The additional tax on top of the standard tax?
Q: at type of tax. ommon carrier's tax value added tax
A: Taxes are the legal obligation of a individual or a corporation towards the government. They are the…
Q: Explain the difference between marginal tax rates and average taxrates.
A: Marginal tax rate : The marginal tax rate is the system by which the federal taxation system makes…
Q: Compute the tax due assuming
A: Tax due is the amount which has to be paid to the government and the same has been computed on the…
Q: What effect do permanent differences have on deferred income taxes?
A:
Q: Define tax effect theory
A: Tax effect theory explains the impact of taxes on revenue or expense of a company. This theory is…
Q: what is the possible tax implication?
A: Corporate tax rate = 25% Allowable deductions = P150,000 for November Allowable deductions =…
Q: What is intraperiod tax allocation?
A:
Q: What is the tax shield of interest?
A: Interest tax shields: It alludes to the assessment obligation decrease because of the interest…
Q: What is meant by “tax allocation within a period”? What is the justification for such practice?
A: Tax: Tax refers to a compulsory payment or a contribution to the state revenue, levied by the…
Q: Which of the following is a local tax? *
A: Option a is wrong because value added tax is an indirect tax imposed on the value of goods and…
Q: How do you calculate withholding taxes?
A: Federal income tax withholding: The amounts which the employer withheld from employees’ gross pay…
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
A:
Q: What is deferred tax?
A: Balance sheet is the statement that indicates the final position of an entity.
Q: Explain intraperiod tax allocation.
A: Income tax allocation is an integral part of generally accepted accounting principles. Income tax…
Q: What are the different type of income tax?
A: The answer for the question on the different types of income tax is discussed hereunder : Taxes are…
Q: What’s the difference between marginal and average tax rates?
A: The taxes are the government source of income from the general public. The tax rate are the…
Q: How does an increase in the income tax rate affect the breakeven point?
A: A break-even sale is the dollar amount of revenue at which a business earns a profit of zero i.e. No…
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: What are FUTA and SUTA taxes? Is there any possible reduction in the FUTA tax rate? If so, what is…
A: Introduction: Employer payroll taxes are paid by the employer from its own funds on the basis of…
Q: e from Tax Evasion?
A: The difference is given as,
Q: Average tax rate? (
A: Tax payable is calculated on the income falling within the respective slabs The formula to…
Q: Discuss how a sales tax is regressive.
A: 1. Regressive Tax - Regressive Tax is a tax on the amount which decreases subject to the amount…
Q: AT and its examples?
A: A value-added tax (VAT) could be a consumption tax placed on a product whenever price is else at…
Q: Differentiate “normal tax “ from “final tax”.
A: Tax is the amount which is paid by the tax payer on the basis of the income earned by him during a…
Q: What is a deferred tax asset?
A: Deferred tax asset: When the Income Tax Expense account is more than the Income Tax Payable account,…
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: Can the effective rate of tax be negative? Why? or Why
A: it is sometimes possible that effective tax may be negative.This is but rare cases but sometimes it…
Q: Is fringe tax considered a penalty tax?
A: A fringe benefit is a final tax on an employee's salary that the company is required to withhold.…
Q: What is excise tax and give examples?
A: Excise Tax: An excise tax is an indirect tax, usually paid by the manufacturer or merchandiser of…
Q: What is Excise Tax and give examples?
A: Answer: An excise or excise tax is an inland tax. It is different from Customs duties. In different…
Q: What is the Effect on Deferred Income Taxes?
A: Tax: Tax refers to a compulsory payment or a contribution to the state revenue, levied by the…
Q: consequence of underestimating provisional tax
A: Provisional tax is the amount of tax to be paid by taxpayers earning income other than salary in…
Q: Is the local property tax a regressive tax, or a progressive tax?
A: Progressive Taxes: Taxes that require high income groups to pay a larger percentage of income in…
Q: d Tax (VAT
A: Value Added Tax (VAT) is a broad tax that is levied on practically all products and services sold.…
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: What is an excise tax and its examples?
A: The company's aim will be to increase the profitability of the company. The profits can be arrived…
Q: What type of tax is sales tax
A: There are two types of tax. These are: Direct tax: Direct taxes are the taxes that are paid by the…
Q: le ta
A: A middle tax break may be a reduction of a taxpayer’s total liability. The term is additionally…
Q: What are direct taxes?
A: The financial position of the company can be arrived from the income statement prepared by the…
Q: What are the special features of regular income taxation?
