write me a summer describing federal tax code 102 and provide an example situation involving the code
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A: Depreciation expense :— It is the allocation of depreciable cost of asset over the estimated useful…
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- Compute for the tax due in each of the following cases. Show your computation and highlight your final answer. Please answer items 1 to 5. Thank you!Task 3. Under the provision of ITO, 2001 list down the person required to file income tax return and what Are the due dates of filing if income tax returns?Prepare a research presentation on the Tax Legislation Process using these resources: https://csuglobal.libguides.com/ACT406Links to an external site. and the future of tax using Artificial intelligence. Provide an analysis of how a piece of tax legislation becomes a tax law, based on the Tax Reform Act of 1986, the Tax Cuts and Jobs Act of 2017 (TCJA), and the Made in America Tax Plan of 2021. Choose the six most important changes (select three for businesses and three for individuals) between the Tax Reform Act of 1986, the Tax Cuts and Jobs Act of 2017 (TCJA), and the Made in America Tax Plan of 2021. Your research should: Explain the various components and levels of government involved in the process. Discuss the reasons for your choice of six key changes between the Tax Reform Act of 1986, the Tax Cuts and Jobs Act of 2017 (TCJA), and the Made in America Tax Plan of 2021 for businesses (3) and for individuals (3). (Note: Anti-Abuse Tax (BEAT), Global Intangible low-tax income…
- What makes the refund of state taxes taxable on the federal tax return? a. moving to Texas before your refund gets sent to you b. paying state taxes the year before and getting a refund c. claiming taxes as an itemized deduction and using standard deduction d. claiming taxes as an itemized deduction and itemizingOn the 1040 Sch 1 screen, the Tax Professional can enter into a field which of the following types of income or adjustment directly on the input screen? Unemployment compensation. Educator expenses. Business income. Other income.There are a number of tax planning strategies. Discuss the different strategies and how you plan to incorporate them into your financial plan currently or in the future. Responses are a minimum of 150 words
- 1.Explain the intake process to completing a tax return. using the form 13614-c, w2's, form 1099-R, Form SSA-1099, form 1099-c, Form W-2G, Form 1098-T Just explain for to process this thing all together.Which of the following forms have been converted from having a specific year printed on the form to a continuous use version? Form 1098-E, Student Loan Interest Statement. Form 1098-T, Tuition Statement. Form 1099-INT, Interest Income. Form 4505-T, Request for Transcript of Tax Return.For the tax year 2021-22, what is the deadline to file a self-assessment tax return if submitted manually? 31 January 2022 31 January 2023 31 October 2022 6th April 2023
- The EFILE allows an individual to file their own personal income tax return directly to the CRA online through the use of a CRA certified tax software prockram. a. TRUE b. FALSEPerformance standards: Accomplish the BIR (Bureau of Internal Revenue) forms MELCS: Explain the procedure in the computation of gross taxable income and tax due. Mr. Sabado need to pay his tax. You are an agent hired by Mr. Sabado to compute his taxable income and tax due. The BIR agent will check and evaluate based on accuracy of the information prepared. Instructions: From the given information below compute the total taxable income and total income tax due on each scenario. Mr. Sabado, Production Manager of M.A.R Corp., earned annual compensation in 2020 of P 2,333,000, exclusive the 13h month and other benefits in the amount of P250,000 but net of mandatory contributions to SSS and Philhealth. Aside from employment income, he owns a convenience store, with gross sales of P3,555,000. His cost of sales and operating expenses are P1,500,000 and 800,000, respectively, and with non-operating income of P250,000. а. Mr. Sabado signified his intention to be taxed at 8% income tax rate on…
