Identify and describe the followings that are exempted from taxation. a. Some persons based on their job, position or title. b. Benefits that some category of workers receive.

Q: Itemized Deductions can be classified as:     a. Expenses that are purely personal in nature or…

A: Deduction can be defined as claims which lower a person or organisation’s liability by lowering…

Q: Among the highlights of train law, which do you think is advantageous for the taxpayer? Explain

A: Tax is the compulsory payment made by one person to its government.

Q: Identify a false statement:  a. If taxpayer derives income from employment only, any other income…

A: Taxable income refers to the income on which the taxpayer is liable to pay tax to the collecting…

Q: Among the highlights of train law, which do you think is disadvantageous for the taxpayer? Explain

A: TRAIN is an acronym popularly used for The Tax Reform for Acceleration and Inclusion Act. It is an…

Q: deductions from gross income? *

A: Correct Answer :- C   discounts given to senior citizens on certain goods and services.

Q: What is Professional Tax and give examples?

A: A tax is a financial charge imposed by government. It is a source of income for the governments to…

Q: Compensation income is income that is typically derived from self-employment.    True or False

A: Declaimer: “Since you have asked multiple question, we will solve the first question for you. If you…

Q: Which of the following is not subject to self-employment tax? a. Gain on the sale of real estate…

A: Self-employment tax: It is a tax levied on the income generated from self-employment. A tax of 12.4…

Q: computing the taxable income of a compensation income earner, what is deducted from his total…

A: Taxable compensation income derived from deducted all deductions from taxable income .

Q: Explain he basic arrangement in a worker’s compensation scheme. What is meant by ‘exclusive remedy”…

A: Hi, the question has multiple sub-parts and as per our policy, we will answer the first three.…

Q: The more dependents that are claimed, the less tax is withheld from an employee's paycheck.

A: Dependent represents the person who is dependent on the taxable person. The taxable person needs to…

Q: Determine the types of payment made to non-resident person which is subject to withholding tax and…

A: Hi student Since there are multiple questions, we will answer only first question. If you want…

Q: It is very important to understand the nature of benefits paid by an employer to its employee in…

A: Benefits and perks are given to employers from their employees which could be included in…

Q: Deductions are allowed to:       Employed taxpayers       Individual taxpayers only       Corporate…

A: Deduction refers to the claim to reduce the overall taxable income of the tax payer.

Q: Using either the “hobby loss” (hobby vs. “trade or business”) or the “day trader” (vs. investor)…

A: Sole proprietorship: The form of business entity which is owned and managed by an individual is…

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: What are some common taxpayer penalties?

A: Common taxpayer penalties are those fines or penalties which are to be paid in case of non…

Q: Who are considered “person” or “entities” or “taxpayers” for tax purposes? _____________________

A: The below mention definition of PERSON is as per Income Tax Act . As per income tax act , there are…

Q: The QBI deduction will reduce both the income tax and self-employment taxes owed by a self-employed…

A: Answer:   False.

Q: e Commissioner can estimate the income and expense of a taxpayer.

A: The Commissioner is the supreme authority in Internal Revenue Service. His duty is to administer and…

Q: do not allo

A: In Philippines deduction is allowed from Business Income, Professional Income and mixed income but…

Q: Discuss the definition of a trade or business. Why does it matter whether a taxpayer is classified…

A: Business is the operation carried by sole owner or partners that include trade and commerce and they…

Q: Which of these employees benefits is subject to fringe benefit tax? Fringe benefits to rank and…

A: Fringe Benefit Tax: A fringe benefit is any no-wage payment or benefit that is offered to workers by…

Q: Which of the following is subject to income tax? A. De minimis benefits B. Income tax paid by the…

A: SOLUTION EXPLANATION- AS DEFINED BY U.S , INTERNAL REVENUE SERVICE "CONVENIENCE OF EMPLOYER…

Q: The Following fringe benefits shall not be subject to basic tax or fringe benefit, except:  a)…

A: Fringe Benefit Tax Fringe Benefit Taxes which are taken from the employee of the business entity to…

Q: The tax that takes into account the status of the taxpayer

A: Status of the taxpayer means the classification of the taxpayers into groups based on age, structure…

Q: FICA, a tax that every employer must pay has two parts. What are they? List them

A: FICA is a mandatory payroll tax equally split between employees and employers. Unlike federal income…

Q: Which of the following types of income are not considered self-employment income? Select one: a.…

A: Self-employment income refers to the income earned by way of trade or business income wherein the…

Q: In computing the taxable gross income of a taxpayer engaged in business and/or profession, what is…

A: When taxable income from business and profession is calculated, the already determined net operating…

Q: How is the Self-Employment (SE) tax calculated?  What types of income are subject to the SE tax

A: Self-employment tax is a combination of Social Security and Medicare taxes The self-employment tax…

Q: Which of the following is not considered a purpose of taxation?    A. To regulate B. To make the…

A: Tax means the mandatory payment made by tax payer to the government without expecting anything…

Q: Which is a factor in determining federal income tax withheld?       A. Level of wages       B.…

A: Answer -  When you file your federal taxes, the amount of tax you owe is based on a number of…

Q: Which one of the following increases the labour costs to an entity? Select one: A. Productivity…

A: Employee means a person who work in our company and get wages or salaries in return of work…

Q: Which of the followings is included in taxpayer’s gross income (i.e., taxable)?

A: 1. a) Compensatory damage payments received from physical injury by accident caused by other party…

Q: which of the following is not a COVID-19 tax relief provision available to a self-employed…

A: Solution- Section 80GG – House Rent Paid   Deduction for House Rent Paid Where HRA is not Received…

Q: The Commissioner

A: TRUE The power to interpret the provisions of this Code and alternative tax laws shall be beneath…

Q: 3. Which one of the following are valid deductible educational expenses?   A. Professional…

A: Deductible educational expenses: Some of the expenses related to education are deductible. The…

Q: What aree the procedures in the computation of gross taxable income and tax due in the situation or…

A: Compensation is the income which is earned by the person from the employment work means the…

Q: 1. Explain the accrual basis and cash basis. How can apply these two basis for the components…

A: The accounting basis is used for recognizing the income and expenses.

Q: 1. It refers to all remuneration for services performed by an employee for his employer under an…

A: ANSWER THE CORRECT OPTION IS B) GROSS COMPENSATION GROSS COMPENSATION REFERS TO ALL REMUNERATION FOR…

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.…