What are taxes ? Explain types of Taxes Both Direct and Direct.

Q: Distinguish between Direct and Indirect taxes giving the various examples where necessary.

A: Taxes are the compulsory obligations to be paid by the individuals to government. It can be levied…

Q: What is the tax shield of interest?

A: Interest tax shields: It alludes to the assessment obligation decrease because of the interest…

Q: Question 1: Why do deferred tax assets or deferred tax liabilities arise? Explain your answer with…

A: Taxation is defined as the tax liability to be paid to the government on the income for a particular…

Q: What are the objectives of accounting for income taxes?

A: FASB Summary of Statement No. 109 defines objectives of Accounting for Income Taxes.

Q: Why do deferred taxes arise

A: The deferred taxes usually arise when there is balance of over or advance payment of taxes to an…

Q: Property and income taxes are more popular than sales taxes and user charges? True or False

A: Taxes are the fees charged by the government to collect revenue and run the country. The money…

Q: Identify some of the reasons why accounting for income taxes is complex?

A: ANSWER : U.S. tax laws are complex and ambiguous.A company frequently prepares its financial…

Q: what are the characteristics of a good tax system?

A: Tax system is designed by the government of every country which is imposed on the individual’s…

Q: How do you calculate withholding taxes?

A: Federal income tax withholding:  The amounts which the employer withheld from employees’ gross pay…

Q: What are the principles of a sound tax system? Briefly explain each

A: Introduction:- The tax system is described as a legally controlled system of public relations based…

Q: Real property tax is an example of: Group of answer choices Property tax Excise tax Privilege tax…

A: Real property tax is the tax on real property like land and buildings, improvements, machinery, etc.…

Q: Why is income the basis for tax? Explain concisely in 3-5 sentences.

A: Basis means anything that the govt uses to compute the tax.

Q: What is the sales tax? Is it an expense or a liability?

A: Sales tax is the tax on sales which is levied by the government. However, sales tax is an indirect…

Q: Explain the difference between direct and indirect tax

A: Introduction: Tax refers to an individual's simple duty to contribute their resources. It is imposed…

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: 1. What is the primary purpose of taxation? 2. What are the secondary purposes of taxation and…

A: "Since you have asked multiple question ,we will solve First 3 question for you,If you want any…

Q: What is meant by two terms, ‘tax evasion’ and ‘tax avoidance’? Give your answer with examples of…

A: The financial position of the company can be arrived from the income statement prepared by the…

Q: What is Income tax receivables?

A: Other receivables: Other receivables are the receivables other than the accounts receivable, and the…

Q: Blank income is subject to federal taxes?

A: What is Federal Taxes?    Federal revenue enhancement is that the tax levied by the inner Revenue…

Q: May an exaction be both a tax and regulatory fee

A: First of all we need to understand that Tax and Regulatory fees both are independent and can not…

Q: what is Tax Avoidance and Tax Evasion?

A: Tax avoidance refers to the use of legal means to avoid paying tax. Individual taxpayers and…

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: How to calculate Value-added tax

A: Value added tax is a type of tax that is charged by the central government on the sale of…

Q: What is a tax return? brief explain

A: Tax return in a form designed by designated tax authorities which helps taxpayers to disclose their…

Q: What are taxes?

A:

Q: Do you thinks taxes are moral? Explain your answers

A: Taxable income is the amount of income computed to measure the amount of taxes to be paid to the…

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: what types of taxes are deductible in full or in part?

A: The tax-deductible expense helps the business to generate revenue by decreasing the tax liability.

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

A:

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: Distinguish between Tax Exemption and Tax Amnesty?

A:

Q: What is the meaning of “person” when the term is used in the Income Tax Act? _________, __________…

A: Person includes :  an Individual; a Hindu Undivided Family (HUF) ; a Company; a Firm an association…

Q: Define the term taxes payable.

A: Tax: Tax refers to a compulsory payment or a contribution to the state revenue, levied by the…

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: ll be a tax

A: Tax refers to the percentile charges imposed by the authoritative government over the income gained…

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

A:

Q: Please answer with valid reason   True or False   In general Before Tax IRR should be lower than…

A: IRR :— Internal rate of return is the rate of Discount at which the sum of Discounted cash Inflow…

Q: What are direct taxes?

A: The financial position of the company can be arrived from the income statement prepared by the…

Q: hank

A: Tax law, the body of rules under which a public authority has a claim on taxpayers, requiring them…

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: In the case of property tax, government costs are low but taxpayer cost are high

A: Property tax levy is imposed primarily on land and buildings and also imposed on business,farm…

Q: Explain what the benifit is to having tax classified under statutory income. Aside from capital…

A: Taxable income is the amount of income computed to measure the amount of taxes to be paid to the…

Q: May the taxpayer's liability to pay tax be a subject of set-off? Why?

A: May the taxpayer's liability to pay tax be a subject of set-off? Why?

Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.