What is BIR Form 1701 and 1701a and its importance? What are considered as Taxable Income in BIR Form 1701 and 1701a? What are the deductions to the Taxable Income made in BIR Form 1701 and 1701a?   NOTE: Include in the answer the effects of CREATE LAW, cite as many as you can on the impact of this law

Q: Discuss and explain how a revenue account for one taxpayer may be of a capital nature for another…

A: Taxable Income- Taxable income is a specific portion of the revenue earned by an organization or an…

Q: Gains and losses derived from sale or exchange of ordinary assets are included in the computation of…

A: Ordinary assets are those assets or the properties used in the trade or business which is primarily…

Q: What are the deductions to the Taxable Income made in BIR form 1701 and 1701A?

A: SOLUTION- FORMULAS FOR TAXABLE INCOME -   ITEMIZED DEDUCTION = TAXABLE INCOME =GROSS SALE - GROSS…

Q: What are the different kinds of payments that are taxable or non taxable under the FU

A: Payments that are non taxable / exempt under the FUTA are as follows dismissal payments wages…

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: 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: sic Re

A: Basic Real Property Tax Property tax is the amount that is paid by the land owner to the municipal…

Q: What is the main principle of tax-effect accounting as outlined in AASB 112/IAS

A: Answer: According to data - This report discusses the main principle of tax effect accounting and…

Q: In lieu of itemizing  deductions, a taxpayer can elect to use or claim:     a. deduction for AGI…

A: Taxpayer can choose itemized deduction in lieu of standard deduction. Itemized deduction means those…

Q: How are payments of alimony and separate maintenance under agreements and modifications finalized…

A: Alimony Payment -  It is a payment between current or former spouses as the result of a marriage…

Q: What are considered as Taxable Income in BIR Form 1701 and 1701a? What are the deductions to the…

A: Taxable income is the income on which the tax amount is computed which is paid to the government.…

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: Should non-qualified education expenses be taxable in full?

A: Qualified education expenses includes amounts paid for tuition, fees, and other related expenses…

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

A: Definition: Income tax: Income tax refers to the direct tax levied on individual persons or…

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: Define taxable income

A: Taxable Income: The amount of adjusted gross income that is liable to be taxed is known as taxable…

Q: What is ‘fringe benefit tax’(FBT)? Explain atleast five main salient features of the FBT?

A: Fringe Benefit Tax: It refers to a tax which an employer needs to pay on the value of fringe or…

Q: What is considered as Taxable Income in BIR form 1701 and 1701A?

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

Q: What is ‘fringe benefit tax’ (FBT)? Explain

A: Answer: FRINGE BENEFIT TAX IS PAID BY EMPLOYERS ON CERTAIN BENEFITS THEY PROVIDE TO THEIR EMPLOYEES…

Q: Property is classified in several different ways and for several different pur-poses in the federal…

A: Taxable income is the measurement of income which is used to calculate the amount of tax that needs…

Q: What are the general requirements regarding income, investments, and dividends with which a REIT…

A: Introduction: Real estate investment trust is a company that owns or primarily operates real estate…

Q: 26. Which of the following differences would result in future taxable amounts? * a. Expenses and…

A: Deferred Tax Liability:The company record deferred liabilities when there's a short lived difference…

Q: Which of the following differences would result in future taxable amounts? * a. Expenses and losses…

A: If Expenses or losses that are deductible before they are recognized in financial income, it would…

Q: UberCo agrees to the additional request. Which answer below most accurately characterizes this…

A: Merger and acquisition is the type of business combination in which the one company acquires the…

Q: U.S. form 1040 or 1040EZ is the form for an individual tax retum. O True O False

A: Answer -  The IRS 1040 form of Income tax return is one of the official documents that U.S.…

Q: distinguish between temporary and permanent diff erences in pre-tax accounting incomeand taxable…

A: Taxable income is the income on which the assessee is liable to pay Income tax. It is the base upon…

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

A: Compensation Income According to TRIN Law compensation income which includes salaries and wages…

Q: x invoic

A: A tax invoice is a statement issued for the delivery of taxable goods and services. A tax invoice…

Q: Now what is FASB Codification 740-10-25-6? ( predecessor standard SFAS 109). How the temporary…

A:

Q: What is ‘fringe benefit tax’ (FBT)? Explain at least five main salient features of the FBT?

A: WHAT IS 'FRINGE BENEFIT TAX' (FBT) ? FRINGE BENEFIT TAX IS IS THE TAX LEVIED ON ANY CONSIDERATION…

Q: define what is taxable temporary difference

A: Deferred tax liability: Deferred tax liability is created, if the tax obligation (income tax…

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: Compute Cramer's federal taxable income and regular tax liability. Prepare a Schedule M-1, page 6,…

A: C Corporation Amount ($) Net Income after Tax          10,00,000 Add:   Federal…

Q: fringe benefit tax

A: Tax deduction refers to the claims which are to be made as a reduction in the amount of taxable…

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: 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 are the differences between the following components of taxable income                   o…

A: Difference between the Deductions for AGI and Deductions from AGI: Deductions for AGI are also…

Q: Explain when a full tax invoice and an abridged tax invoice is requir

A: A tax invoice is a statement issued for the delivery of taxable goods and services. A tax invoice…

Q: Please critically evaluate and discuss in detail how a deferred tax provision can arise under IAS…

A: Typically, publicly listed corporations are held to high standards. Small and midsized enterprises…

Q: Which constitutes a taxable item of gross income? * Compensation for personal injuries Gain from…

A: Gross income: Gross income is the sum of all wages, salaries, profits, interest payments, rents, and…