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A: Answer:- Budget meaning:- In simple words, it can be said that budget is an estimation of the…
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A: Spoilage refers to the loss or damage of materials or products during the production or storage…
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A: An audit procedure is a specific task or set of tasks that auditors perform during the audit to…
Q: valuate
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A: Dear student , “Since you have posted multiple questions with multiple sub parts, we will…
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- The definition of gross income in the tax law is: All items specifically listed as income in the tax law All cash payments received for goods provided and services performed All income from whatever source derived All income from whatever source derived unless the income is earned illegallyWhich is NOT a proper exercise of administrative feasibility?a. Electronic Tax Payment System (eTPS)/Land Bank Remittance System (LBRS)b. Payment of tax thru credit/debit/prepaid cards/G-Cashc. Requirement to all taxpayers to file tax returnsd. Substituted Filing of Qualified Compensation Income EarnersAnti-avoidance provisions _______. a.eliminate tax planning by taxpayers. b.are provisions in the tax laws to prevent certain harmful tax avoidance practice. c.will eliminate all tax avoidance. d.will always prevent tax evasion.
- 21. Which is FALSE in withholding tax system? S1 It is one method by which the government collects money from taxpayers S2 - It is a source of third-party information S3 - The withholding tax collected may be used by the company for working capital provided the money is remitted on time 54 - A withholding agent is the agent of the government A. S1 B. S2 C. S3 D. S4 23. Nicanor sold his residential lot located in Iloilo City. The Deed of Absolute Sale is dated January 31, 2021. When is the respective deadline of the payment of the capital gains tax and documentary stamp tax? A. March 1, 2021, February 5, 2021 B. February 28, 2021, February 5, 2021 C. March 1, 2021 and March 5, 2021 D. February 5, 2021 and March 5, 2021 24. It is a certification issued by the Commissioner or his duly authorized representative attesting that the transfer has been reported and the taxes have been fully paid. A. Electronic Certificate of Authority to Register B. Electronic Certificate of Authority for…Anti-avoidance provisions _________________. a. eliminate tax planning by taxpayers. b. are provisions in the tax laws to prevent certain harmful tax avoidance practice. c. will always prevent tax evasion. d. will eliminate all tax avoidance.Group 1: Multiple Choice Questions LO 2.1 The definition of gross income in the tax law is: All items specifically listed as income in the tax law All cash payments received for goods provided and services performed All income from whatever source derived All income from whatever source derived unless the income is earned illegally LO 2.1 Which of the following is not taxable for income tax purposes? Prizes Severance pay Gifts Partnership income All of the above are taxable LO 2.1 All of the following items are taxable to the taxpayer receiving them, except: Life insurance proceeds Unemployment compensation Embezzled funds Prizes Gambling winnings LO 2.1 Which of the following types of income is tax exempt? Unemployment compensation Income earned illegally Dividends from foreign corporations Municipal bond interest Dividends from utility corporations’ stock LO 2.1 Which of the following is included in gross income? Loans…
- Research in detail regarding the following topics 1. Adoption Tax Credit 2. Non Business Casualty and Theft LossesTopic: Accounting for Income TaxCan you please help explain tax bases for assets and liabilities under temporary difference (between accounting income and taxation income)? Would be so helpful if you could simplify what tax bases mean. I'm confused why, in the second page, the tax bases are considered 0 and I'm not sure what that means. Thanks!Which of the following is a correct statement? O Tax avoidance includes failure to pay tax on unreported income from legal sources The IRS estimates that more income tax is lost from evasion involving illegal activities than from unreported legal activities, O Tax avoidance is legal O Tax evasion includes the application of legal loophole to reduce tax liability
- Federal Income Tax I How does the cash basis method of accounting benefit small business owners, if at all? Under what condition would the cash method of accounting be advantageous as compared with using the accrual methods? Explain. Using your knowledge of GAAP and financial reporting, list and explain one good reason that GAAP should not be used for tax purposes and one good reason that it should be used.17. Gains from graft, extortion, embezzlement, fraud or ransom fall under a. tax avoidance С. tax evasion . b. tax exemption d. income taxation CS Scanned with CamScannerTax-sheltering for which of the following types of expenses cannot be had through a type of FSA? oooo Physician expenses Dependent care Prescription drugs Life insurance premiums Question 8 Contributions to a Roth IRA and a Coverdell education savings account are both tax-deductible, and earnings accumulate tax-free. True False Question 9 The amount of income tax withheld can be found on one's W-2 form. True False