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13. Statutory employees:
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- What is the standard deduction? Explain its relationship to a taxpayers itemized deductions.What portions of an employees take-home pay are exempt from a federal tax levy?How are federal, state, and local income taxes collected by the government? Consider the cases of an employee and a self-employed taxpayer.
- A major objective of MACRS is to: O A. Ensure that the amount of cost recovery for tax purposes will be the same as book depreciation. B. Reduce the amount of the cost recovery deduction on businesses tax returns. C. Help companies achieve a faster write-off of their capital assets. D. Require companies to use the actual economic lives of assets in calculating cost recovery for tax purposes.Which of the following taxes is both an employee and an employer tax?a. federal income tax.b. FUTA.c. local income tax.d. OASDI.Which of the following types of expenses is deductible? Group of answer choices A.Bribes & Illegal Kickbacks B.Expenses related to Tax-Exempt Income C.Political Contributions D.Contingency Attorney Fees
- I. Compensation and business income are returnable income that are subject to final income tax. II. When a taxable income is subjected to final tax, that income shall be excluded in the computation of taxable net income subject to basic income tax under the graduated tax rate. a. TT b. FF c. TF d. FTAn employer may withhold portions of an employee's total earnings for a.state and county sales taxes. b.state unemployment taxes. c.local property taxes. d.federal unemployment taxes. e.charitable contributions.1.The definition of gross income in the tax law is: A. All items specifically listed as income in the tax law B. All cash payments received for goods provided and services performed C. All income from whatever source derived D. All income from whatever source derived unless the income is earned illegally 2.Which of the following is not taxable for income tax purposes? A.Prizes B.Severance pay C.Gifts D.Partnership income E.All of the above are taxable 3.All of the following items are taxable to the taxpayer receiving them, except: A.Life insurance proceeds B.Unemployment compensation C.Embezzled funds D.Prizes E.Gambling winnings
- Under this income taxation scheme, the full amount of tax is withheld by the payor before such income is received by the payee taxpayer. a. Final income tax scheme b. Capital gains tax scheme c. Regular income tax scheme d. Any one of the abovewhich of the following is not a covid-19 tax relief provision available to a self-employed taxpayer? A. payroll tax deferral B. sick leave credit C. family leave credit D. self-employed tax rate reduction E. all the above