True or False Corporations are required to file a tax return annually regardless of their taxable income.

Q: Which of the following statements relative to the optional standard deduction is false? The 40%…

A: As per Philippines tax provisions optional standard deduction is provided to its corporate tax…

Q: Which of the following is false?  Individual and Corporate taxpayers must declare their intention…

A: Optional Standard Deduction (OSD) Individual / Corporates should get the faculty to opt for the…

Q: What is the tax liability (as a percentage of taxable income) if the customary deductions are taken…

A: Taxable income is the income on which a corporation have to pay tax to the government as per the tax…

Q: when congress changes the tax laws or rates, a corporation's deferred tax liability and asset…

A: A deferred tax liability is the tax due for a current period but not paid by a company. It is paid…

Q: true or false Even though the taxpayer is claimed as a dependent on another tax return, he or she…

A: The answer for the above statement given in the following steps.

Q: A corporation's taxable income is taxed at the federal, state, and local levels.  It is customary…

A: Solution Tax rate is the rate which specified the amount of income that has been paid as a tax.

Q: If the value of its total assets do no exceed P100,000,000, compute for the income tax payable if…

A: This problem belongs to Phillipines  due to the currency Peso abbriviated as…

Q: FUTA TAX MUST BE DEPOSITED WHEN THE CUMULATIVE QUARTERLY TAX LIABILITY EXCEEDS?

A: FUTA (Federal unemployment tax) Tax is required to be paid by an employer for the first $7000 wages…

Q: Quarterly income tax payments made by a non-resident citizen taxpaye nay be claimed as O neither a…

A: Tax credit means amount can be substrate from total payable tax and offset overall liabilities.

Q: en that private corporations can select any date within the year as their year-end date, when is the…

A: Companies are given the choice of the fiscal year and they can choose as per convenient.

Q: Cedar Corporation has an S corporation election in effect. During the 2020 calendar tax year, the…

A: Dividends are the company's after-tax earnings that are dispersed among its shareholders depending…

Q: Compute the taxable income of Domex subject to the regular corporate income tax.

A: Domex Corporation - Resident foreign Corporation    Phils  Abroad Gross Income from Business…

Q: Bilbeaux Corporation is a calendar year corporation that starts business on January 1, 20X1. Bibeaux…

A: S Corporations are those shareholders who pays the tax. It is small closely held corporations which…

Q: In each of the following independent situations, determine the corporation's income tax liability.…

A: Taxable income is the part of gross income which is taxable by the government, calculated by adding…

Q: A sale of principal residence to purchase a new principal residence shall be exempt from tax of…

A: Disclaimer: "Since you have asked multiple questions in a single question we answered the first…

Q: Mabel's Food Service, Inc., is a calendar-year corporation. What is the original due date for the…

A: The dude date for filing returns as per IRS for the corporations following the calendar year is on…

Q: A C corporation has a fiscal year-end of August 30. It requests an automatic extension of time to…

A: C corporation include those corporations who taxed separately and need to pay their taxes at…

Q: A corporation may alternate between S corporation and C corporation status each year depending on…

A: C corporation is standard or normal corporation whereas S corporation is one which chooses special…

Q: A taxpayer registered in 2010 made available the following financial information for TY2021: Balance…

A: The tax rate for domestic corporation under CREATE law is 25%, if income of the corporation is more…

Q: The following expenses are non-deductible, except:

A: Nonprofit organization is the business that has been granted tax-exempt status by the Internal…

Q: A corporation has a taxable income of $7,684,204. At this income level, the federal income rate 5…

A: Federal and local tax is payable on taxable income

Q: is the tax payment deadline for all individual taxpayers regardless if they have self-employment or…

A: 31 december 2021 is the extended tax payment deadline for all individual taxpayers regardless if…

Q: If a taxpayer chooses to have his dividends automatically reinvested in the corporation's stock,…

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

Q: What is the deadline by which a c corporation must file a tax return

A: Generally, an organization must file its tax return by the 15th day of the fourth month after the…

Q: Which of the following statements is/are correct? A. A minimum corporate income tax (MCIT) of 1% of…

A: Gross Pay- Gross pay is the total amount paid to employees by an employer before any deductions. In…

Q: A taxpayer has unutilized or excess Creditable Withholding Taxes (CWT) for the taxable year 2019.…

A: Withhold taxes The term withhold taxes which can be described as portion of amount which can be…

Q: Which of the following will not require reporting of taxpayer’s income on a calendar basis? *   If…

A: Correct option is A.If the taxpayer is a corporation operating in a fiscal year    Companies are…

Q: A corporation has a taxable income of $7,356,401.  At this income level, the federal income rate is…

A: Given that: Total Income=$7,356,401 Local Tax= 13% State Tax= 21%  federal income rate =46%

Q: Which of the following is not correct regarding the NOLCO? NOLCO is allowed as deduction from…

A: Income Tax- The federal, state, and local governments levy taxes on the gross income of individuals…

Q: Once a tax is assessed, the IRS generally has years to collect the tax.

A: The IRS has power to collect tax for 10 years from date of tax assessment. Once tax has been…

Q: To qualify as a pass-through entity for U.S. corporate income tax, a REIT must be all of the…

A: REIT :  Real-estate investment trust was established by congress to allow the individual investors…

Q: What is the purpose of Schedule M-2 of Form 1120? O To calculate and report taxable income of the…

A: The correct answer for the above mentioned question is given in the following steps for your…

Q: If an individual itemizes deductions on his or her tax return, he or she may: a. deduct the gross…

A: Deductions: Deductions are the amounts which a taxpayer can claimed in order to reduce his/her tax…

Q: A taxpayer has unutilized or excess Creditable Withholding Taxes (CWT) for the taxable year The…

A: CWT, the full form is Creditable Withholding Tax, refers to the advance collection of tax and pre…

Q: If a calendar year S Corporation does not request an automatic extension of time to file its income…

A: An income tax return is documentation that determines the company’s or individual’s income earned…

Q: Sole proprietors may deduct on their individual income tax returns an amount equal to 100% of self-…

A: Tax deduction is a reduction of income which comes under the scope of taxation. Tax deductions are a…

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: The amount of compensation subject to OASDI tax is correctly defined as Select one: a. all amounts…

A: OASDI (Old Age, Survivors, and Disability Insurance program) tax is a tax levied by IRS on all…

Q: Beech Corporation, an accrual basis calendar year taxpayer, was organized and began business in June…

A: Taxation refers to the imposition of compulsory financial obligation by the government on…

Q: As a general rule, which of the following is to be included in the annual tax return as an income…

A: In annual tax return of any taxpayer, the income which is declared as taxable income is considered…

Q: Assuming, the taxpayer is a domestic corporation, how much is the regular corporate income tax?

A: Calculating the taxable income of a Domestic tax payer                 Particulars Amount…

Q: fleming inc is a c corporation that files its return using a fiscal year. for the return for the…

A: A tax which is imposed on the income of a corporation is known as a corporate tax.

Q: An allowable capital loss realized in a year can first be deducted in the current year against…

A: Answer with explanation are as follows.