Identify the following statement that is false.   a. If an employer is not required to withhold income taxes from an employee’s wages, the wages are not taxable to the employee.   b. In certain situations, income tax withholding by an employer is voluntary.   c. An employer must deposit with the government an amount of FICA tax that is twice the amount withheld from the employee’s salary (i.e., the employee’s and employer’s shares).   d. If an excess amount of FICA is withheld for an employee because the employee has multiple jobs, the employee may claim a credit for the excess amount withheld on his or her income tax return.

Which of the following are not included in an employer’s payroll tax expense? a) state income taxes b) employer portion of FICA taxes c) state unemployment taxes d) federal unemployment taxes

The salaries of the Chief Justice and associate justice of the Supreme Court are tax-exempt because they are employees of the government. TRUE OR FALSE?

Employers are responsible for paying FICA taxes, but are not responsible for paying state and federal unemployment taxes. True or false

1. It refers to all remuneration for services performed by an employee for his employer under an employee-employer relationship unless exempted by the NIRC and pertinent laws.   Salary Gross compensation Net compensation Any of the above   2.Statement 1: To compute the taxable compensation, compensations which are exempted from income taxation must be excluded from the gross compensation. Statement 2: The gross compensation technically includes taxable and non-taxable compensation.   Both statements are true Both statements are false Only statement 1 is true Only statement 2 is true   3. Statement 1: The mandatory contributions such as the SSS, Philhealth, Pag-ibig may be reduced or removed by agreement of the employer and employee. Statement 2: In case employee agrees to increase his mandatory contributions to more than what the law requires, the excess contribution over the amount required by law shall still form part of the…

alculator Which of the following is not a preparer penalty? a.Tax preparers may be assessed a penalty for endorsing or cashing a refund check issued to a taxpayer. b.Tax preparers may be assessed a penalty for failing to give the taxpayer the preparer's workpapers. c.Tax preparers may be assessed a penalty for failing to keep a copy of the prepared return. d.Tax preparers may be assessed a penalty for failing to sign a tax return.

A landlord who receives prepaid rent is required to report that amount as gross income when the payment is received. Why would Congress choose to do this? What problem does this create for the taxpayer? C O A. Congress taxes prepaid rental income due to the concern that taxpayers who spend the money will be unable to pay the tax when t comes due. The problem created for taxpayers is that they are taxed before they incur related expenses, such as repairs, insurance, and depreciation. Therefore, there is a mismatching of revenue and expense. O B. O C. Congress taxes prepaid rental income to collect more taxes from a taxpayer by increasing their tax bracket with the additional income. The problem this causes for the taxpayer is inconsistent taxable income from year to year and increases the risk of an audit. O D. Congress taxes prepaid rental income due to numerous landlords not reporting this income in the following tax year. The problem created for taxpayers is that they are taxed…