$1: Fees received by professionals in their practice of profession are treated as compensation income S2: Gifts, bequests and devises are subject to basic tax. S1 is true: S2 is false S1 is false: S2 is true
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- 25. S1: Proof of deductions is mandatory. S2: Deductions are liberally construed in favor of the taxpayer. S3: All deductions are based on actual expenses incurred. Group of answer choices c. Only S3 is true d. All is false b. Only S2 is true a. Only S1 is true19. S1: The salaries of the Chief Justice and associate justices of the Supreme court are tax-exempt. S2: The salary of the Commissioner of Internal Revenue is exempt from income tax. Group of answer choices d. Both are false c. Both are true a. Only S1 is true b. Only S2 is trueGroup 1: Multiple Choice Questions LO 2.1 The definition of gross income in the tax law is: All items specifically listed as income in the tax law All cash payments received for goods provided and services performed All income from whatever source derived All income from whatever source derived unless the income is earned illegally LO 2.1 Which of the following is not taxable for income tax purposes? Prizes Severance pay Gifts Partnership income All of the above are taxable LO 2.1 All of the following items are taxable to the taxpayer receiving them, except: Life insurance proceeds Unemployment compensation Embezzled funds Prizes Gambling winnings LO 2.1 Which of the following types of income is tax exempt? Unemployment compensation Income earned illegally Dividends from foreign corporations Municipal bond interest Dividends from utility corporations’ stock LO 2.1 Which of the following is included in gross income? Loans…
- Ma3. e general rate reduction applies ONLY to ________. Question content area bottom Part 1 Choose the correct answer. A. income of CCPCs B. capital gains C. property income of Canadian corporations D. income of corporations that is NOT subject to other tax benefitsProblem 1-52 (LO 1-5) (Algo) Given the following tax structure: Taxpayer Salary Total tax Mae $ 32,000 $ 3,200 Pedro $ 49,000 ??? Required: What is the minimum tax that Pedro should pay to make the tax structure vertically equitable based on the tax rate paid? Note: Round your final answer to nearest whole dollar amount.Question 2a) Income tax is calculated as follows;Taxable Salary Rate of Tax (GH¢)First 1000 0. 05Next 1,000 0.10Next 3,000 0.25Next 4,000 0.40Remainder 0.60Calculate the tax on a taxable salary of;i. GH¢ 2,450ii. GH¢ 10,500 with GH¢ 450 as none taxable allowance. b) A card is picked at random from cards numbered from 1 to 20. Find the probability that the number on the card isi. divisible by 5ii. a prime number c) Find the following probabilities; P(0 < z < 2.32)
- Determine if this shall result in recognition of liabilities 11. withholding of taxes on employees' compensation a. yes b. noProblem 8-68 (LO 8-3) (Algo) [The following information applies to the questions displayed below.] Eva received $64,000 in compensation payments from JAZZ Corporation during 2021. Eva incurred $6,500 in business expenses relating to her work for JAZZ Corporation JAZZ did not reimburse Eva for any of these expenses. Eva is single and deducts a standard deduction of $12,550. Based on these facts, answer the following questions: Use Tax Rate Schedule for reference.(Leave no answer blank. Enter zero if applicable. Round your intermediate and final answers to the nearest whole dollar amount.) d. Assume that Eva is considered to be a self-employed contractor. What is her regular tax liability for the year?8. S1: Fringe benefit that is exempt from fringe benefit tax is likewise exempt from any other form of income tax. S2: Any amount given by the employer as de minimis to its employees, shall not constitute as deduction upon such employer. Group of answer choices a. Only S1 is true c. Both are true d. Both are false b. Only S2 is true
- Q.1.1 The government announced a change to the tax law which will have a significanteffect on the value of current tax expense that the company will pay in future years. For each of the events described above, discuss whether an adjusting or non‐adjusting eventoccurred. In order to get the mark allocated you will need to justify why you believe the event is either an adjusting or non‐adjusting event.Where the events are adjusting, describe the adjustment that must be made as well as theamount and where the events are non‐adjusting, discuss whether any disclosure needs to bemade in the notes to the financial statements. Justify your answers.Question2: Income tax The taxable income of Ahmed, Badriya and Sameer is $20,000, $45,000, $100,000 respectively. Use the following tax rates: 5% for income from 0 - $20,000 10% for income from $20,001 - $50,000 15% for income above $50,000 Calculate the tax payable by each person. Explain the type of taxation system applicable in this situation. Is this system of taxation fair? Explain why this system is being criticised?H6. 13 A claim for refund is a request for reimbursement of the overpayment of taxes paid in previous years. To be valid, a claim for refund must include which of the following features? Select one: a. The claim for refund can be made by telephone or in writing. b. The claim for refund must be signed only by the taxpayer c. The claim for refund must be filed within the set statute of limitations d. All of the above are correct Please explain also wrong options and explain with details