income tax on individuals
Q: One of the bases that the legislator must take into consideration when developing tax legislation in…
A: Developing a tax legislation in any countryhas very wide scope and definition, therefore
Q: Which of the following statements best describes the process of tax planning? Oa. Tax planning is…
A: Given : a. Tax planning is the calculation of a taxpayer's marginal rate of tax.b. Tax planning is…
Q: It is a tax on a person's income, payments, profits arising from property, the practice of the…
A: The government imposes different types of taxes on people. Some taxes are in the form of direct…
Q: Which of the following is correct
A: All capital gains are not capital assets. Taxpayers not remits tax to government. Exempt from income…
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 deductible from gross income? * Community tax Excise tax…
A: Tax payer can deduct state and local income taxes, real property taxes, and personal property taxes…
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: Can you give one example of tax avoidance and what its effect on the tax collection of the country?
A: Tax avoidance is made before calculating actual tax liability.
Q: Which of the following statements is (are) correct? (x) Part of the administrative burden of a tax…
A: A mortgage is a contract between borrower and a lender that provides the lender the right to take…
Q: What is the maximum investment income a taxpayer is allowed to have and still be allowed to claim…
A: The federal government developed the earned income tax credit (EITC) to help low-income and some…
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 is not a goal of the tax law? a.Economic goals such as reduction in…
A: Solution: Following are the goal of tax law: 1. Economic goals such as reduction in unemployment. 2.…
Q: It is a tax on the value of an article increased at each stage of its production or distribution.…
A: Excise tax is a type of indirect tax employed in case of specific goods (eg. fuel, tobacco,…
Q: what is mean by Tax evasion and what reasons the people do this?
A: Tax obligation represents the liability of the taxpayer towards the government for the payment of a…
Q: When the law itself provides for non-payment of taxes, such tax escap known as: a. Tax evasion b.…
A: Introduction:- Taxation plays vital role in every organization. Every company desire to reduce tax…
Q: In the case of income tax there are high taxpayer costs but low government costs ? True or False
A: Income tax is known as the form of tax that is imposed on the income or profits of individuals or…
Q: Describe some reasons why it is a good idea to file a tax return if you have earned income, even if…
A: If there is no tax liability, even then the Income-tax return (ITR) is mandatory to file if the…
Q: Give an argument in favor of taxes on wealth like the estate tax. What potential problems would…
A: Wealth tax: It refers to the tax levied on the value of held assets. This will consist of the…
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: Explain the main differences between tax evasion and tax avoidance and list the main actions taken…
A: Tax evasion is the use of illegal methods of concealing income or information from the IRS or other…
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: Which of the following is tax credit or tax deduction or none: A reduction of the income subject…
A:
Q: the difference between “tax evasion”, “tax avoidance”, and “tax planning”.
A: The differences for terms tax evasion,tax avoidance and tax planning are shown below
Q: What is meant by two terms, ‘tax evasion’ and ‘tax avoidance’? Give your answer with examples of…
A: The financial position of the company can be arrived from the income statement prepared by the…
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: For the purposes of the Goods and Services Tax (GST), when a registered business makes an input…
A: For the purposes of the Goods and Services Tax (GST), when a registered business makes an input…
Q: earnings below a certain threshold are taxed. What is your opinion on the fairness of this tax?
A: social security tax is such type of tax in which a percentage of the gross wages that most of the…
Q: What are the determinants of Tax Revenue? Show how you can improve Tax Revenue.
A: Tax revenue is the revenue for the governmental authorities when income earners pay taxes as per the…
Q: Should the IRS and the Department of the Treasury consider alternative tax systems, such as Flat…
A: Taxes refers to the money or amount of sum that the government requires people or businessman as…
Q: Discuss how a sales tax is regressive.
