1. Stipends received by resident physicians during their intensive training in the residency program of a hospital are subject to basicand final withholding taxes.2. Remuneration for services constitutes compensation income even if the relationship of employer and employee does not exist anylonger at the time when payment is made between the person in whose employ the services had been performed and the individualwho performed them.A= 1st statement is true, second statement is false.B= 1st statement is false, second statement is true.C= Both statements are false.D= Both statement are true.DBO AOC 1. In general, fixed or variable allowances which are received by a public officer or employee or officer or employee of private entity, inaddition to the regular compensation, fixed for his position or office, is compensation subject to income tax and consequently,creditable withholding tax on compensation income.2. Representation and Transportation Allowances (RATA) granted under Section 34 of the General Appropriations Act to certainofficials and employees of the government are considered reimbursements for the expenses incurred in the performance one's dutiesrather than as additional compensation.A= 1st statement is true, second statement is false.B= 1st statement is false, second statement is true.C= Both statements are false.D= Both statement are true.ODOCOBO A

Gross income, for the purpose of taxation, includes the income from all the sources as stipulated in…

Answered: 1. Stipends received by resident…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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A borrower had submitted a loan application and was approved, She submits a change to her application, and it is now denied. Which of the following changes will most likely result in a loan being denied? The borrower begins to receive public assistance. BO The borrower mistakenly omitted a previous residence. C The borrower is going to take maternity leave from her employer. DO The borrower assumes additional debt that was not previously reported.
All the following are exampies of non-taxable income, except Select one O a. Proceeds received as beneficiary of a life insurance contract due to the death of the insured O b. income from illegal activities OC Shares of stock received as an inheritance O d. Cash received as a gift Oe All of these are non-taxable
3
All of the following income items are includible in an employee's gross income except: a, Severance pay for cancellation of employment b, Unemployment compensation c, Payments from employer while sick or injured d, Medical insurance premium paid by employer for employee and spouse e, Moving expense reimbursement
1
Which of the following characteristics is/are indicative of a post-employment defined contribution plan? If actuarial or investment experience are worse than expected, the entity’s obligation may be increased. The amount to be received by the employee is determined by the amount of contributions paid by an entity to the plan, with investment returns arising from the contributions. The entity’s obligation is to provide the agreed benefits to current and former employees. The entity’s legal or constructive obligation is limited to the amount that it agrees to contribute to the fund. Group of answer choices Only statements 1 and 2. Only statements 2 and 3. Only statements 2 and 4. Only statements 3 and 4.
Question 5 Answer for (a) and (b)
Ms. Jessie Waud found a position in retail sales in September 2021. During the remainder of that year, she received gross employment income of $21,500. Prior to 2021, Ms. Waud had no earned income and made no contributions to either an RRSP or a TFSA View the RRSP information. View the common-law partner information. View the other sources of income or loss. Read the requirements. View the additional information. Requirement A. Calculate Ms. Waud's 2021 employment income. What is Ms. Waud's 2021 employment income? Requirement B. Determine Ms. Waud's maximum deductible RRSP contribution for 2022. (Round your answer to the nearest whole dollar.) What is Ms. Waud's 2021 employment income? Requirement C. As Ms. Waud's personal financial consultant, what advice would you give her regarding her TFSA and RRSP contribution and deduction for 20227 OA. Ms. Waud should contribute the maximum deductible amount to her RRSP for the year 2022 in 2022. She should also contribute the maximum allowable…
1. In each of the following cases, is the value received by the taxpayer included or excluded from his gross income: 1) Lodging received by A, a maintenance manager who is not required to live at the apartment complex. 2) B, an employee of an airline, flies standby to Atlanta. included by both A and B а. excluded by both A and B C. included by A but excluded by B d. excluded by A but included by B b.
Identify a correct statement. a. Deductions may be claimed against a gross income subject to final tax. b. Expenses related to an exempt gross income is deductible. c. Death of animal offspring which was intended for sale is a deductible loss d. All of the above None of the above
Directions: Rad cach sentence carefully and determine whether the statement is TRUE or FALSE. 1. A taxpayer that clerived income solely from business is required to file BR Fonm1700. 2. A business income eamer is required to file an income tax retum if his or her taxable income @xceeds P250,000. 3. Ome a business is registered with the B IR, it is not requirod anymore to renew its registration annually. 4. A business income caner whose gross sales or gross reccipts and other nDIFOPAating income do ot exceed P3M has the option to be taxed at the optional 8% tax on gross sales/receipts arnd other non-oparating income. 5.The optional stanrlard decuction is computed as 60% of net sales. 6. A sole proprietor business acquired a vehicde for use in business during the year. The business is ot allowed to decluct the acquisition cost of the vehicle for taxation puiposes but is allowed to decduct the depreciation experse therefrom. 7. The parsonal exparses of the sole proprietor are allowed as…
The following information pertains to X's defined benefit pension plan: Prepaid pension cost at the start of the year Current service cost Interest expense related to plan Actual income on plan assets P2,000 19,000 38,000 22,000 52,000 40,000 Past service cost Current year contribution 3) In its current year Balance sheet, what amount should X report as pension cost? a. 45,000 b. 49,000 C. 67,000 d. 87,000

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