fringe benefit tax

Q: FUTA tax is paid by:

A: FUTA TAX: It is payroll tax paid by employers of the organisation.

Q: Rate of income derived by the assessed is taxable under the head of ?

A: The income which a person can earn during the period or even during the lifetime as per income tax…

Q: Describe the difference between a tax credit and a tax deduction Which is more beneficial to the…

A: Tax Deduction/Credit Tax deductions lowers the amount of tax owed where as tax credit  reduce the…

Q: Which of the following is not tax deductible? Gift tax Local income tax Real estate tax…

A: The objective of the question is to identify which among the given options is not tax deductible.…

Q: I. Compensation and business income are returnable income that are subject to final income tax. II.…

A: Taxable income A taxable income refers to the income on which the tax has been imposed. It is the…

Q: Explain the differences between a tax credit and a tax deduction. Which is better? List three…

A: Tax credit and tax deductions are often considered same but they are not interchangeable even though…

Q: How do I calculate the taxable income?

A: The IRS allows businesses to carry forward their net operating losses for a time period of 20 years…

Q: Is compensation income subject to final tax?

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: a. Deductions b. Exceptions c. Exclusions d. Any of the above

A: Computation of  Total Taxable Income  1 Income under head Salary XXXX 2 Income under head…

Q: Property taxes are considered: a. imposed tax revenues. b. derived tax revenues. c. voluntary…

A: Lets understand all the options. Imposed tax revenue is a revenue generated by the government based…

Q: Define Deferred tax asset.

A: Items on a company's balance sheet that may be used to reduce taxable income in the future are…

Q: Which of the following is an example of a regressive tax? a) Income tax b) Sales tax c) Property tax…

A: Regressive tax is tax system in which low-income earners have to pay a significantly higher portion…

Q: How did you find the taxable income in part a

A: Taxable income is the income that is subjected to tax. It is the amount of sales as reduced by cost…

Q: 1.The definition of gross income in the tax law is: A. All items specifically listed as income in…

A: "Since you have asked multiple questions, we will solve first question for you. If you want any…

Q: flat tax income tax property tax

A: A progressive tax is one in which the average tax burden grows in proportion to income.…

Q: Which of the following payments made by tenant would NOT be included as consideration for property…

A: Refundable deposit would not be included in consideration payment by tenant for property tax…

Q: Two reason why expenses may not be deductiable for income tax/ corporatiion tax purposes.

A: Deductible expenses: These include all the expenses that are allowed to be deducted from the gross…

Q: The unified tax credit can be applied against the:

A: The objective of the question is to understand against what the unified tax credit can be applied.

Q: Which of the following is an example of a regressive tax? a) Income tax b) Sales tax c) Property tax…

A: The objective of the question is to identify which among the given options is an example of a…

Q: Taxable income is a tax accounting term and is also referred to as income before taxes true or…

A: Tax Accounting is a distinct branch of accounting dedicated to managing tax-related aspects for…

Q: How did you determine the federal income tax amount?

A: The federal income tax is the tax which is payable over the taxable income of the person and this is…

Q: Distinguish between exemptions and deductions in determining taxable income

A: The determination of taxable income has a structured and tax laws guided process, this…

Q: Deferred tax liability

A: Correct Answer is :- C Deferred tax Liability.

Q: Read Section 1374 for built-in-gain tax 1. When does the tax apply?

A: The answer for the question on the Section 1374 for built - in - gain tax is given hereunder :…

Q: A tax structured so that people with the different incomes pay the same percentage of their income…

A: A tax structured so that people with the different incomes pay the same percentage of their income…

Q: Real property tax is an example of: Group of answer choices Property tax Excise tax Privilege tax…

A: Real property tax is the tax on real property like land and buildings, improvements, machinery, etc.…

Q: Who is responsible for substantiating income tax deductions and how are income tax deductions…

A: Introduction: Income is the money that a person or organization receives after investing capital,…

Q: If qualified dividends are part of taxable income how do you find the tax liability? Do you have to…

A: Step1: Dividend income is taxable but it is taxed in different ways depending on whether the…

Q: It is a kind of withholding tax which is prescribed on certain income payments and is creditable…

A: The question is related to the taxation.

Q: The federal income tax is

A: A progressive tax is the tax rate which increases as the income rises. Integrative tax is the tax…

Q: What is a deferred tax asset and how is the value created?

A: Deferred tax asset: When Income Tax Expense account is more than the Income Tax Payable account,…

Q: How do taxpayers determine whether they should deduct their itemized deductions or utilize the…

A: How do taxpayers determine whether they should deduct their itemized deductions or utilize the…

Q: Which of the following income is completely exempt from income tax?   Interest received from ISA…

A: "Completely exempt from income tax," means you don't have to pay taxes on that money you earn or…

Q: The tax rate that is applied against a prepayment penalty is the Group of answer choices  1)…

A: On the basis of a slab scheme, the Indian income tax levies tax on individual taxpayers. The slab…

Q: what are the amounts taxed to eaxh of the beneficiarys

A: Tax refers to the financial charge that is compulsory which is levy or imposed on the taxpayer…

Q: MC: Topic: Income Taxation Under this income taxation scheme, the full amount of tax is withheld by…

A: Taxes are the amounts due to be paid to government on account of income earned or on sale of goods…

Q: What valuation allowance is used with respect to a deferred tax asset?

A: Deferred tax asset: A deferred tax asset refers to an asset that is recognized due to a temporary…

Q: his is an item in the balance sheet relating to the unpaid portion of an income already taxed.…

A: Answer: Balance sheet consists of assets and liabilities as part of financials.