Money paid by a company to help cover needed and unforeseen expenses

Q: enses from gross income.  a. Both statements are true b. Both statements are false c. Only statement…

A: Taxpayer refers to the person or the entity who is liable to pay the desired tax amount to the…

Q: Payment of taxes regularly by the business is its responsibility to which stakeholders? a.…

A: The tax law is regulated by the government and the tax is levy by the regulator. The tax law…

Q: 1. Statement 1: The gross income of an employee is computed by removing excluded income from his…

A: Income is the money earned by an individual or business enterprise by performing varied actions,…

Q: To calculate the company's income tax expense for the current period, it is necessary to know:…

A: The income tax expense is calculated on net Income

Q: Question 5 Which of the following would be deducted in determining an employee's net pay? O FUTA…

A: Some taxes are deducted by employer from employee salary and paid to the government and net salary…

Q: 1. Indicate whether the following expenditures are trade or business deductions (T), production of…

A: AGI stands for Adjusted Gross Income. AGI is the difference between gross income & adjustments…

Q: Statement 1: Life insurance premiums shall be reported as a deductible expense for financial…

A: Tax is the liability that person owes to the government.

Q: Statement 1: Compensation income refers to all income payments, in money or in kind, arising from…

A: Compensation refers to the cash as well as non-cash payments made by the employer to their employees…

Q: An employer gave an educational assisstance to one of its managers amounting P78,000 that is seen to…

A: Answer: Employers are allowed to claim the expenses incurred for education of employees.

Q: Should employee vacation pay be recorded in the period during which the vacation privilege is earned…

A: Vacation is the period provided to the employee by the company. And the associated privileges are…

Q: assumption made for the tax effect method of accounting for a company’s income tax

A: Option A is wrong because an accounting balance sheet and a tax balance sheet will be different.…

Q: Which of the following is added to a taxpayer’s gross income from business in computing the total…

A: Gross Income - It is the amount of total income earned during the particular period from all sources…

Q: Which of the following is not deductible from gross income? Salaries and wages of employees…

A: There are expenses which are deductible from gross income to arrive at net income which is taxable.…

Q: Briefly explain the concepts of accounting profit, taxable profit, temporary difference, taxable…

A: Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: g. An increase in the Deferred Tax Liability account on the statement of financial position is…

A: Solution Note Dear student as per the Q&A guideline we are required to answer the first question…

Q: net income before tax that the company would disclose on an ement is: absorption-costing inc

A: Absorption costing is a cost accounting method to find out the cost of a product. It takes into…

Q: statements is true? A.Deductions are not allowed unless there is a specific law authorizing the…

A:

Q: An account used to record the employees' salary claims in a business is called a(n): OA. Revenue…

A: All dues and claims should be recorded under the liabilities account such as Outstanding wages,…

Q: Which of the following items of interest expense may be deducted from gross income? Interest…

A: Interest expense will be allowed as a deduction if such Expense is incurred in the ordinary course…

Q: Companies are required to report which of the following known liabilities Unearned Revenue OPayroll…

A: Current Liabilities - Current Liabilities are the amount due to the company. But Company has not…

Q: Assuming it meets the conditions to net assets and liabilities, how will the company report deferred…

A: Under US GAAP, Crystal​ Critters should net off all the deferred tax assets and liabilities into one…

Q: Which of the following statements is false? Group of answer choices A.Prepaid expenses are fully…

A: Prepaid expenses are expenses which are paid in advance but accrued in the business after an…

Q: Political contributions and ___________ expenses are not deductible business expenses. Group of…

A: Tax-deductible expenses include: Advertising/marketing Transportation/travel Interest Insurance…

Q: True or False   4. The entry to record the employer's payroll taxes would include a debit to an…

A: Payroll: Payroll refers to the total amount that is required to be paid by the company to its…

Q: This revenue taxes deducted from an employee's gross salary is a cost to the company. is it true or…

A: The expenses are the costs incurred to earn the revenue for the business and liabilities are the…

Q: filling the blanks a. amount of(0,250,500 OR 1400) (for or from) AGI and (0,250,500,650,1400) is…

A: Solution:-a The following are the income tax consequence of the $1,400 if Christine choose the…

Q: what are payroll related liablity from following    Trade and other payables…

A: Payroll liabilities refers to those liabilities which are deducted from employee and usually payable…

Q: Which of the following is not a common difference between net business income on the books…

A: * As per Bartleby policy, if question are unrelated then answer first only. As per IRS , business…

Q: Accrued salaries decreases the liabilities of the company under the salaries payable account * O…

A: Accrued Salaries :  a) Accrued salaries means salaries which is required to be payable to the…

Q: compute the total deductible expenses for purposes of determining che regular income tax due from X,…

A: Tax:- A tax is the compulsory payment which is imposed by the government on income and capital…

Q: Unions dues, vacation account, 401k, insurance, subtracted from gross pay Options are: personal…

A: Law provides certain deductions that are deducted from the gross pay to achieve net pay.

Q: Corporate taxable income is based on an income statement that is similar to income statements…

A: Taxable income is the measurement of income which is used to calculate the amount of tax that needs…

Q: Who among the following uses accounting information to know the possible wage increments? a. Owners…

A: The company is paying wages to its employees.Any amendment in wages payment will affect the…

Q: Salary of employee [ Choose] Payment/Fee of tax [ Choose ] consultant service for assisting in tax…

A: As per our protocol we provide solution to one question only or up to three sub-parts only but you…

Q: ages for cost of inve gal business mbling activities

A: Gross Income - It is the total income from all sources i.e. business or services, returns,…

Q: A debit to the FICA Taxes Payable accounta.  results in an increase in the cash account of the…

A:

Q: 1. How much is the additional allowable training expenses, if any? 2. How much is the taxable net…

A: Taxable income of the company is the income which the company has earned during the year from the…

Q: For purposes of the accumulated earnings tax, earnings can be accumulated for reasonable needs of…

A: An accumulated earnings tax is the tax that is imposed by the government on companies that…

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: Section 162 provides the general rule that expenses incurred in a trade or business are deductible.…

A: The general rule for section 162 states that "A deduction of ordinary and necessary expenses paid or…

Q: Questions: . How much is Mr. Quiton's gross earnings? . How much is his total deductions? - After…

A: solution given basic salary 15532 Allowances 1000 Deductions      Social…

Q: Case I. The Property Corporation requires funds for its inventory, payment of salaries and wages,…

A: Funds needed for inventory, payment of salaries and wages, payment of utilities and other monthly…