A: 1. Regressive Tax - Regressive Tax is a tax on the amount which decreases subject to the amount…
Q: Which of the following statements is true? Deductions are amounts allowed by the NIRC to be deducted…
A: Losses from wagering transactions shall be allowed only up to the extent of the gains from such…
Q: Which of the following best reflects the ability-to-pay philosophy of taxation? a tax on…
A: The tax obligation levied on the residential property under capital taxation if the owner detains…
Q: Federal income taxes have a significant effect on businesses and investors, and affect the personal…
A: As in the given case if the situation of individual and corporation has been reached to 37% many of…
Q: deferred tax liability uses a. Expected future tax law, regardless of whether those expected laws…
A: Solution: Deferred tax liability is based on future taxable amounts which will be taxed in near…
Q: hat are some ways taxpayers can stay up to date on the federal, state and local tax laws applicable…
A: It is important for taxpayers to be aware of the various taxes applicable on them so that there is…
Q: Is the local property tax a regressive tax, or a progressive tax?
A: Progressive Taxes: Taxes that require high income groups to pay a larger percentage of income in…
Q: What is the statute of limitations for income tax returns
A: Given: The concept of a statute of limitations for the income tax returns.
Q: If a government wants to obtain the maximum tax revenue it should A. use static tax analysis. B.…
A: Answer: C) The government should strive to assess and increase tax rate to maximize the revenue. The…
Q: Which of the following taxes is allowed to be deducted from gross income derived from the exercise…
A: Income is earned through different sources all over the world. There are general areas that generate…
Q: the process of reducing the allowable deduction of interest expense by a certain percentage is…
A: the process of reducing the allowable deduction of interest expense by a certain percentage is…
Q: How might a reduction in future tax rates affect deferred tax assets in a way that reduces current…
A:
Q: Basic community tax is an example of while income tax is a kind of O Privilege tax; capitation tax…
A: Basic community tax is an example of Privilege tax while income tax is a kind of Capitation tax.
Q: Which is not a source of federal revenue? Employment taxes Estate and gift taxes Taxes on…
A: Taxes are the compulsory payment made by the assessee to the government. For example , income tax ,…
Q: What is the maximum investment income a taxpayer is allowed to have and still be allowed to claim…
A: Investment income cannot be more than $3,500 for the 2018 tax year to claim the earned income…
Q: Briefly explain the precise difference between a refundable vs. a nonrefundable tax credit. Provide…
A: A refundable tax credit is a tax credit that is refundable. First, a refundable tax credit is used…
Q: Which of the following are true about Deferred Tax Liabilities? (check all that apply) In the…
A: Deferred tax liabilities and deferred tax assets arise when there are timing differences between…
Q: In the case of property tax, government costs are low but taxpayer cost are high
A: Property tax levy is imposed primarily on land and buildings and also imposed on business,farm…
An example of a tax where the concept of progressivity finds application is the:
tax on certain articles.
amusement tax on boxing exhibitions.
excise tax on petroleum products.
income tax on individuals.
Step by step
Solved in 3 steps
- Based solely on the definitions in the chapter, is the sales tax a proportional, regressive, or progressive tax? Explain, and state how the tax might be viewed differently.Who is responsible for collecting sales and excise taxes? Who actually pays the tax?What are the advantages of an indirect tax such as the VAT compared with an income tax?
- The Social Security tax is often described as a regressive tax since only earnings below a certain threshold are taxed. What is your opinion on the fairness of this tax?Discuss how a sales tax is regressive.What is the burden of the tax? Explain the key factors that determine the incidence of the tax.
- Which from the following transactions may result to a business tax overpayment?A tax system where the percentage of tax is the same for everyone regardless of income or wealth is called: a.A Progressive tax system b.A Proportional tax system c.A Regressive tax system d.An Indirect tax systemExplain what the benifit is to having tax classified under statutory income. Aside from capital gains discounts that are applied, if you receive income that is classified under staturory income, what are the benifits over it being classified as ordinary income. provide an example.
- what is the disadvantage of not providing deferred tax?Which of the following is correct? a) An item of gross income that is subject to tax in one scheme will not be taxed by the other schemes. b) An item of income that is exempt from regular income taxation may be subject to capital gains taxation. c) In final income taxation, the taxpayer remits the tax to the government. d) All capital gains from capital assets are subject to capital gains tax.It is a tax on a person's income, payments, profits arising from property, the practice of the profession, conduct of a trade or business or on the relevant items of gross income included in the Tax Code of 1997 (Tax Code), as amended, less the deductions if any, authorized for such types of income, by the Tax Code, as amended, or other special laws. a. Excise Tax b. Personal Income Tax c. Consumption Tax d. Property Tax