Which of the following is not a type of tax year? 52/53 week Year Fiscal Year Calendar Year Long Year
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Which of the following is not a type of tax year?
52/53 week Year
Fiscal Year
Calendar Year
Long Year
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- When is an individual's tax year end? Question 6 options: a) Calendar year end b) Quarterly year end c) Semi-annual period end d) Every 9 month end15-Which one of the following represents the provisional tax return? a. Tax return prepared on the basis of the information available at the date of preparation. b. Tax return submitted within six months of the end of the tax year c. None the options d. Tax return submitted within five months of the end of the tax yearHow is income tax expense for the third quarter interim report computed? A. The annual rate multiplied by the third quarter incomeB. The estimated tax for the first three quarters based on an annual rate less a similar estimate for the first two quartersC. The rate applicable during the third quarter multiplied by threeD. Cumulative income tax for three quarters
- Contributions to a traditional IRA made between January 1 and April 15 may generally be deducted in the previous tax year. True FalseCash basis taxpayers deduct rental expenses that apply to a future tax year in the year the expenses are paid. True or falseSubject : Accounting Use the 2021 marginal tax rates to compute the tax owed by the person with the given filing status, taxable income, and tax credit. Single with a taxable income of $17,000 and a $2,000 tax credit Tax Rate Single 10% up to $9,950 15% $9,951 to $40,525 The tax owed is _____ dollars. (Type an integer or a decimal, Round to the nearest cent as needed.)
- Consider the following accounts and determine if the account is a current liability, a noncurrent liability, or neither. A. Cash B. Federal income tax payable this year C. Long-term note payable D. Current portion of a long-term note payable E. Note Payable due in four years F. Interest Expense G. State income taxWhat is the amount of Taxes Owed for the period if the tax rate is 30%, if Earnings Before Taxes ( a.k.a. EBT, or pre-tax earnings) is 250,000?1. What self-employment tax rate is applied to earnings that exceed $142,800 in a year and also do NOT exceed the additional Medicare tax threshold? Answer: A. 15.3% B. 12.4% C. 2.9% D. 1.45% 2. What is the standard credit applied to the FUTA tax rate in non-credit reduction states? Answer: A. 0.6% B. 0.9% C. 5.4% D. 6% 3. An employer in a non-credit reduction state would pay FUTA taxes of _____ for an employee whose year-to-date earnings prior to the current period are $7,200 and who earns $1,100 during the current period. Answer: A. $0 B. $6.60 C. $43.20 D. $49.80
