What is BIR Form 1701 and its importance? What are considered as Taxable Income in the BIR Form 1701? What are the deductions to the Taxable Income made in the BIR form 1701?  NOTE: Include in the answer the effects of CREATE LAW, cite as many as you can on the impact of this la

Q: Discuss and explain how a revenue account for one taxpayer may be of a capital nature for another…

A: Taxable Income- Taxable income is a specific portion of the revenue earned by an organization or an…

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

A: Payments that are non taxable / exempt under the FUTA are as follows dismissal payments wages…

Q: Income is taxable, unless specifically included in the IRS.  What are some examples of tax…

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

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…

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A: Basic Real Property Tax Property tax is the amount that is paid by the land owner to the municipal…

Q: What is the correct term for the above document and what would need to be included for it to qualify…

A: An invoice is a documentary evidence for the occurrence of a transaction.

Q: What is the main principle of tax-effect accounting as outlined in AASB 112/IAS

A: Answer: According to data - This report discusses the main principle of tax effect accounting and…

Q: A taxable person is a person who is registered for purposes of the Value Added Tax Act, 2013 (Act…

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

Q: In lieu of itemizing  deductions, a taxpayer can elect to use or claim:     a. deduction for AGI…

A: Taxpayer can choose itemized deduction in lieu of standard deduction. Itemized deduction means those…

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: A taxable person is a person who is registered for purposes of the Value Added Tax Act, 2013 (Act…

A: Value-added tax: It is the tax that is deducted at every stage of production when an additional…

Q: How are payments of alimony and separate maintenance under agreements and modifications finalized…

A: Alimony Payment -  It is a payment between current or former spouses as the result of a marriage…

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: What AMT adjustment items are likely to affect all taxpayers who itemize their deductions? Please…

A: AMT(ALTERNATE MINIMUM TAX) The purpose of AMT is to ensure everyone pays a minimum amount of tax. It…

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: 9. Which of the following situations will result to a not a future taxable amount? A. Carrying…

A: Hi student Since there are multiple questions, we will answer only first question.

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: What is ‘fringe benefit tax’(FBT)? Explain atleast five main salient features of the FBT?

A: Fringe Benefit Tax: It refers to a tax which an employer needs to pay on the value of fringe or…

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: Taxable income is  a) gross income less deductions  b) total income excluding exempt less…

A: Taxable income is the income on which tax is computed.

Q: Indicate which of the following statements on the taxation of income from real estate under Personal…

A: Comment- We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: derived the following income in 2020, shade A if the income is subject to regular income tax, B if…

A: Business Income of P400000   Compensation Income of P200000   Interest Income from…

Q: What is ‘fringe benefit tax’ (FBT)? Explain

A: Answer: FRINGE BENEFIT TAX IS PAID BY EMPLOYERS ON CERTAIN BENEFITS THEY PROVIDE TO THEIR EMPLOYEES…

Q: mcertain tax positi 21, the IRS challen impact does the ser Explain.

A: The current market value of an ordinary share of a company is the current price of shares quoted on…

Q: Give

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Q: Which of the following differences would result in future taxable amounts? * a. Expenses and losses…

A: If Expenses or losses that are deductible before they are recognized in financial income, it would…

Q: UberCo agrees to the additional request. Which answer below most accurately characterizes this…

A: Merger and acquisition is the type of business combination in which the one company acquires the…

Q: unts that are made available to a taxpayer without substantial restrictions are included in gross…

A: In income tax there are different types of doctrine for different types of recognition of income and…

Q: U.S. form 1040 or 1040EZ is the form for an individual tax retum. O True O False

A: Answer -  The IRS 1040 form of Income tax return is one of the official documents that U.S.…

Q: x invoic

A: A tax invoice is a statement issued for the delivery of taxable goods and services. A tax invoice…

Q: Federal income tax refunds should be added back to taxable income. None of the above statements are…

A: Exploration and production (E&P) is the upstream component of the oil and gas business that…

Q: Now what is FASB Codification 740-10-25-6? ( predecessor standard SFAS 109). How the temporary…

A:

Q: define what is taxable temporary difference

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

Q: Assuming the taxpayer is a CORPORATION, how much is the OSD and net taxable income using OSD?

A: Tax Tax refers to the compulsory payment made by individuals or corporations to the government.…

Q: Which of the following is not a source of support for the realization of a deferred tax asset?…

A: Future expiration of temporary exemptions is not a source of support for the realization of a…

Q: Compute Cramer's federal taxable income and regular tax liability. Prepare a Schedule M-1, page 6,…

A: C Corporation Amount ($) Net Income after Tax          10,00,000 Add:   Federal…

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: What is BIR Form

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

Q: Explain when a full tax invoice and an abridged tax invoice is requir

A: A tax invoice is a statement issued for the delivery of taxable goods and services. A tax invoice…