Concepts in Federal Taxation 2019 (with Intuit ProConnect Tax Online 2017 and RIA Checkpoint 1 term (6 months) Printed Access Card)
26th Edition
ISBN: 9781337702621
Author: Kevin E. Murphy, Mark Higgins
Publisher: Cengage Learning
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A local politician claimed, “to reduce the government’sdeficit, it’s time we require companies to start payingtheir deferred income tax liabilities.” Explain to thepolitician what deferred income taxes represent and whythey should not be viewed as accounts payable to thegovernment.
The net effect of the Tax Cuts and Jobs Act (TCJA) was to:
Multiple Choice
Neither of these choices are correct.
Both of these choices are correct.
eventually trickle down to worker’s wages.
cut corporate taxes.
23. When considering tax planning ideas related to employment status, which of the following factors is a reason to favor classifying workers as independent contractors?
a.The company can avoid unreimbursed business expenses.
b.The company can avoid payroll taxes and circumvent a myriad of state and local laws.
c.The company can avoid having services performed by more than one party.
d.The company can avoid payroll taxes but not circumvent a myriad of state and local laws.
e.The company must furnish tools or equipment or a place to work.
Chapter 6 Solutions
Concepts in Federal Taxation 2019 (with Intuit ProConnect Tax Online 2017 and RIA Checkpoint 1 term (6 months) Printed Access Card)
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- Which is not correct? a) The fringe benefit tax by nature is a final tax. b) The personal expenses of a managerial employee shouldered by the employer are subject to fringe benefit tax. c) Employees do not need to file income tax returns to report the fringe benefit. d) The monetary value of the fringe benefit is multiplied by the fringe benefit tax rate.arrow_forwardJackie, during one of your talks, shared that she is so frustrated with taxpayers who are trying to get away with their taxes reasoning that the government is in need of funds to finance its pandemic response. You then explained, given that you are about to finish your Income Taxation course, that it is not always the case that the government collection is affected by tax escapes employed by taxpayers. Which of the following should you not include as an example to explain your case? A. tax dodging B. tax transformation C. tax shifting D. tax capitalizationarrow_forwardJackie, during one of your talks, shared that she is so frustrated with taxpayers who are trying to get away with their taxes reasoning that the government is in need of funds to finance its pandemic response. You then explained, given that you are about to finish your Income Taxation course, that it is not always the case that the government collection is affected by tax escapes employed by taxpayers. Which of the following should you not include as an example to explain your case? tax shifting tax transformation tax capitalization tax dodgingarrow_forward
- A proposal to eliminate the tax deduction for charitable contributions would cause a negative impact on physicians’ salaries. the number of patients paying out of pocket for cosmetic surgery. the number of self pay hospital patients. hospitals budget for philanthropic donations. nurses duties.arrow_forward. If a fringe benefit involves a deduction from employee pay, which of the following is true? A. Employers may only offer the benefit to certain classes of employees. B. The employee must enroll in direct deposit for their pay. C. The fringe benefit must be subject to income tax. D. The amount of the deduction must be listed on the employee's pay advice. 2. The ________ determines when benefit amounts should be withheld from employee pay. A. employee B. employer C. IRS D. State in which the business is conductedarrow_forwardA positive-balance employer has: a. an employee development program that promotes work-life balance and leadership skills. b. a reserve account whereby the benefits paid out are less than the taxes paid in. c. a reserve account whereby the benefits paid by the state = the taxes paid in. d. a reserve account whereby the benefits paid out exceed the taxes paid in.arrow_forward
- True or False:1. Tips received by waiters in restaurants are not subject to income tax because they are actually donations coming from customers.2. Representation and Travel Allowance (RATA) of government officials are subject to income tax.3. A general professional partnership is taxable also as a corporation.4. In a merchandising business, gross income means the total sales, less cost of sales plus any income from investment and other incidental operations.5. Employees of BIR are disqualified to receive reward as tax informersarrow_forwardWhich one of the following statements is TRUE? O a. An example of an agency relationship is when a supervisor hires a forklift operator. b. An example of an agency cost is when the board of directors pays a dividend to shareholders. • c. An example of an agency relationship is when a private individual hires a lawyer to prepare her defense d. An agency cost is the wage required to pay someone who is hired to perform a service. e. The supervisor-emplovee relation between a production line supervisor and a production line operator isarrow_forwardThe main objective of most for-profit businesses is to maximize: O the number of happy, satisfied employees O tax revenues for the Federal Government O the social conscientiousness of members of society O Profits (which become available for distribution to the owners)arrow_forward
- Whilst searching for related literatures for her thesis study, Jackie found a tax law which provides that proceeds from the collection of taxes are to be used to rehabilitate a private organization under financial stress.This clearly violates what constitutional right? right against self-incrimination right to equal protection of the law right to due process right to just compensationarrow_forwardWhich of the following is not considered a purpose of taxation? A. To regulate B. To make the poor poorer C. To minimize the adverse effects of certain activities D. To have an equitable distribution of wealth among inhabitants True or False: You are employed. The Income tax on your salary is required to be paid at the Mayor’s Office.arrow_forward
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