income tax on individuals

Q: One of the bases that the legislator must take into consideration when developing tax legislation in…

A: Developing a tax legislation in any countryhas very wide scope and definition, therefore

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: It is a tax on a person's income, payments, profits arising from property, the practice of the…

A: The government imposes different types of taxes on people. Some taxes are in the form of direct…

Q: Which of the following is correct

A: All capital gains are not capital assets. Taxpayers not remits tax to government. Exempt from income…

Q: Describe the difference between a tax credit and a tax deduction Which is more beneficial to the…

A: Tax Deduction/Credit Tax deductions lowers the amount of tax owed where as tax credit  reduce the…

Q: Which of the following is not deductible from gross income? *   Community tax Excise tax…

A: Tax payer can deduct state and local income taxes, real property taxes, and personal property taxes…

Q: Explain the differences between a tax credit and a tax deduction. Which is better? List three…

A: Tax credit and tax deductions are often considered same but they are not interchangeable even though…

Q: Can you give one example of tax avoidance and what its effect on the tax collection of the country?

A: Tax avoidance is made before calculating actual tax liability.

Q: Which of the following statements is (are) correct? (x)  Part of the administrative burden of a tax…

A: A mortgage is a contract between borrower and a lender that provides the lender the right to take…

Q: What is the maximum investment income a taxpayer is allowed to have and still be allowed to claim…

A: The federal government developed the earned income tax credit (EITC) to help low-income and some…

Q: flat tax income tax property tax

A: A progressive tax is one in which the average tax burden grows in proportion to income.…

Q: Which of the following is not a goal of the tax law? a.Economic goals such as reduction in…

A: Solution: Following are the goal of tax law: 1. Economic goals such as reduction in unemployment. 2.…

Q: It is a tax on the value of an article increased at each stage of its production or distribution.…

A: Excise tax is a type of indirect tax employed in case of specific goods (eg. fuel, tobacco,…

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: When the law itself provides for non-payment of taxes, such tax escap known as: a. Tax evasion b.…

A: Introduction:- Taxation plays vital role in every organization. Every company desire to reduce tax…

Q: In the case of income tax there are high taxpayer costs but low government costs ? True or False

A: Income tax is known as the form of tax that is imposed on the income or profits of individuals or…

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: Give an argument in favor of taxes on wealth like the estate tax. What potential problems would…

A: Wealth tax:   It refers to the tax levied on the value of held assets. This will consist of the…

Q: A tax structured so that people with the different incomes pay the same percentage of their income…

A: A tax structured so that people with the different incomes pay the same percentage of their income…

Q: Explain the main differences between tax evasion and tax avoidance and list the main actions taken…

A: Tax evasion is the use of illegal methods of concealing income or information from the IRS or other…

Q: Real property tax is an example of: Group of answer choices Property tax Excise tax Privilege tax…

A: Real property tax is the tax on real property like land and buildings, improvements, machinery, etc.…

Q: Which of the following is tax credit or tax deduction or none:   A reduction of the income subject…

A:

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: The tax rate that is applied against a prepayment penalty is the Group of answer choices  1)…

A: On the basis of a slab scheme, the Indian income tax levies tax on individual taxpayers. The slab…

Q: For the purposes of the Goods and Services Tax (GST), when a registered business makes an input…

A: For the purposes of the Goods and Services Tax (GST), when a registered business makes an input…

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 are the determinants of Tax Revenue? Show how you can improve Tax Revenue.

A: Tax revenue is the revenue for the governmental authorities when income earners pay taxes as per the…

Q: Should the IRS and the Department of the Treasury consider alternative tax systems, such as Flat…

A: Taxes refers to the money or amount of sum that the government requires people or businessman as…

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: Which of the following statements is true? Deductions are amounts allowed by the NIRC to be deducted…

A: Losses from wagering transactions shall be allowed only up to the extent of the gains from such…

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: Federal income taxes have a significant effect on businesses and investors, and affect the personal…

A: As in the given case if the situation of individual and corporation has been reached to 37% many of…

Q: deferred tax liability uses    a. Expected future tax law, regardless of whether those expected laws…

A: Solution: Deferred tax liability is based on future taxable amounts which will be taxed in near…

Q: hat are some ways taxpayers can stay up to date on the federal, state and local tax laws applicable…

A: It is important for taxpayers to be aware of the various taxes applicable on them so that there is…

Q: Is the local property tax a regressive tax, or a progressive tax?

A: Progressive Taxes: Taxes that require high income groups to pay a larger percentage of income in…

Q: What is the statute of limitations for income tax returns

A: Given: The concept of a statute of limitations for the income tax returns.

Q: If a government wants to obtain the maximum tax revenue it should   A. use static tax analysis.   B.…

A: Answer: C) The government should strive to assess and increase tax rate to maximize the revenue. The…

Q: Which of the following taxes is allowed to be deducted from gross income derived from the exercise…

A: Income is earned through different sources all over the world. There are general areas that generate…

Q: the process of reducing the allowable deduction of interest expense by a certain percentage is…

A: the process of reducing the allowable deduction of interest expense by a certain percentage is…

Q: How might a reduction in future tax rates affect deferred tax assets in a way that reduces current…

A:

Q: Basic community tax is an example of while income tax is a kind of O Privilege tax; capitation tax…

A: Basic community tax is an example of Privilege tax while income tax is a kind of Capitation tax.

Q: Which is not a source of federal revenue? Employment taxes Estate and gift taxes Taxes on…

A: Taxes are the compulsory payment made by the assessee to the government. For example , income tax ,…

Q: What is the maximum investment income a taxpayer is allowed to have and still be allowed to claim…

A: Investment income cannot be more than $3,500 for the 2018 tax year to claim the earned income…

Q: Briefly explain the precise difference between a refundable vs. a nonrefundable tax credit. Provide…

A: A refundable tax credit is a tax credit that is refundable. First, a refundable tax credit is used…

Q: Which of the following are true about Deferred Tax Liabilities? (check all that apply) In the…

A: Deferred tax liabilities and deferred tax assets arise when there are timing differences between…

Q: In the case of property tax, government costs are low but taxpayer cost are high

A: Property tax levy is imposed primarily on land and buildings and also imposed on business,farm…