What are the different kinds of payments that are taxable or non taxable under the FU

Q: accounting income and taxable income?

A: Accounting Income -: Accounting Income is the revenue a firm earns or keeps after paying off all…

Q: What types of ordinary and statutory income do not constitute assessable income?

A: Ordinary Income is that income which is taxable at ordinary rates or earned from working. Like…

Q: How much shall form part of the ordinary allowable itemized deductions from gross income?

A: Deductions are the amount of money which has been allowed by the tax authority through which the…

Q: Gains and losses derived from sale or exchange of ordinary assets are included in the computation of…

A: Ordinary assets are those assets or the properties used in the trade or business which is primarily…

Q: How much does she have to include in taxable income?

A: Answer: Any settlement that is received after damage is taxable other than recovery for emotional…

Q: What are the deductions to the Taxable Income made in BIR form 1701 and 1701A?

A: SOLUTION- FORMULAS FOR TAXABLE INCOME -   ITEMIZED DEDUCTION = TAXABLE INCOME =GROSS SALE - GROSS…

Q: Rate of income derived by the assessed is taxable under the head of ?

A: The income which a person can earn during the period or even during the lifetime as per income tax…

Q: What is BIR Form 1701 and 1701a and its importance? What are considered as Taxable Income in BIR…

A: SOLUTION- BIR FORM NO 1701 , ALSO KNOWN AS ANNUAL INCOME INCOME TAX RETURN FOR INDIVIDUALS…

Q: How do I calculate the taxable income?

A: The IRS allows businesses to carry forward their net operating losses for a time period of 20 years…

Q: Explain and what is the calculation of the following. Total Assessable income Deductions Total…

A: Tax has to be paid by all people and entities whose income or earnings crosses that minimum tax…

Q: Deductions from gross income are subtracted from gross income to derive taxable net income. TRUE OR…

A: Gross income is the aggregate total income that is received by a taxpayer that is not tax-exempt…

Q: kable income and accounting inco epreciation expense terest expense

A: Taxable income refers to the money earned by an entity on which the government levied a mandatory…

Q: When the temporary differences result to financial income higher than taxable income, they are known…

A: As per IAS 12 Taxable temporary differences Temporary differences that will result in taxable…

Q: What are considered as Taxable Income in BIR Form 1701 and 1701a? What are the deductions to the…

A: Taxable income is the income on which the tax amount is computed which is paid to the government.…

Q: Should non-qualified education expenses be taxable in full?

A: Qualified education expenses includes amounts paid for tuition, fees, and other related expenses…

Q: How did you find the taxable income in part a

A: Taxable income is the income that is subjected to tax. It is the amount of sales as reduced by cost…

Q: It is the amount attributed to an asset or liability for tax purposes. O Taxable amount O Tax base O…

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

Q: What categories of expenses are represented on the Schedule A for itemized deductions?

A: Definition: Income tax: Income tax refers to the direct tax levied on individual persons or…

Q: computing the taxable income of a compensation income earner, what is deducted from his total…

A: Taxable compensation income derived from deducted all deductions from taxable income .

Q: Distinguish between exemptions and deductions in determining taxable income

A: The determination of taxable income has a structured and tax laws guided process, this…

Q: Define taxable income

A: Taxable Income: The amount of adjusted gross income that is liable to be taxed is known as taxable…

Q: What is a taxable gift?

A: Gift tax: When a person transfers a property to another person without any consideration then such…

Q: This type of difference will give rise to deferred tax liability. * Taxable temporary difference…

A: As per IAS 12 OF IFRS Or as per PAS 12 Their are two types of temporary differences that arise from…

Q: Explain the conditions under which the following may be taxable:

A: Tax is the amount which is paid on the taxable portion of the income earned by the person during the…

Q: How to get the gross taxable compensation income?

A: Gross taxable compensation income: This is the amount that helps to know an individual, association…

Q: What is considered as Taxable Income in BIR form 1701 and 1701A?

A: SOLUTION- BIR FORM NO . 1701 , ALSO KNOWN AS , ANNUAL INCOME TAX RETURN FOR INDIVIDUALS (INCLUDING…

Q: How would you differentiate items that are exempted from gross income and items deductible from…

A: Items exempted from gross income refers to income which need not be part of income while calculating…

Q: What is taxable income?

A: Tax:   A tax is a compulsory charge or a levy imposed upon a taxpayer by a government organization…

Q: Give

A:

Q: erence between financial income and taxable income?

A: 7 Correct answer :- A Premium paid for officers life insurance   8 Correct answer :- C The…

Q: How is the taxable gains arc calculated?

A: Capital gain:   A capital gain is the profit resulting from the sale of capital asset as a stock,…

Q: types of payments that are taxable/not taxable for FUTA?

A: Federal unemployment tax is a tax paid by the employers to the employees who have left the company…

Q: What is BIR Form 1701 and its importance? What are considered as Taxable Income in the BIR Form…

A: Compensation Income According to TRIN Law compensation income which includes salaries and wages…

Q: define what is taxable temporary difference

A: Deferred tax liability: Deferred tax liability is created, if the tax obligation (income tax…

Q: What is the definition of 'taxable income'?

A: Income: Income includes the income of an individual in the form of wages, salary, pension, etc. The…

Q: what are the main objectives of the deferred tax asset approach?

A: Items on a company's balance sheet that may be used to reduce taxable income in the future are…

Q: hen the temporary differences result to financial income higher than taxable income, they are known…

A: Solution: False. This is because he temporary differences result to financial income higher than…

Q: Income of on-line sellers are generally taxable.     True or false?

A: online seller buys products and then sells them to generate profit. Online sellers can sell just…

Q: What aree the procedures in the computation of gross taxable income and tax due in the situation or…

A: Compensation is the income which is earned by the person from the employment work means the…

Q: Which of the following situations will not result to a future taxable amount? O Tax base of the…

A: Future taxable amount appears when in current year, the income is recognized in the financials but…

Q: fringe benefit tax

A: Tax deduction refers to the claims which are to be made as a reduction in the amount of taxable…

Q: Explain the difference between pretax financial income and taxable income.

A: Pretax financial income: Income that is computed based on the records and documents presented by an…

Q: Compute for the taxable income

A: Tax is paid by the company on the taxable income earned during the relevant period by the taxpayer.…

Q: What is BIR Form

A: BIR Form No. 1701, Also known as, Annual Income Tax Return For Individuals (including MIXED Income…