Freelancers look after their own taxes. O False O True

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: QUESTION: if Chiz is non-VAT registered, how much is the business tax payable?

A: Non Vat Register For the Non Vat register whose gross sales / gross receipts which are not crossed…

Q: Tax evasion at McDonald's

A: There is a lot of evidence to suggest that the fast food restaurant chain McDonald's has got away…

Q: Suppose Kim's present earning is "I_0" won and future earning is "I_1" won. For any savings or…

A: Application of tax on interest income will discourage an individual to save as it will reduce its…

Q: HOW DOES IT WORK A person places his/her pre-tax money is placed by the investor into the RRSP. The…

A: This plan is introduced by the Canada Government for Self emplyed person and employess

Q: A progressive tax system encourages individuals to work harder.Is it true or false? and why?

A: Progressive tax system is the system under which a lower rate of tax is imposed on an individual…

Q: What is the goal of a tax audit? A. To make sure you paying your imposed fines  B. To make sure…

A: Tax audit means audit of the information provided in tax returns like income and expenditure are…

Q: What to do if you are missing a W-2?

A: Form W-2 (stated as Wage and Tax Statement), it is a tax form of IRS (Internal Revenue Service)…

Q: 1. Explain how value-added tax (VAT) works and its advantages and disadvantages from businesses,…

A: Disclaimer: "Since you have asked multiple questions in a single question we answered first question…

Q: Personal income taxes are paid on all of your income. a. true b. false

A: Personal income tax is paid on taxable income of an individual. Taxable income is calculated as…

Q: True or false: After calculating your income taxes, you may find yourself owing to the IRS instead…

A: A tax is a governmental organization's mandatory financial obligation or another form of levy…

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: Social Security taxes are regressive because :they apply only to rich people.they are applied to…

A: Following is the reason social security taxes are regressive: Because .they are not applied to…

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: Some people earn money that is paid to them in cash and then do not include this as income when they…

A: All people require to pay tax on all income they earn either in cash or through any other mode when…

Q: The Tax Code was created to punished people who did not pay taxes.  True  False

A: Tax code is created  for individual and who are in  businesses .In this tax code lots of sections,…

Q: what is mean by Tax evasion and what reasons the people do this?

A: Tax obligation represents the liability of the taxpayer towards the government for the payment of a…

Q: Regarding taxpayers having a tough time of volume of tax regulations. What does the concept…

A: Substance over form: It is an accounting concept, which means that the business must record those…

Q: If our taxes only go to fake sand or corruption, why do we have to pay taxes?

A: In finance it is said that in life there are two things that a person can never avoid and that is…

Q: Describe some reasons why it is a good idea to file a tax return if you have earned income, even if…

A: If there is no tax liability, even then the Income-tax return (ITR) is mandatory to file if the…

Q: No tax talk, please: Why do many people avoid the topics of taxes more than other areas of personal…

A: Personal financial planning is all about your personal finances and how you manage them. Broad…

Q: Is it right to avoid taxes as much as you can?

A: Taxation- The laws and regulations that govern the financial services industry are referred to as…

Q: the difference between “tax evasion”, “tax avoidance”, and “tax planning”.

A: The differences for terms tax evasion,tax avoidance and tax planning are shown below

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 are the taxes and tax rates for individual taxpayers? Hope you can help me, thank you

A: Taxpayers are referred to as those individuals, or organizations who are obliged to pay the taxes to…

Q: Discuss the various effects of income taxes on the ability to work, save and invest

A: Income Taxes- Individuals, entities/corporations/firms, and entities/corporations/firms are taxed on…

Q: You would rather have a tax deduction thana tax credit of equal size. Ture False A large tax refund…

A: FALSE Tax Credits and Tax Deductions both help in reducing the amount of income tax to be paid by a…

Q: The tax rate paid on your last dollar of income is called the average tax rate. a. true b. false

A: Average tax rate is calculated as the total tax liability divided by taxable income, whereas…

Q: wage and payroll tax expenses are somewhat unique because?

A: An employer's federal payroll tax responsibilities include withholding from an employee's…

Q: The money you receive back because you have overpaid your taxes is called a tax return. a. true b.…

A: Tax refund is the money which an individual gets back, if he has overpaid his taxes, that is, it is…

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: When taxes are "too high", taxpayers start to cheat on their taxes and dangerous consequences can…

A: Tax:   A tax is a compulsory charge or a levy imposed upon a taxpayer by a government organization…

Q: Discuss actions a taxpayer can take if it is anticipated that his income taxes will be substantially…

A: Underpaid Tax situation usually arrives when the taxpayer is not paying the estimated tax amount.…

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 are some of the issues the tax preparer should discuss with this client?

A:

Q: ll be a tax

A: Tax refers to the percentile charges imposed by the authoritative government over the income gained…

Q: Taxpayers are having a difficult time due to the large number of tax rules in place. To put it…

A: Introduction:   Substance over form: It is an accounting concept, which says that the company must…

Q: Question 2 The more dependents that are claimed, the less tax is withheld from an employee's…

A: A dependent is an individual who relies on another individual for financial support. Dependents can…

Q: Are they entitled to a refund or do they owe additional taxes?

A: Tax Liability is the different company's taxable income as shown in the income statement and in…

Q: Please answer with valid reason   True or False   In general Before Tax IRR should be lower than…

A: IRR :— Internal rate of return is the rate of Discount at which the sum of Discounted cash Inflow…

Q: ous for the taxpayer? Explain

A: Meaning of Income Taxes Income taxes are the taxes which are paid on the income of an individual.…

Q: Tax preparers may be assessed a penalty for failing to give the taxpayer the preparer's workpapers.

A: