Which of the followings is included in taxpayer’s gross income (i.e., taxable)?

Q: the income is derived solely and exclusively from emoluments, from which tax at source is deducted…

A: Tax at source refers to the system in which taxes are withheld or deducted by the payer of income…

Q: Issue:  Under the Federal Insurance Contributions Act (FICA) every person is an employer if the…

A: 1) a) Federal Insurance commitments act is a US law that orders charge demand on the pay rates Wages…

Q: Identify two different types of deductions that an employer is required to subtract from a

A: There are several deductions from paycheck but two are absolutely necessary other are optional.

Q: One limitation, on the deduction for self-employed insurance, is that taxpayers cannot deduct the…

A: Self-employed individuals may be able to deduct their health insurance premiums as an above-the-line…

Q: Identify a false statement:  a. If taxpayer derives income from employment only, any other income…

A: Taxable income refers to the income on which the taxpayer is liable to pay tax to the collecting…

Q: employee's take-home pay is equal to gross pay less all voluntary deductions. True False

A: As per US federal tax law the employee will get paid of salary after deducting the some taxes that…

Q: health insurance plan is also available. b.Long-term care premiums may not be deducted within…

A: In a nutshell, the self-employed health insurance deduction allows self-employed people to deduct…

Q: Under IAS 19 Employee Benefits, how is actuarial gain or loss handled?   amount falling outside…

A: IAS 19 deals with the employee benefits. It includes the pension, benefit plans and gratuity etc.

Q: What is the consequence of the purchases of a OPT-taxpayer from a VAT taxpayer?

A: VAT Taxpayer: In the European Community, the Value Added Tax, or VAT, is a wide ranging taxation…

Q: Which of the following is deductible from gross income? O Loss from a business receivable from a…

A: Gross income : It is the income which is taxable before allowing any deductions.   Deduction are…

Q: a. i, ii and iv

A: The correct answer is (a) i, ii and iv.

Q: Select all of the following that qualify as Exclusions from Income that can be excluded in…

A: Gross income refers to the income of an individual or a company from all the resources. This income…

Q: at income be recognized when it is made available to the cash basis taxpayer even though there are…

A: The correct answer is  True    Explanation:  ruling is applicable only to the taxpayer who would…

Q: An independent contractor or self-employed person's employer is not required to deduct taxes, CPP,…

A: Benefits provided by employers when an employee works for a company, then every employer has to…

Q: Which of these statements are correct?   A contract for service is an independent contractor; the…

A: In a contract of service, the employer and employee acknowledge that the employee will perform…

Q: deductions from gross income? *

A: Correct Answer :- C   discounts given to senior citizens on certain goods and services.

Q: Which of the following is a true statement? Multiple Choice Rental expenses are deducted for AGI but…

A: It is the tax payable by the taxpayer, who is self-employed. As per the provisions of IRS, the…

Q: Which of the following fringe benefits provided by an employer would result in taxable income to an…

A: The objective of the question is to identify which of the given fringe benefits provided by an…

Q: Which of the following is not subject to self-employment tax? a. Gain on the sale of real estate…

A: Self-employment tax: It is a tax levied on the income generated from self-employment. A tax of 12.4…

Q: Which of the following should not be claimed as deductions from gross income?   A. Interest payment…

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

Q: Which of the following is an adjustment that will generally result in lower tax liability for an…

A: A tax is a charge which is levied by the government on the taxable income of a taxpayer. A tax…

Q: One of the following is not a requisite for deduction of Premium Payments on Hospitalization and…

A: Concept of deductibility of insurance premium.

Q: posit for their pay. C. The fringe benefit must be subject to income tax. D. The amount of the…

A: 1  The right answer is D. The amount of the deduction must be listed on the employee's pay advice. 2…

Q: In terms of the tax formula applicable to individual taxpayers, which, if any, of the following…

A: Deductions for AGI means above the line deduction which a taxpayer can deduct from his gross income…

Q: Which expense is an option company's can choose to offer for their employees:

A: Q1 answer is Option D) Medicare  Q 2 statement is False

Q: Which of the following is correct?    a. A person with vatable sales or receipts not exceeding the…

A: Value-added tax: The value-added tax refers to an indirect tax or sales tax that lived on the…

Q: The Federal Insurance Contributions Acta.  requires employer FICA liabilities to be recorded upon…

A: The correct answer is Option (d).

Q: Payments by employers of premiums on life insurance for employees are not taxable benefits. Select…

A: Tax deductible Expenses: Expenses that are deductible for tax purposes include those deemed…

Q: Which of the following is accurate advice for a client who is considering a nonqualified deferred…

A: NQDC plan is a plan that provides additional retirement benefits and long-term or mid-term incentive…

Q: Generally, all deductions made from an employee's gross pay are required by law. True False

A: Gross pay or salary refers to the total amount which is mentioned in the employment contract…

Q: Define the term constructive receipt. Explain its importance. Explain three restrictions on the…

A: Constructive receipt- Under this concept, it is assumed that a taxpayer has received income, even if…

Q: Which of these statements are correct? i. A contract for service is an independent contractor; the…

A: i. A contract for service is an independent contractor; the contractor is responsible for filing…

Q: TRUE OR FALSE Interest on loan to purchase office equipment may be deducted as an expenses or…

A: solution : correct answer is TRUE Interest on loan to purchase office equipment may be deducted as…

Q: Manuel pays insurance premiums for his employees. What type of insurance premium is not deductible…

A: Non deductible insurance premium A individual insurance premium is the kind of insurance premium…

Q: Do income exclusions provide taxpayers “tangible” benefits Is the IRS appearing to be socially…

A: Net Income The net earnings a corporation receives from its business operations are known as net…

Q: Which one of the following is not true of itemized deductions of an individual taxpayer?…

A: The third option statement is incorrect, that is, residential interest is a common example of an…

Q: substituted Filing of Tax Return is applicable

A: First option is wrong because the substituted filing of tax return is available to the employee who…

Q: Which of the following is NOT true about an RESP? Select one: a. Withdrawals are taxed in the hands…

A: Analysis of the options:Option a. Withdrawals are taxed in the hands of the beneficiary:In reality,…

Q: Employer gave a certain car to its employee in consideration of the latter's services rendered to…

A: The correct answer is given in the following steps for your reference

Q: The QBI deduction will reduce both the income tax and self-employment taxes owed by a self-employed…

A: Answer:   False.

Q: Which of the following statements regarding the home office deduction is true? In order to qualify…

A: As long as they comply with IRS standards and maintain appropriate records, small company owners and…

Q: Meals as a condition of employment test triggers the exclusion of non-taxability. O True O False

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

Q: If an employer does not deduct taxes and contribution from an employee. The employee has the…

A: In the context of employment, deductions typically refer to amounts that an employer withholds from…

Q: Identify the following statement that is false.   a. If an employer is not required to withhold…

A: Withholding - Withholding is the portion of an employee's wages that is not included in his or her…