A: Income Tax It is a tax placed on an individual. It is deducted from a person's total income. It is a…
Q: What is the advantage of Making versus Buying? Give a scenario and explain the effect focusing on…
A: A make-or-buy decision is an act of choosing whether the product manufacture in-house or…
Q: What is Percentage Tax?
A: Tax:- A tax is the compulsory payment which is imposed by the government on income and capital gain…
Q: Explain what is meant by this statement: “Our tax rates areprogressive.”
A: Tax is the amount levied by the government from the taxpayer on their net taxable income. Net…
q7
Step by step
Solved in 2 steps
- Question 4: Taxable earnings for Social Security tax are always the same as taxable earnings for federal income tax withholding. Answer: A. O True В. O FalseIn T1 General Tax Form, Total Income is reported on Line??MC: Topic: Income Taxation Under this income taxation scheme, the full amount of tax is withheld by the payor before such income is received by the payee taxpayer. * Final income tax scheme Capital gains tax scheme Regular income tax scheme Any one of the above
- Question 7: Taxable earnings for Social Security tax are always the same as taxable earnings for federal income tax withholding. Answer: А. True В. FalseQuestion 2a) Income tax is calculated as follows;Taxable Salary Rate of Tax (GH¢)First 1000 0. 05Next 1,000 0.10Next 3,000 0.25Next 4,000 0.40Remainder 0.60Calculate the tax on a taxable salary of;i. GH¢ 2,450ii. GH¢ 10,500 with GH¢ 450 as none taxable allowance. b) A card is picked at random from cards numbered from 1 to 20. Find the probability that the number on the card isi. divisible by 5ii. a prime number c) Find the following probabilities; P(0 < z < 2.32)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. FT
- 5. How do you call a deductible temporary difference? a. Current tax asset. b. Deferred tax asset. c. Current tax liability. d. Deferred tax liability.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.Question 11: Which statement regarding the calculation of taxes is accurate? Answer: A. O For simplicity, taxable income for local, state, and federal income tax withholdings has been standardized. В. O All taxes are calculated based on net pay. С. O Because retirement plans are exempt from federal income tax, you add the contributed amount before calculating the employee's federal withholding. D. O Taxes may be calculated based on an amount lower than gross pay, and not all taxes are calculated based on the same amount. Question 12: Which of these is a credit reduction state/territory? Question 15: Union dues are considered a deduction. Answer: Answer: A. O Connecticut A. O cafeteria В. O Ohio В. O insurance C. O Virginia O mandatory С. D. O U.S. Virgin Islands D. O voluntary Question 14: Alejandra owns and operates an appliance store where employees clock in and out for each shift. Per the FLSA, Alejandra rounds employee time worked to the nearest 15-minute increment. On Tuesday this…
- Question 11: Which statement regarding the calculation of taxes is accurate? Answer: A. O For simplicity, taxable income for local, state, and federal income tax withholdings has been standardized. B. O All taxes are calculated based on net pay. C. O Because retirement plans are exempt from federal income tax, you add the contributed amount before calculating the employee's federal withholding. D. O Taxes may be calculated based on an amount lower than gross pay, and not all taxes are calculated based on the same amount. Question 12: Which of these is a credit reduction state/territory? Question 15: Union dues are considered a deduction. Answer: Answer: A. A. O Connecticut O cafeteria B. O Ohio B. O insurance C. O Virginia C. O mandatory D. O U.S. Virgin Islands D. O voluntary Question 14: Alejandra owns and operates an appliance store where employees clock in and out for each shift. Per the FLSA, Alejandra rounds employee time worked to the nearest 15-minute increment. On Tuesday this…1. ) Which of the follwing types of tax may not be shifted a. Percentage Tax b. Excise Tax c. Income Tax 2.) Which pay is not tax exempt for a statutory minimum wage earner a. Holiday pay b. Commissions c. Overtime Pay d. Hazard PayDefinitions The FASB has defined several terms in regard to accounting for income taxes. Below are various code letters (for terms) followed by definitions. Code Letter Term Code Letter Term A. Future deductible amount H Deferred tax consequences B Income tax payable (or refund) I Future taxable amount Operating loss carryback Deferred tax liability D Valuation allowance K Temporary difference E Deferred tax asset Income tax expense (or benefit) F Operating loss carryforward M Deferred tax expense (or benefit) Taxable income Required: Indicate which term belongs with each definition by choosing the correct term. 1. The deferred tax consequences of future deductible amounts and operating loss carryforwards 2. A difference between the tax basis of an asset or liability and its reported amount in the financial statements that will result in taxable or deductible amounts in future years when the reported amount of the asset or liability is recovered or settled, respectively X 3. Temporary…