Explain the differences between sales taxes and excise taxes. Give an argument in favor of excise taxes.  Give an argument against excise taxes.

Q: Which of the following statements best describes the process of tax planning? Oa. Tax planning is…

A: Given : a. Tax planning is the calculation of a taxpayer's marginal rate of tax.b. Tax planning is…

Q: Who is the person statutorily liable to pay the consumption tax on importation of goods? * Seller…

A: In case of importation, the person who imports goods shall be liable to pay the consumption tax. In…

Q: A. Explain why General Consumption Tax (GCT) is considered a Value Added Tax.

A: Hi! Thank you for the question, As per the honor code, we are allowed to answer one sub-part at a…

Q: The additional tax on top of the standard tax?

A: Tax is a compulsory financial charge levied by government for finding the source of public…

Q: Write a short reflection on taxes, who should carry the burden and who benefits from it?

A: Taxes Taxes which are considered to be one of the important source of revenues for the government…

Q: e effect of financial distress and taxation on​ gearing?   A. Both constrain gearing   B. The…

A: Gearing in accounting means how much is the debt against the equity in the capital structure of the…

Q: Are there differences between financial reporting standards and income tax rules thatwill not cause…

A: Normally, business follow GAAP in preparing their financial statements in order to arrive at their…

Q: Difference between tax deduction and tax credit. Give example of each. Some tax credits are referred…

A: Tax: Governments levy taxes on residents to create revenue for projects that would strengthen the…

Q: Tax experts believes that tax planning tools puts the control of when to pay in the hands of…

A: Introduction Tax Planning is an act of arranging and managing transactions in such a way that, tax…

Q: Property and income taxes are more popular than sales taxes and user charges? True or False

A: Taxes are the fees charged by the government to collect revenue and run the country. The money…

Q: Identify some of the reasons why accounting for income taxes is complex?

A: ANSWER : U.S. tax laws are complex and ambiguous.A company frequently prepares its financial…

Q: Distinguish between marginal and average tax rates

A: The tax rate at the margin: Through the use of the marginal tax rate, the federal taxation system…

Q: What is the sales tax? Is it an expense or a liability?

A: Sales tax is the tax on sales which is levied by the government. However, sales tax is an indirect…

Q: What is meant by two terms, ‘tax evasion’ and ‘tax avoidance’? Give your answer with examples of…

A: The financial position of the company can be arrived from the income statement prepared by the…

Q: What is a temporary difference related to deferred taxes?

A: Deferred Taxes:   The timing difference of tax effect called Deferred tax. Its recognized on all…

Q: earnings below a certain threshold are taxed. What is your opinion on the fairness of this tax?

A: social security tax is such type of tax in which a percentage of the gross wages that most of the…

Q: What is the treatment of any input tax paid by a non-VAT (but subject to percentage tax) seller on…

A: Input tax refers to the tax which is charged on the goods and services supply or both made to the…

Q: Discuss the importance or role of taxes in decision

A: The Government of each nation expects financing to help it in doing its important capacities and…

Q: How do I calculate the amount of sales tax that is included in total receipts?

A: Sales tax = Actual sales * Tax rate

Q: Discuss how a sales tax is regressive.

A: 1. Regressive Tax - Regressive Tax is a tax on the amount which decreases subject to the amount…

Q: How to calculate Value-added tax

A: Value added tax is a type of tax that is charged by the central government on the sale of…

Q: Which of the following statements is/are correct criteria of the good tax? a. Good taxation should…

A: Fairness, sufficiency, simplicity, transparency, and administrative convenience are the five…

Q: Do you thinks taxes are moral? Explain your answers

A: Taxable income is the amount of income computed to measure the amount of taxes to be paid to the…

Q: Can the effective rate of tax be negative? Why? or Why

A: it is sometimes possible that effective tax may be negative.This is but rare cases but sometimes it…

Q: Tax deductions differ from tax credits because:   A. deductions affect relative prices, credits do…

A: Tax Deduction:-Tax Deduction means when there is subtraction in the taxable income of a person under…

Q: What is excise tax and give examples?

A: Excise Tax: An excise tax is an indirect tax, usually paid by the manufacturer or merchandiser of…

Q: Which of the following best reflects the ability-to-pay philosophy of taxation?         a tax on…

A: The tax obligation levied on the residential property under capital taxation if the owner detains…

Q: We tax net income? What economic distortions would occur if we taxed gross receipts?

A: Gross income is the income to the company or an individual after operating activities or providing…

Q: What is Excise Tax and give examples?

A: Answer: An excise or excise tax is an inland tax. It is different from Customs duties. In different…

Q: consequence of underestimating provisional tax

A: Provisional tax is the amount of tax to be paid by taxpayers earning income other than salary in…

Q: Compare the bases of the Hall-Rabushka flat tax, a broad-based general sales tax, and a…

A: Hall-Rabushka flat tax: This concept was brought by Hall and Rabushka because flat tax would be…

Q: Marco Polo, How much is the total income not subject to tax?

A: Answer: The part of income that are exempted becomes the part of income which are not subject to…

Q: What is an excise tax and its examples?

A: The company's aim will be to increase the profitability of the company. The profits can be arrived…

Q: What are taxes ? Explain types of Taxes Both Direct and Direct.

A: To run a nation judiciously, the government needs to collect tax from the eligible citizens; paying…

Q: What type of tax is sales tax

A: There are two types of tax. These are: Direct tax: Direct taxes are the taxes that are paid by the…

Q: Explain how to record sales tax.

A: Sales tax: It is a tax that the Company collects from the customer when the sale is made on cash or…

Q: Assume that the United States Congress passes a tax law that provides for a "rebate" to taxpayers.…

A: In the United States, Article I, Section 8 of the Constitution gives Congress the power to "lay and…

Q: Why is the income tax payable not the same as income tax expense

A:

Q: What is the burden of the tax? Explain the key factors that determine the incidence of the tax.

A:

Q: Which of the following would be included in the journal entry to record the payment of accrued sales…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: What are direct taxes?

A: The financial position of the company can be arrived from the income statement prepared by the…

Q: Excise taxes are a form of sales tax. True False

A: Tax is a financial charge imposed on taxpayers such as individuals, consumers, employees,…

Q: 3. The following are deductions from input taxes, except a. Input tax claimed as tax credit b. Input…

A: Input tax credit is the important component in the goods and service tax because these are claimed…

Q: What is the advantage of Making versus Buying? Give a scenario and explain the effect focusing on…

A: A make-or-buy decision is an act of choosing whether the product manufacture in-house or…

Q: Capital gains tax is paid on a) The sales price b) The tax basis c) The sales price less the…

A: Capital gains tax is the tax paid when the asset is sold. When there is profit, that is the selling…