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- Question 29 of 50. Taxpayers whose only unearned income consists of qualified dividends and capital gain distributions reported to them on Form 1099-DIV generally compute the amount of tax on their income using: 0000 11 Form 8949, Sales and Other Dispositions of Capital Assets. O The Qualified Dividends and Capital Gain Tax Worksheet. The Schedule D Tax Worksheet. The 2021 Tax Rate Schedules.37. Sale of an capital assets is subject to O a. Regular Income tax O b. Capital Gains Tax O c. Excise Tax O d. Final income TaxI. 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
- A. What is BIR Form 1701 and its importance? What are considered as Taxable Income in the BIR Form 1701? What are the deductions to the Taxable Income made in the BIR form 1701? NOTE: Include in the answer the effects of CREATE LAW, cite as many as you can on the impact of this law.13. Statutory employees: a.Claim their expenses as deductions for AGI. b.Report their expenses as miscellaneous itemized deductions. c.Are subject to income tax withholdings. d.Include common law employees.Hw.148. Income tax is levied on all of the following taxable items except: Wages Interest and dividends from moeny invested Sales tax Capital gains from sales of investments
- Question 1: Which of the following appears on the W-3 Form but does not appear on the W-2 Form? Answer: A. O Federal income tax withheld В. O Kind of payer С. Social Security wages D. Dependent care benefitsQuestion 8: Which of the following is not a mandatory deduction from gross pay? Answer: A. Federal income tax withholding В. Union dues C. Social Security tax D. Medicare tax B.All of the following are calculated on Form 990-PF, EXCEPT: Excise tax on investment income. Qualifying distributions made to accomplish an exempt purpose. Undistributed income. Unrelated business income tax.
- 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 aboveA 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.12. fiduciary activities to generate is a type of expense, interest income O income, non interest income O expense, interest expense O income, non interest expense