What categories of expenses are represented on the Schedule A for itemized deductions?

Q: accounting income and taxable income?

A: Accounting Income -: Accounting Income is the revenue a firm earns or keeps after paying off all…

Q: What types of ordinary and statutory income do not constitute assessable income?

A: Ordinary Income is that income which is taxable at ordinary rates or earned from working. Like…

Q: Find the gross income, the adjusted gross income, and the taxable income.

A: Answer: Gross income is the total earned income. When any exempt income is adjusted in gross income,…

Q: How much shall form part of the ordinary allowable itemized deductions from gross income?

A: Deductions are the amount of money which has been allowed by the tax authority through which the…

Q: Compute the taxable income subject to regular income tax

A: Taxable income: It implies to the income of the taxpayer that is charged or subjected to income tax…

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: What is BIR Form 1701 and 1701a and its importance? What are considered as Taxable Income in BIR…

A: SOLUTION- BIR FORM NO 1701 , ALSO KNOWN AS ANNUAL INCOME INCOME TAX RETURN FOR INDIVIDUALS…

Q: Explain and what is the calculation of the following. Total Assessable income Deductions Total…

A: Tax has to be paid by all people and entities whose income or earnings crosses that minimum tax…

Q: What AMT adjustment items are likely to affect all taxpayers who itemize their deductions? Please…

A: AMT(ALTERNATE MINIMUM TAX) The purpose of AMT is to ensure everyone pays a minimum amount of tax. It…

Q: Which of the following payment is a capital expenditure and not deductible under profits tax?

A: 1(a)  Payment to a departing employee agree for not competing with the company.   1(b)  1,3 and 4…

Q: When is a receivable recognized for property tax assessments? When is the revenue recognized?

A: Property tax assessment is the process of evaluating the property for tax purposes. Then an…

Q: Describe the difference between the standard deduction and itemized deductions. How should a…

A: Lets understand the basics. In US taxation, there are two type of deduction specified. Tax payer can…

Q: Which of the following is not an expense excluded when calculating EBITDA? Depreciation expense,…

A: EBITDA is the earning available to compare the profitability of various companies, this eliminates…

Q: Additional disclosures are required pertaining to the income tax expense reported in the income…

A: The company must disclose all additional information regarding the income tax expenses reported in…

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: Should options given as part of compensationpackages be reported on the income statement asan…

A: Stock options are recognized as a compensation expense in the financial statements of a company.…

Q: Discuss the primary differences between U.S. GAAP and IFRS with respect to accounting for…

A: Under IFRS, defined benefit plan assets are valued at fair value. Under U.S. GAAP, defined benefit…

Q: How do defreinciate between a accured income and prepaid income

A: Introduction: Accruals: Transactions recorded in the books but not yet received or paid cash called…

Q: How would you differentiate items that are exempted from gross income and items deductible from…

A: Items exempted from gross income refers to income which need not be part of income while calculating…

Q: compute the gross taxable income

A: As per Bartleby guidelines, in the case of multi-part questions, we are only allowed to answer the…

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: What is the amount of itemized deductions that can be claimed on the state return?

A: Itemized deduction is the amount of deduction that is subtracted from the gross income and it…

Q: what are the legal provisions related to Taxable Income, Medicare Levy, and Medicare Levy surcharge?

A: Medicare Levy Medicare levy helps in funding the Australia's health system known medicare Medicate…

Q: Discuss how a deferred tax provision can arise under IAS 12, Income Taxes, and the available methods…

A: the above requirement are discussed below

Q: What are some of the reasons that the components ofincome tax expense should be disclosed and a…

A:

Q: Which travel expenses are deductible and which ones are not? Provide reasons for both deductible and…

A: The travel expenses are costs usually related to the purpose of traveling for business-related…

Q: What is the difference between a future taxable amount and a future deductible amount? When is it…

A:

Q: Lists some common expense-related deferred tax liabilities.

A: Deferred Tax Liability: It refers to the obligation that is to be paid in the future time period.…

Q: What Is A Deferred Tax Liability And What Is Its Purpose?

A: Liabilities: The claims creditors have over assets or resources of a company are referred to as…

Q: Explain why you would prefer to have an expense labeled as an adjustment to income instead of being…

A: There are two ways in which you can reduce the tax liability. The first one is by reducing the…

Q: What formula is used to “gross-up” supplementalpayments in order to cover the taxes on the…

A: The term "gross-up payroll" indicates a rise in basic pay that is done on purpose in order to lower…

Q: What is the definition of 'taxable income'?

A: Income: Income includes the income of an individual in the form of wages, salary, pension, etc. The…

Q: Personal expenses are deductions:     a. for AGI     b. always deductible.     c. Deductions…

A: Personal expenses are always not deductible. Personal expenses are incurred for personal purpose…

Q: What aree the procedures in the computation of gross taxable income and tax due in the situation or…

A: Compensation is the income which is earned by the person from the employment work means the…

Q: What is the permanent difference between pretax accounting income and taxable income?

A: A permanent difference is a difference between pretax financial income and taxable income in an…

Q: Explain the difference between pretax financial income and taxable income.

A: Pretax financial income: Income that is computed based on the records and documents presented by an…

Q: List expenses that will be deductible for normal or income tax purpose

A: The above question mainly deals with expenses that will be deductible…

Q: Compute for the taxable income

A: Tax is paid by the company on the taxable income earned during the relevant period by the taxpayer.…

Q: What is BIR Form

A: BIR Form No. 1701, Also known as, Annual Income Tax Return For Individuals (including MIXED Income…

Q: What is generally not a deductible business expense on Schedule C?

A: The sole proprietor type businesses are not allowed to get deduction under Schedule C.

Q: Match the following income and deduction items with their associated forms.

A: Tax Forms:- these are the forms that are used to file the taxable income and other deductions in the…