What are child tax credits and payroll taxes? Explain the advantages and disadvantages. which taxpayers are impacting positively, which taxpayers are impacted negatively, how, and why.  Knowing that individual income tax is the largest revenue for the government, what is the overall impact

Q: The best tax incentives that can significantly reduce its tax liability after finish claiming…

A: Investment tax credits are basically a federal tax incentive for business investment. They let…

Q: Tax credits are often created by the government to provide economic incentives to individuals and to…

A: An income tax credit can be defined as that sum of money that a tax paying person, entity or…

Q: What is meant by a tax shelter?

A: Tax shelter is a provision for tax payer to deduct the taxable income. This provision gives certain…

Q: Evaluate the three strategies reducing income, increasing deductions and taking advantage of tax…

A: There are various strategies which the taxpayer can use so that the tax liability can be reduced…

Q: Hi can you help me come up with answers.    Question:  Among the essential characteristics of…

A: Answer: The tax is another important part of the taxation system in any country. There are various…

Q: 1. Explain how value-added tax (VAT) works and its advantages and disadvantages from businesses,…

A: Disclaimer: "Since you have asked multiple questions in a single question we answered first question…

Q: What are all type of taxes we need to pay

A: As individuals and as entities we need to pay various direct taxes as well as indirect taxes in our…

Q: Can you give me an idea of how taxation is important in our lives?

A: Taxation is the process through which a government imposes a financial restriction or liability on…

Q: Your superior has assigned you the task of assisting in designing the new tax system. Discuss what a…

A:

Q: Which of the following is subject to the creditable withholding tax system?

A: Creditable withholding tax is an advance income tax of the particular tax payee. This would mean…

Q: What is Professional Tax and give examples?

A: A tax is a financial charge imposed by government. It is a source of income for the governments to…

Q: Tax experts believes that tax planning tools puts the control of when to pay in the hands of…

A: Introduction Tax Planning is an act of arranging and managing transactions in such a way that, tax…

Q: Congress uses the tax code to influence our behavior. Examples include deductions for mortgage…

A: Following are the other tax deductions or tax credits that encourage particular behaviours:   (1) :…

Q: In the case of income tax there are high taxpayer costs but low government costs ? True or False

A: Income tax is known as the form of tax that is imposed on the income or profits of individuals or…

Q: Give an argument in favor of taxes on wealth like the estate tax. What potential problems would…

A: Wealth tax:   It refers to the tax levied on the value of held assets. This will consist of the…

Q: Explain the main differences between tax evasion and tax avoidance and list the main actions taken…

A: Tax evasion is the use of illegal methods of concealing income or information from the IRS or other…

Q: What are the taxes and tax rates for individual taxpayers? Hope you can help me, thank you

A: Taxpayers are referred to as those individuals, or organizations who are obliged to pay the taxes to…

Q: What do you think about estate taxes at the state level? How do we see this play out with retirees?

A: The estate tax is a financial levy on an estate, based on the current value of its assets.

Q: FIT (Federal Income Tax) is tax paid from your income to the national level of government. Your…

A: Tax is a payment made to the government by a taxpayer for the government or social resources used by…

Q: How do "sales tax-free" days  impact our government?

A: sale tax free day means there will be no tax on certain items for cetain period of times. all those…

Q: Vat tax - the popularity of this type of tax, the nature of this type of tax and the effect on…

A: Value Added Tax (VAT):  It is a consumption tax placed on manufactured goods, at whatever time value…

Q: How do you identify the similarities and difference between the corporate income tax formula and…

A: Corporate income tax: It is a tax levied on a corporation's earnings that is known as corporate…

Q: Which of the following best reflects the ability-to-pay philosophy of taxation?         a tax on…

A: The tax obligation levied on the residential property under capital taxation if the owner detains…

Q: Federal income taxes have a significant effect on businesses and investors, and affect the personal…

A: As in the given case if the situation of individual and corporation has been reached to 37% many of…

Q: Reproduce the tax formula include for individual taxpayers in good form and briefly describe each…

A: Tax formula for computation of tax liability differs between individuals and corporations. They have…

Q: Explain the differences between something being tax-deferred or tax-exempt. Which retirement plan,…

A: Tax deferred savings plan:   A tax deferred savings plan refers to an investment account that allows…

Q: Professional tax collected by Treasurers of local government units is an example of: Choices…

A: privilege tax:- It is a tax which is collected by certain authorities for giving license/permission…

Q: Professional tax collected

A: Option A is wrong because income tax is a tax on the income of the taxpayer and is imposed by the…

Q: Why every person needs tax planning?

A: Tax planning is something by which an individual or any entity can plan out on how much tax it can…

Q: Basic community tax is an example of while income tax is a kind of O Privilege tax; capitation tax…

A: Basic community tax is an example of Privilege tax while income tax is a kind of Capitation tax.

Q: the government and the IRS

A: The term student loan interest deduction refers to a federal income tax deduction that permits…

Q: 1. What do you think about estate taxes at the state level? How do we see this play out with…

A: Disclaimer: Since you have posted a question with multiple questions. We will solve the first…

Q: Assume that the United States Congress passes a tax law that provides for a "rebate" to taxpayers.…

A: In the United States, Article I, Section 8 of the Constitution gives Congress the power to "lay and…

Q: What is the general purpose of taxation in our society?

A: Tax is an enforced fee that is charged on individuals and organizations by government or its agency…

Q: Assuming, the taxpayer is a domestic corporation, how much is the regular corporate income tax?

A: Calculating the taxable income of a Domestic tax payer                 Particulars Amount…

Q: Explain what qualifies a educational expense for the purposes of educational tax credit?

A: An education credit is a type of tax credit available to students of a post-secondary educational…

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: What is the issue with trying to abolish all property tax? Is property tax mandated by the…

A: The main source of revenue to the government is by the levy of tax on various goods, services,…

Q: How will the Filipino people benefit from the The Tax Reform for Acceleration and Inclusion Law

A: The Tax Reform for Acceleration and Inclusion Law is also known as TRAIN law. It is an initial tax…