Lump sum payments in respect of the termination of employment of a person may be relieved from tax. What are the conditions that must be met for these payments to be made without the deduction of tax

Q: S1 - Individual taxpayers can be entitled to 1% (old rate 3%) percentage tax if their registration…

A: Correct option: B

Q: TRUE OR FALSE? 1st statement: Interest income must be included in the computation of gross income if…

A: Gross Income: The entire earnings a person obtains before taxes and other deductions are referred to…

Q: All employees are required by law to deduct an amount of tax know as

A: The individuals in United states enjoy medicare and social security schemes for which certain taxes…

Q: who are benefits or do not benefit from payroll tax deferral?

A:

Q: Every citizen or resident of the United States is required to file a federal tax return if his or…

A: Lets talk about the federal law enacted. As per federal tax law,  Every citizen or resident of the…

Q: .of any sum payable to a resident will be disallowed if tax on the same is not O 30%. deducted or…

A: Tax deducted at source is a compulsory provision in income tax act , which says that if any tds has…

Q: This is a prerogative of escaping or diminishing a tax liability through availment of ways allowable…

A: To reduce tax liability, two methods are there. One is tax evasion and other is tax avoidance. Tax…

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: The following reasons may be given by a taxpayer in refusing to pay his tax liability. Which is not…

A: Tax liability refers to the amount of tax to be paid to the government or tax authority on the…

Q: A deductible temporary difference leads to the payment of:   Select one: A. less tax in the…

A: The question is related to Taxes on Income.There are two types of deferred tax- (i) Deferred tax…

Q: A taxpayer can only qualify for a deduction for normal tax purposes (ignoring prohibited deductions)…

A: The General deduction formula explains the eligibility of the expense to be deducted from income.

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: For each item listed below, indicate whether it involves a:                            a. permanent…

A: PLEASE LIKE THE ANSWER, YOUR RESPONSE MATTERS  The items should be matched as follows:   b  1…

Q: Employee business expenses are no longer deductible on Schedule A for federal purposes.  Why are…

A: As per Schedule A, Employee business expenses are no longer deductible for federal purposes but they…

Q: Which of the following taxes is not deductible as an itemized deduction? a.Sales tax in a state with…

A: Non Deductible Taxes under itemized deduction: 1. federal income tax 2. Federal, state or local…

Q: What are the advantages of claiming the standard deduction versus itemizing deductions on your…

A: Income tax:   It is the tax every individual or company is liable to pay on the income generated…

Q: he deferred tax consequence attributable to a deductible temporary difference and operating loss…

A: Solution: Deferred tax assets are created from those temporary differences which are future…

Q: All are true except: OSD is a substitute for itemized deduction. The OSD relieves the taxpayer of…

A: In lieu of the itemised deduction of ordinary and necessary expenses paid or incurred to calculate…

Q: Which one of the following is not true of itemized deductions of an individual taxpayer?…

A: The third option statement is incorrect, that is, residential interest is a common example of an…

Q: Recognition of tax benefits in the loss year due to a NOL carry back involves: O The establishment…

A: Recognition of Tax Benefits in the loss year due to NOL carry back  Basically its a treatment of Tax…

Q: In almost all cases, making contributions to an RRSP will provide the deferral of income tax. In…

A: Introduction: RRSP (Registered Retirement Savings Plan): A (RRSP) is a retirement funds plan where…

Q: What is the effect on the tax liability of a taxpayer who does not protest an assessmer

A: Deficiency Taxes: It is the amount of tax as per the tax authority which is not paid by the…

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

A: Answer:   False.

Q: A deferred tax account is classified on the balance sheet as: A net noncurrent amount A net current…

A: Introduction: Balance sheet: All Assets and liabilities are shown in Balance sheet. It tells the net…

Q: TRUE OR FALSE? If the carrying amount of a liability is higher than the tax base, the difference is…

A: The given statement is True...If the carrying amount of a liability is higher than the tax base, the…

Q: What is the FICA tax liability status of pretax contributions to a qualified deferred compensation…

A: FICA tax refers to the Federal Insurance Contribution Act tax which is Country U.S law that creates…

Q: For each of the following situations, indicate the amount of the penalty that could be imposed on…

A: The penalty imposed on the given situations can be explained as follows. 1. f a tax return preparer…

Q: All expenses incurred while traveling away from a tax home during a business trip are deductible…

A: Expenses incurred in relation to business will be allowed as deductible.

Q: When a petition is filed with the Tax Court, the taxpayer is required to pay the deficiency only if…

A:

Q: deferred tax asset and a deferred tax liability

A: Deferred tax asset refers to the items that were shown as a result of extra payment of taxes.…

Q: Which is not correct?

A: This is a multiple-choice question in which we have to select the correct option.

Q: What is a permanent difference? Give an example What is a temporary difference? Give an example. How…

A: 1) Difference between the tax expense and tax payable which is caused by an item which does not…

Q: All are true except:   a. OSD is a substitute for itemized deduction. b. The OSD relieves the…

A: A company's financial statements are a collection of summaries of its monetary performance,…

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: Allowable Business Investment Losses (ABIL) can be deductible from any source of income to the…

A: Allowable business investment losses is the loss which has been incurred by the taxpayer out from…

Q: Because income from fixed income assets is taxed at a higher income tax rate than capital gains and…

A: Capital gain is the revenue generated from selling the assets either long term assets and short term…

Q: A taxpayer gives the following reasons in refusing to pay a tax. Which of these reasons is not…

A: An Individual who is eligible to pay taxes on his) her income towards the government, as being the…

Q: Employees are subject to FUTA taxes, which are not deducted from their pay. A. True B, False

A: This question deals with Employees are subject to FUTA taxes,

Q: What is the effect of deferred tax asset and deferred tax liability on the current year’s income tax…

A: Deferred tax assets and deferred tax liability arises because of the timing differences of the…

Q: In general, accrual basis taxpayers cannot take deductions for tax purposes until economic…

A: Accrual basis of accounting requires an individual or other entity to record the revenues and…

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: The "income tax benefit" account reduces the current tax expense for the year and is a deduction…

A: Income tax: It implies to a financial levy that is imposed or charged on the taxable income of the…

Q: Under what conditions can deferred tax assets be offset against deferred tax liabilities?

A: Deferred tax assets (DTA) is stated under the head of non- current assets whereas deferred 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: If the current tax expense is greater than the total income tax expense during the period, there…

A: Total income tax expense is the expense which are payable by the taxpayer which has not been…

Q: How does the Income received from tax free government bonds effect the calculation of deferred…

A: Tax free government  bonds means those  bonds which  pays interest  which is tax free, that is not…

Q: 1. Which of the following statements is true? A. Payments which constitute bribes, kickbacks and…

A: Hello. Since your question has multiple parts, we will solve the first question for you. If you want…

Q: May the taxpayer's liability to pay tax be a subject of set-off? Why?

A: May the taxpayer's liability to pay tax be a subject of set-off? Why?