Some people earn money that is paid to them in cash and then do not include this as income when they file their tax returns. What are the pros and cons of this practice?

Q: f a business owner paid for the business expenses with their personal account, and those expenses…

A: Business expenses are the rightful expenses which can be deducted on tax return as these expenses…

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: 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: What is meant by a tax shelter?

A: Tax shelter is a provision for tax payer to deduct the taxable income. This provision gives certain…

Q: Hi can you help me come up with answers.    Question:  Among the essential characteristics of…

A: Answer: The tax is another important part of the taxation system in any country. There are various…

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: What are some of the effects of the crypto-related activities on an individual's tax payable?

A: Answer:-  Cryptocurrency meaning:- A cryptocurrency is a kind of digital or virtual currency that is…

Q: I understand the calculations portion of it but im confused with the final income tax refund amount.…

A: Tax refers to the amount charged by the government to the individuals and the organizations on the…

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: Which of the following is subject to the creditable withholding tax system?

A: Creditable withholding tax is an advance income tax of the particular tax payee. This would mean…

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: Which of the following statements about RRSP is false? ○ 1) The income in an RRSP accumulates at the…

A: Under Registered Retirement Savings Plan (RRSP), money placed in an account grows tax-free until…

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: How do you calculate withholding taxes?

A: Federal income tax withholding:  The amounts which the employer withheld from employees’ gross pay…

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: 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: What’s the difference? Explain to Laura how differences between financial reportingstandards and…

A: Accounting income reported in accordance with financial reporting standards and taxable income under…

Q: Compute the additional tax due or refund they have when filing their tax return.

A: It has been given in the question that the withholding tax has been $11,000 and there is a gross tax…

Q: Which is NOT a proper exercise of administrative feasibility? a. Electronic Tax Payment System…

A: There are three principles of a sound tax system a. Fiscal adequacy- the tax collected needs to be…

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: As You Read QUESTION What could happen if your employer did not deduct federal income taxes from…

A: Introduction:- A paycheck, also known as a paycheck is a paper document issued by an employer as…

Q: What are some of the other types of income that must be reported on an taxpayer's tax return? How is…

A: Taxable income is any remuneration received by a person or corporation that is utilized to evaluate…

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: Will you be imprisoned for non-payment of tax? Is it absolute?

A: Income Tax- Income tax is a tax levied on a person's or a company's earnings for the previous year.…

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 is a tax return? brief explain

A: Tax return in a form designed by designated tax authorities which helps taxpayers to disclose their…

Q: You are employed. Your salary is your only source of income. You are subject to which of the…

A: Solution: If salary is only the source income, there we are only subject to income tax.   Business…

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: Why is recordkeeping so important as a taxpayer and tax preparer?

A: Record keeping is the process of maintaining and keeping all the accounting records of the business…

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: 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: A friend says to you, “I don’t understand how taxable temporary differences can be ‘liabilities’ and…

A: Valuation Allowance - It is reserved that will used for offset the amount of deferred tax assets…

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: Why is the income tax payable not the same as income tax expense

A:

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…

Filing Federal Income Tax Return

A tax is the amount of money paid to the government on the revenue earned by the individual or business organization. It acts as an income for the government and an expense for the individual or business organization. There are different regulations regarding filing an income tax return in other countries.