1. Explain the accrual basis and cash basis. How can apply these two basis for the components personnel income? Is there any difference between personnel income tax and corporate income tax for applying? Explain the effects of these basis on the calculated tax amount?

Q: Which of the following task is facilitated by Taxation Accounting? a. Tax preparation and tax…

A: Taxation accounting refers to the rules and policies, regulations used to generate tax assets and…

Q: a. Calculate the firm's tax liability.

A: A firm's tax liability refers to the total amount of tax debt owed by corporation to a government.…

Q: When is a company allowed to initially recognize the financial statement effects of a tax position?

A: An entity shall initially recognize the financial statement effects of a tax position when it is…

Q: Explain how does the company’s effective tax rate calculated.

A: Effective interest rate:   An effective interest rate is the real return on savings account or any…

Q: MC: Topic: Income Taxation One of the following is a characteristic of a tax. * Based on contract…

A: Generally, Tax is a fee collected by the government from eligible citizens to provide public…

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: What are the objectives of accounting for income taxes?

A: FASB Summary of Statement No. 109 defines objectives of Accounting for Income Taxes.

Q: Which of the following is a correct formula to compute for total income tax expense?      a. Current…

A: >There are various timing differences between pretax income and taxable income. >These timing…

Q: Understand the estimate tax payment obligations of corporations.

A: Tax Obligation refers to a taxpayer's legal obligation under the tax code to compute the tax…

Q: Which of the following is not an income for income tax purposes?

A: Assuming the question related to tax in Phillipines ---…

Q: For federal income tax purposes, the difference between the total income and total expenses reported…

A: Accounting income is the difference between total income earned and total expenses incurred.

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: ansaction below, determine the tax type whether it is subject to Basic Income Tax (BIT),  Final…

A: Withholding tax is the tax which is deducted by the person incurring expense. When salary is paid by…

Q: For flow-though business entities with individual owners, how many times is flow-through entity…

A: Flow Through Entities: It is a legal business entity that passes income on to the owners of the…

Q: similarities between income taxation and business taxation?

A: Income taxation and business taxation are terms used related to taxation.

Q: Which of the following is added to a taxpayer’s gross income from business in computing the total…

A: Gross Income - It is the amount of total income earned during the particular period from all sources…

Q: What is an unrecognized tax benefit and how does it affect a company's current income tax expense?

A: The Meaning of Income Tax: FASB defines income tax as a tax on earnings. It is measured in terms of…

Q: Which of the following taxes would be deducted in determining an employee’s net pay? a. FUTA taxes…

A: Net pay: It can be defined as the amount that is taken by an employee to its home in the form of…

Q: What is the name of the amount of money that can bededucted directly from the computed tax, instead…

A: Tax or Taxes: Tax is an amount paid by the persons (individuals and business entities) to a…

Q: Briefly explain the concepts of accounting profit, taxable profit, temporary difference, taxable…

A: Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: Why is income the basis for tax? Explain concisely in 3-5 sentences.

A: Basis means anything that the govt uses to compute the tax.

Q: , whereby a taxpayer deducts the total amount of money spent on various expenses, such as gifts to…

A: Tax refers to the percentile form of the obligation imposed by the government over the income earned…

Q: Identify the correct formula about Income from continuing operation. Net profit before tax - sales…

A: Income from Continuing operation is the Oprating profit is the profit before tax

Q: Which is NOT a proper exercise of administrative feasibility? a. Electronic Tax Payment System…

A: There are three principles of a sound tax system a. Fiscal adequacy- the tax collected needs to be…

Q: Is the income tax expense shown in the income statement same as the income tax paid shown in the…

A:

Q: Discuss the tax treatment for business and investment expenses.

A: Tax treatments usually explain the procedural computation tax liability of an individual by stating…

Q: How is Gross Income defined in the Tax Code and what are the implications to individual and business…

A: Hi, since you have asked multiple questions, we are answering the 1st question for you. To get the…

Q: why the tax expense show in the income statement are different from tax paid in cash flow statement

A: Tax:   It is a compulsory payment imposed on individuals or entities on the basis of their income…

Q: How do you identify the similarities and difference between the corporate income tax formula and…

A: Corporate income tax: It is a tax levied on a corporation's earnings that is known as corporate…

Q: tequired A. Explain the difference between tax reliefs and tax credits

A: (a) In this question,I have explained the difference between tax credit and tax relief

Q: compute the total deductible expenses for purposes of determining che regular income tax due from X,…

A: Tax:- A tax is the compulsory payment which is imposed by the government on income and capital…

Q: How does the federal income tax system treat dividends receivedby a corporation versus those…

A: Income tax is the portion of income paid to the government or the authorized taxation bodies as the…

Q: Corporate taxable income is based on an income statement that is similar to income statements…

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

Q: plication? Tax laws imposing business tax Tax implementing rules and regulations that are remedial…

A: Explanation of concept Tax:- A tax is the compulsory payment which is imposed by the government on…

Q: The form of employees compensation ir relevant to tax deductibility of the firm true? or false?

A: The correct answer for the above mentioned question is given in the following steps for your…

Q: How does income taxation differs from transfer and business tax?

A: Income tax is a direct tax that governments impose on income generated by individuals and business…

Q: Net income after tax is: The difference of financial income and total deferred income tax expense.…

A: Net income is the amount of money earned by an entity after deducting its outlays from the revenues.…

Q: What is intraperiod tax allocation and why is it necessary? How is the income tax expense related to…

A: Income tax seems to be the amount of tax collected by the federal government on the earnings of…

Q: Which of the following statements is true regarding the calculation of a C corporation's taxable…

A: Here discuss about the treatment of taxable income for the C corporation and the details which are…

Q: Which of the following has a different treatment for cash and accrual basis of tax accounting?…

A: Under cash basis accounting, the transactions are recorded when the income is actually received or…

Q: The income and expenses of a corporation. For federal income tax purposes are referred to as what…

A: The term corporation, for federal income tax purposes, generally includes a legal entity treated as…