Currently, sales subject to other percentage taxes to government agencies, and its instrumentalities including GOCCs is subject to a withholding tax at source at the rate of ___ percent.
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Currently, sales subject to other percentage taxes to government agencies, and its instrumentalities including GOCCs is subject to a withholding tax at source at the rate of ___ percent.
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- An income tax is an example of which of the following?a. Derived tax revenue.b. Imposed nonexchange revenue.c. Government-mandated nonexchange revenue.d. Voluntary nonexchange transactionAt the federal level, the single most important tax, accounting for slightly less than half of revenue, is the: Select one: O a. personal income tax. O b. sales tax. O C. property tax. O d. corporate income tax.Choose the best answer from the four choices Assuming that a government will collect its sales taxes in sufficient time to satisfy the “available” criterion, it would ordinarily recognize revenue from sales taxes in its governmental fund statements When the underlying sales transaction takes place On the date the merchant must remit the taxes to the government On the date the merchant must file a tax return When the taxes are received by the government Assuming that a government will collect its sales taxes in sufficient time to satisfy the “available” criterion, it would ordinarily recognize revenue from sales taxes in its government‐wide statements When the underlying sales transaction takes place On the date the merchant must remit the taxes to the government On the date the merchant must file a tax return When the taxes are received by the government
- The FASB requires a reconciliation between the effective tax rate and the federal government's statutory rate. Of what benefit is such a disclosure requirement?An income tax is an example of which of the following? Derived tax revenue. Imposed nonexchange revenue. Government-mandated nonexchange revenue. Voluntary nonexchange transaction.Arrange the following revenues in the federal government, from greatest to least: -excise taxes -miscellaneous revenue -customs duties -corporate income taxes -social security AND medicare taxes -individual income taxes
- All of the following are calculated on Form 990-PF, EXCEPT: Excise tax on investment income. Qualifying distributions made to accomplish an exempt purpose. Undistributed income. Unrelated business income tax.Which statement regarding the current Form W-4 is accurate? Answer: A. It uses fewer pieces of information than the previous version to determine federal income tax. B. It can be used with either the wage-bracket or the percentage method of determining federal income tax. C. When determining federal income tax using the wage-bracket method, you can refer to the same tax tables associated with the previous version. D. Unlike the previous version, it calculates the number of withholding allowances.Which among the type of taxes (national or local) do you think can be reduced, removed, or revised to the benefit of both the government and the common individual? Cite relevant sources such as previous research studies, taxation reform programs, and the like.
