What is BIR Form

Q: One of the following is not a requisite of a taxable income. *

A: Answer: Option (b) [ The gain must be realized or received] For Explanation refer step2

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: Which of the following would result in the recognition of deferred tax liabilities? Select one: A.…

A: DTT (Deferred tax liability) which is recorded in the balance sheet (BS) of company and it reports…

Q: Required: Determine the net taxable estate and the estate tax due.

A: Mr Lago A Philippines resident died on 30th Nov., 2020. We are given a list of the properties owned…

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…

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: Is compensation income subject to final tax?

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

Q: What is an ‘exempt income’ and how does it affect the calculation or recovery of carry‐forward tax…

A: Any earning that is not subject to taxation is referred to as exempt income. Exempt income laws and…

Q: sic Re

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

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: 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: 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: Describe the difference between the standard deduction and itemized deductions. How should a…

A: Lets understand the basics. In US taxation, there are two type of deduction specified. Tax payer can…

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 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: What are the general requirements regarding income, investments, and dividends with which a REIT…

A: Introduction: Real estate investment trust is a company that owns or primarily operates real estate…

Q: What deductions are allowed in computing estate income taxes?

A:

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: How is a deferred tax asset and a deferred tax liability established?

A: Deferred tax asset:   It is the carry-over of losses by a business. If a business incurs a loss for…

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: deferred tax asset and a deferred tax liability

A: Deferred tax asset refers to the items that were shown as a result of extra payment of taxes.…

Q: Which of the following accurately describes when a taxpayer may report capital gain/loss…

A: Capital Gain :— Sale or Transfer of Capital Assets on which Consideration is Involved resulting in a…

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: 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: 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: 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: fringe benefit tax

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

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: If an amount is ordinary income to a recipient: O it must also be a capital gain O It may also be…

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

Q: Please critically evaluate and discuss in detail how a deferred tax provision can arise under IAS…

A: Typically, publicly listed corporations are held to high standards. Small and midsized enterprises…

Q: May the taxpayer's liability to pay tax be a subject of set-off? Why?

A: May the taxpayer's liability to pay tax be a subject of set-off? Why?

Q: Which constitutes a taxable item of gross income? * Compensation for personal injuries Gain from…

A: Gross income: Gross income is the sum of all wages, salaries, profits, interest payments, rents, and…