Winnings are generally a. exempt from any tax. O b. subject to regular tax. C. subject to 20% final tax d. subject to both final and re tax O O O O
Q: S1 - Individual taxpayers can be entitled to 1% (old rate 3%) percentage tax if their registration…
A: Correct option: B
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A: The average tax rate represents the overall tax rate applicable to the taxable income. While the…
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A: Future tax deductions are the tax expenses that are to be deducted in the future period but were due…
Q: Problem 1-53 (LO 1-5) (Static) Given the following tax structure: Salary Total Tax Taxpayer Mae $…
A: Tax refers to the charge on the income earned by a taxpayer that is imposed by the government. The…
Q: Which of the follwing types of tax may not be shifted a. Percentage Tax b. Excise Tax c. Income Tax
A: The answer is Option c. Income Tax Income tax cannot be shifted.
Q: Which of the following is the least likely reason why the 6% capital gains tax is a final tax?
A: First let us understand what is a final tax. Final taxation system focus on the transaction, and…
Q: Quarterly income tax payments made by a non-resident citizen taxpaye nay be claimed as O neither a…
A: Tax credit means amount can be substrate from total payable tax and offset overall liabilities.
Q: Schedule M-1 of Form 1120 is used to reconcile financial net income with taxable income. reported on…
A: M-1 of Form 1120 is used to reconcile financial net income with taxable income reported on the…
Q: DelemIine the Tollowing. Use the lax table below. ТАX ТАBLE If taxable income: Tax due is: 3 0% Not…
A: Since, taxable income is below $250000, tax due = 150000 * 0% = 0
Q: 1 1 Form 8949, Sales and Other Dispositions of Capital Assets. ind Dividends and Capital Gain Tax…
A: The correct answer is: (B) The Qualified Dividends and Capital Gain Tax Worksheet. The Qualified…
Q: Percentage Rate 6% 10 20 28 Required: a. Taxpayer A's taxable income is $178,300. Compute A's tax…
A: A progressive taxation refers to a system of tax levies on the basis of the growth in earnings. As…
Q: 2. Creditable deductible input tax includes the following, except, a. Presumptive, transitional, and…
A: Value-added tax [VAT] is a tax that is charged on each and every stage of the goods and services…
Q: Cash basis taxpayers deduct rental expenses that apply to a future tax year in the year the expenses…
A: Cash basis taxpayer means the tax payer who report expense and revenue on cash basis and not on…
Q: K Explain how a deduction, such as the mortgage interest tax deduction, can save you money. Why do…
A: The mortgage interest rate tax deduction is a provision in the tax code that allows homeowners to…
Q: O O O O b. Taxable income of $120,000. (Do not round intermediary calculations. Only round the…
A: The Federal income tax is a tax imposed by the United States federal government on individuals and…
Q: d. either current or expected future tax laws
A: Taxes are the amount of dues or liabilities that need to be paid by the individual to the…
Q: Tax rates other than the current tax rate may be used to calculate the deferred income tax amount on…
A: Taxation is the process by which governments collect money from individuals and businesses to fund…
Q: Under the cash method of tax accounting, tax deductions are taken when: a, Expenditures are made…
A: Answer: Under the cash method of tax accounting, tax deductions are taken when expenditures are…
Q: It is a kind of withholding tax which is prescribed on certain income payments and is creditable…
A: The question is related to the taxation.
Q: After tax cost of interest deals with the fact that interest is deductible for tax purposes.…
A: Interest expenses are the expenses which are related to borrowings raised by the company. The…
Q: It is the net profit for a period before deducting tax expense. * O Gross profit O Accounting profit…
A: Formula: Net profit = Total revenues - Total Expenses
Q: If you earn enough extra income to be placed in a higher tax bracket and have a higher marginal tax…
A: Marginal tax rate is the tax rate for next dollar of taxable income, which is above a threshold…
Q: 20X8 20X9 tax accounting income (financial statements) ple income (tax return) ne tax rate $510,000…
A: The answer is stated below:
Q: Question 29 of 50. Taxpayers whose only unearned income consists of qualified Form 1099-DIV…
A: The correct answer is: (B) Qualified Dividends and Capital Gain Tax Worksheet. This worksheet can be…
Q: A company as a tax entity will___________. Select one: a. pay either companies tax or secondary tax…
A: Tax entity: A tax entity refers to a company, business, or a person who is responsible to pay tax to…
Q: Given the following tax structure, what minimum tax would need to be assessed on Shameika to make…
A: Please find the calculation of minimum tax liability of Shameika in step 2 below.
