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

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

A: Compensation for injuries or sickness, Income exempt under treaty, Gains from redemption of shares…

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: 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: 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: c. Subject to regular income tax

A: 39 :- Dividend declared by foreign corporation to Domestic Corporation is SUBJECT TO REGULAR INCOME…

Q: Net Taxable Income

A: To calculate Taxable income / Net income we have to prepare income statement. No need to prepare…

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: 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: 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: 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: 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: 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: 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: Which of the following is liable for the 3% percentage tax under section 116 of the NIRC?

A: Percentage Tax is a form of Sales Tax in Philippines computed on the basis of gross sales, receipts…

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 ‘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 a taxable gift?

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

Q: The Income Tax Act does not define:

A: The Income tax Act provides the Methods and the way income tax liability will be calculated and how…

Q: what are the legal provisions related to Taxable Income, Medicare Levy, and Medicare Levy surcharge?

A: Medicare Levy Medicare levy helps in funding the Australia's health system known medicare Medicate…

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: a future taxable amount will occur

A: Deferred tax is the tax effect of timing differences occur due to the differences in accounting…

Q: peg. on to view the additional information.) e Income and Part I Federal Tax Payable for the Sebago…

A: Taxable income refers to the total sum of money earned by an entity that is subject to the mandatory…

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: What is the FICA tax liability status of pretax contributions to a qualified deferred compensation…

A: FICA tax refers to the Federal Insurance Contribution Act tax which is Country U.S law that creates…

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: 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 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: What is BIR Form

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

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…