: Chapter Questions

Problem 20MCQ

See similar textbooks

Related questions

Q: Which is deductible tax expense against gross income? Documentary stamp tax Donor's tax Estate…

A: Documentary stamp tax is deductible tax expense against gross Income....

Q: 1. What is Capital Gains Tax? 2. What is Documentary Stamp Tax ?

A: The answer is provided below:

Q: What distinguishes an income tax from other taxes?

A: A tax is a governmental entity's required financial charge or other kind of levy put on a taxpayer…

Q: how is the US income tax system unique? Do you think it is good for tax payers?

A: The US Income Tax system is a robuts and strong system and the federal income tax is the largest…

Q: c. Calculation of Net U.S. Tax Liability (on foreign source income) Foreign Source Income Branch…

A: Introduction: Income tax: Income tax can be defined as charge on taxable income of the person by…

Q: Can you give one example of tax avoidance and what its effect on the tax collection of the country?

A: Tax avoidance is made before calculating actual tax liability.

Q: Which of the following refunds is not subject to income tax a, Local tax expense b.Special…

A: Answer: Th refund which is not subject to income tax are those amount for which earlier deduction…

Q: Statement 1: Under Schedular Tax System, income tax rules vary and made to depend on the kind or…

A: The government collects taxes from the individuals and other firms with a view to finance the…

Q: What effect does intraperiod tax allocation have onreported net income?

Q: Which of the following is an example of a regressive tax? a) Income tax b) Sales tax c) Property tax…

A: Regressive tax is tax system in which low-income earners have to pay a significantly higher portion…

Q: Real property tax is an example of a national tax. * A. True B. False

A: In United States, US taxes are generally levied by local government authority. This property tax is…

Q: What is the difference between tax reliefs and tax credits?

A: Taxes are mandatory payments placed on individuals or businesses by a government agency, whether…

Q: 5. Examples of taxes that are deductible except:* a. Occupation tax b. Privilege tax c.…

A: The corporation pays different types of tax and is therefore allowed as deductible expenses. The…

Q: What are the advantages of an indirect tax such as the VAT compared with an income tax?

A: The objective of this question is to understand the advantages of an indirect tax, specifically…

Q: What are the situs rules on income tax situs on sales of goods?

A: Income tax:A tax charged on the income earned by the individual or corporates by the central…

Q: Which of the following taxes is not deductible as an itemized deduction? a.Sales tax in a state with…

A: Non Deductible Taxes under itemized deduction: 1. federal income tax 2. Federal, state or local…

Q: What is the tax base for each of the following taxes? Income Tax GST FBT

A: Taxes are the amount of dues that is being payable to the government on account of income earned,…

Q: MC: Topic: Income Taxation This withholding tax system applies to passive income. *…

A: 1. Passive Income - As the name describes passive income is the one that is not active. It comprises…

Q: Internal revenue taxes are national taxes. a. True b. False

A: Internal Revenue Taxes:- At the national level, taxes imposed and collected in respect of the…

Q: Why might the effective tax rate paid on income earned within a country be different from that…

Q: How are national taxes similar to and/or different from local taxes?

A: National taxes refer to national internal revenue taxes imposed and collected by the national…

Q: Marco Polo, How much is the total income not subject to tax?

A: Answer: The part of income that are exempted becomes the part of income which are not subject to…

Q: nonmonetary?

A: Nonmonetary items are the items that are subject to change in value over a period of time. These…

Q: Which is not a source of federal revenue? Employment taxes Estate and gift taxes Taxes on…

A: Taxes are the compulsory payment made by the assessee to the government. For example , income tax ,…

Q: Why is the income tax payable not the same as income tax expense

Q: taxes commonly used by many countries includes: - import duty payable on specific types of imprted…

A: Direct tax refers to tax payment made by a individual or any other legal entity such as firm,…

Question

Which of the following is not deductible from gross income? *

Community tax
Excise tax
Documentary stamp tax
Foreign income tax claimed as tax credit

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Who is responsible for collecting sales and excise taxes? Who actually pays the tax?
The definition of gross income in the tax law is: All items specifically listed as income in the tax law All cash payments received for goods provided and services performed All income from whatever source derived All income from whatever source derived unless the income is earned illegally
What source is used to determine income tax expense, and what source is used to determine income tax paid?
Based solely on the definitions in the chapter, is the sales tax a proportional, regressive, or progressive tax? Explain, and state how the tax might be viewed differently.
Which of the following is not a cause of a difference between pretax financial income and taxable income in a given period? a. operating loss carryforwards b. permanent differences c. applicable tax rates d. temporary differences
Contrast FICA and FUTA as to the following: a. Purpose of the tax. b. Upon whom imposed. c. Governmental administration of the tax. d. Reduction of tax based on a merit rating system.
Which is deductible tax expense against gross income? Documentary stamp tax Donor's tax Estate tax Foreign income tax claimed as tax credit
Which of the following is not tax deductible? Gift tax Local income tax Real estate tax Property tax
Which of the following should be considered as nonmonetary? Group of answer choices Taxes payable Accrued expense and other payables Trade receivables Deferred tax liabilities
Can you explain the difference between a deferred tax asset, a tax receivable, and a prepaid tax account?
Which of the following taxes is not deductible as an itemized deduction? a.Sales tax in a state with no income tax b.State income tax c.Federal income tax d.Property tax on second residence
how to figure tax on taxable income