Q: Sharon Incorporated is headquartered in State X and owns 100 percent of Carol Corporation, Josey…
A: Nexus is a connection or link between the state having tax jurisdiction and the business entity in…
Q: Indicate which of the following statements on the taxation of income from real estate under Personal…
A: Comment- We’ll answer the first question since the exact one wasn’t specified. Please submit a new…
Q: Recognition of tax benefits in the loss year due to a NOL carry back involves: O The establishment…
A: Recognition of Tax Benefits in the loss year due to NOL carry back Basically its a treatment of Tax…
Q: Which of the following tax items is of most value in terms of tax savings to a taxpayer? Choose the…
A: Taxable income: It is the gross total income on which the taxes are imposed by the government for a…
Q: . As distinguished from deductions, tax credit is a. A deduction from gross sales/receipts b. A…
A: Tax deductions are the amount which can reduce from taxable income. After such deduction, remaining…
Q: Sale of an capital assets is subject to
A: Option a is wrong because regular income tax is applied in case of income from salary, business or…
Q: Tax rates other than the current tax rate may be used to calculate the deferred income tax amount…
A: Answer:- Tax rate meaning:- Tax rate is that percentage on which and individual or corporation is…
Q: avail tax exemption of 250,000
A: Option b is wrong because "Purely in business or Professionals" cannot avail exemption of P250,000.…
Q: All Interest income is taxable by final tax of 20%. Group of answer choices True False
A: given information all interest income is taxable by final tax of 20%
Q: Which of the following statements is correct? O a. A tax offset can result in a refund if it relates…
A: The tax means the amount that a taxpayer provides to the government. The government uses this amount…
Q: Recognition of tax benefits in the loss year due to a NOL carry back involves: OThe establishment of…
A: Deferred tax asset: When book profits of entity is less than taxable profits it results in deferred…
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A: The tax abatement could not be treated as uncollectible property taxes if it is provided to a…
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A: There are two types of income. One is accounting income, and the other is taxable income. Tax…
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A: After tax cost refers to the amount that will be deductable from revenue after appliying tax rate to…
Q: rent income,
A: Option a is wrong because final income tax is the ultimate tax liability on the whole income. Option…
Q: Determine the tax liability for tax year 2018 in each of the following instances in each case assume…
A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…
Q: A tax that requires a higher-income person to pay a higher percentage of his or her income in taxes…
A: Explanation Proportional tax rate is a system in which same tax rate is implied to all the tax…
Q: Allowable Business Investment Losses (ABIL) can be deductible from any source of income to the…
A: Allowable business investment losses is the loss which has been incurred by the taxpayer out from…
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- Problem 1-51 (LO 1-5) (Algo) Given the following tax structure: Taxpayer Mae Salary $ 13,000 Pedro Venita $ 26,000 $ 13,000 What tax would need to be assessed on Venita to make the tax horizontally equitable? Tax Total Tax $ 650 $ 1,690 ???Indicate the type of Deferred Tax account created by Prepaid Expenses and Accrued Revenues, respectively. Select one: O a Asset Asset Ob. Liability, Liability Oc Asset, Liability O d. Liability, ASsetDetermine the business tax applicable for the following independent assumptions. Put a check mark on the applicable law. Put the applicable tax rate.
- The three leading candidates for best tax base are A. Income, consumption and wealth OB. Income, consumption and estates OC income, estates and wealth OD. Income, wealth and gifts Indicate whother the following statements are true (T) or false (F) When comparing an income and consumption as the base for tax, atention must be paid to whether or not the tax is progressive or regressivedentify the rule that determines whether a taxpayer must include in income a refund of an amount deducted in a previous year: Multiple Choice tax refund rule. constructive receipt return of capital principle. tax benefit rule. None of the choices are correctWhich of the following statements are NOT correct? i. A registered taxpayer can claim input tax credit for items used for its exempt activities. ii. A registered taxpayer can claim input tax credit for items used for zero-rated activities. iii. The VAT rate Exempt supplies is 0%. iv. Zero-rated goods or services are taxable for VAT at 0%. Question 21Answer a. None of the above b. i, ii and iv c. i only d. i, and iii
- QUESTION 4 Which of the following allow a tax filer to legally reduce the amount of tax owed? Select all that apply. O A. The standard deduction. B. Tax returns. C. Tax evasion. D. Tax exemption. E. FICA taxes paid. F. Tax credits. G. Itemized deductions. QUESTION 5 Which of the following best describes taxable income? O A. The sum of your adjusted gross income and earned income tax credit. B. The sum of your wage income, unemployment benefits, and interest. C. The amount of income on which taxes were withheld by your employer. D. The amount of income you have after subtracting allowable deductions and exemptions.A capital gains tax is levied on the sale of which of the following items? Choose all that apply. A. real estate B. income C. stocks D. gasolineFGH Corporation had the following in 2021: Sales P 3.4M; Cost of sales P 1.2M; Admin expense P 0.3M; Selling expenses P .5M; other taxable income from operations P .1M. 1. What is deductible expense if the company uses OSD? 2. Using the problem above, what is the income tax payable?
- ! Required information Problem 12-45 (LO 12-3) (Algo) [The following information applies to the questions displayed below.] Mason (single) is a 50 percent shareholder in Angels Corporation (an S Corporation). Mason receives a $191,000 salary working full time for Angels Corporation. Angels Corporation reported $444,000 of taxable business income for the year (2021). Before considering his business income allocation from Angels and the self-employment tax deduction (if any), Mason's adjusted gross income is $191,000 (all salary from Angels Corporation). Answer the following questions for Mason. (Leave no answer blank. Enter zero if applicable.) Problem 12-45 Part a (Algo) a. Assuming the income allocated to Mason is qualified business income, what is Mason's deduction for qualified business income?A net operating loss (NOL) carryforward creates: A-a deferred tax liability that should be classified as current liability B- a deferred tax asset that represents future tax benefit that can offset future taxable income O A O B DrouinunPlease do not Give image format