Which is not a source of federal revenue? Employment taxes Estate and gift taxes Taxes on individuals Sales taxes

Q: How does the cash basis method of accounting benefit small business owners, if at all?   Under…

A: "Since you have asked three independent questions, the first question was answered for you. If you…

Q: What do you think is the reason why governments grants "exclusion from the gross income

A: Possible reasons why government grants exclusions from gross income can be as follows.  1) To…

Q: what are the advantages and disadvantages of the payroll tax deferral?

A: Highlights of the payroll tax deferral scheme:- It applies to all those employees whose before tax…

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: What are some of the notable characteristics of tax?

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

Q: Explain the difference between an individual and a corporation or society when filling taxes.

A: Individual Taxpayer: A taxpayer is someone who owes money to the federal, state, or municipal…

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: Deferred taxes result from different methods applied for taxable income and income for financial…

A: Deferred taxes represent temporary differences in income recognition for tax and financial…

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: 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: how is the US income tax system unique?  Do you think it is good for tax payers?

A: The US Income Tax system is a robuts and strong system and the federal income tax is the largest…

Q: What is the term for the employer's mandatory payroll taxes that the government has written into…

A: A payroll tax is a percentage withheld from an employee's pay by an employer who pays it to the…

Q: Income is taxable, unless specifically included in the IRS.  What are some examples of tax…

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

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 refunds is not subject to income tax a, Local tax expense b.Special…

A: Answer: Th refund which is not subject to income tax are those amount for which earlier deduction…

Q: who are benefits or do not benefit from payroll tax deferral?

A:

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: Why do deferred taxes arise

A: The deferred taxes usually arise when there is balance of over or advance payment of taxes to an…

Q: Which of the following is subject to the creditable withholding tax system?

A: Creditable withholding tax is an advance income tax of the particular tax payee. This would mean…

Q: Real property tax is an example of a national tax. * A. True B. False

A: In United States, US taxes are generally levied by local government authority. This property tax is…

Q: why transport and traveling are not allowable for tax purposes

A: Transport and traveling expenses are typically not allowable for tax purposes because they are…

Q: what is the disadvantage of not providing deferred tax?

A: Deferred tax is an accounting method used to recognize the effect of taxes on the financial…

Q: Which tax is NOT withheld from an employee?  Select one: Federal tax State tax Mortgage tax All of…

A:

Q: What is the principle behind IRS tax free or tax deferred transaction

A: An individual retirement account is a financial instrument created for people to save for their…

Q: Briefly describe why the obligation to pay taxes for citizens who have taxable income is a form of…

A: What is Taxation?  Taxation is a not a word it means when an authority i.e respective government ,…

Q: ollowing types of expenses is deductible? Group of answer choices   A.Bribes & Illegal Kickbacks…

A:

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: 1) Class, what are transfer taxes? What is the purpose? When and how might they apply? 2) Share…

A: Hello. Since your question has multiple parts, we will solve the first question for you. If you want…

Q: While earnings on assets held in a Tax Free Savings Account (TFSA) will not be taxed while the…

A: False

Q: What was the federal tax refund

A: This is the follow-up question and now the question is regarding the federal tax refund. This is the…

Q: As You Read QUESTION What could happen if your employer did not deduct federal income taxes from…

A: Introduction:- A paycheck, also known as a paycheck is a paper document issued by an employer as…

Q: Describe the presentation of deferred income taxes in financial statements.

A: Deferred tax asset: The deferred tax asset is the excess, overpaid, or paid in advance expenses.…

Q: What problems might create from payroll tax deferral?

A: Highlights of the payroll tax deferral scheme:- It applies to all those employees whose before tax…

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: 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: What is a temporary difference related to deferred taxes?

A: Deferred Taxes:   The timing difference of tax effect called Deferred tax. Its recognized on all…

Q: How are deferred tax assets and deferred tax liabilities reported on the statement of financial…

A: Deferred tax accounts has to be reported on the balance sheet of a business. It must be classified…

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: Internal revenue taxes are national taxes. a. True b. False

A: Internal Revenue Taxes:- At the national level, taxes imposed and collected in respect of the…

Q: What are the constitutional limitations on the State's power to tax

A: Constitution of the United States: The Constitution of the United States is the preeminent law of…

Q: What are some common taxpayer penalties?

A: Common taxpayer penalties are those fines or penalties which are to be paid in case of non…

Q: How do "sales tax-free" days  impact our government?

A: sale tax free day means there will be no tax on certain items for cetain period of times. all those…

Q: Why might the effective tax rate paid on income earned within a country be different from that…

A:

Q: Vat tax - the popularity of this type of tax, the nature of this type of tax and the effect on…

A: Value Added Tax (VAT):  It is a consumption tax placed on manufactured goods, at whatever time value…

Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.