What is meant by a tax shelter?

Q: Kindly explain and give an example of Capital Gains Tax

A: Introduction:- The capital gains tax is a federal tax. It is charged on profit made from selling…

Q: What is the examples of estate tax?

A:

Q: Explain the difference between an individual and a corporation or society when filling taxes.

A: Individual Taxpayer: A taxpayer is someone who owes money to the federal, state, or municipal…

Q: Define tax effect theory

A: Tax effect theory explains the impact of taxes on revenue or expense of a company. This theory is…

Q: what is the possible tax implication?

A: Corporate tax rate = 25% Allowable deductions = P150,000 for November Allowable deductions =…

Q: How to calculate capital gain tax

A: Capital gain is one of the income heads under the Income Tax Act. It includes the gains arising to…

Q: What is the tax shield of interest?

A: Interest tax shields: It alludes to the assessment obligation decrease because of the interest…

Q: What are some of the effects of the crypto-related activities on an individual's tax payable?

A: Answer:-  Cryptocurrency meaning:- A cryptocurrency is a kind of digital or virtual currency that is…

Q: What is Income tax payable?

A:

Q: HOW TO improve tax-planning effort

A: Tax planning is the examination of a financial condition or plan to make sure that all parts work…

Q: Which of the following is a local tax? *

A: Option a is wrong because value added tax is an indirect tax imposed on the value of goods and…

Q: what are the characteristics of a good tax system?

A: Tax system is designed by the government of every country which is imposed on the individual’s…

Q: How do you calculate withholding taxes?

A: Federal income tax withholding:  The amounts which the employer withheld from employees’ gross pay…

Q: What is the difference between tax reliefs and tax credits?

A: Taxes are mandatory payments placed on individuals or businesses by a government agency, whether…

Q: What is the appropriate level of taxation?

A: Market efficiency and inefficiency depends on various factors like consumer demand, supply, rate of…

Q: What is deferred tax?

A: Balance sheet is the statement that indicates the final position of an entity.

Q: What is a deferred tax asset and how is the value created?

A: Deferred tax asset: When Income Tax Expense account is more than the Income Tax Payable account,…

Q: What are the Sources of Tax Laws?

A: Tax: It is a mandatory fee levied by the government on the individual and organization.

Q: Explain the difference between tax reliefs and tax credits

A: Taxes are mandatory payments placed on individuals or businesses by a government agency, whether…

Q: What is Income tax receivables?

A: Other receivables: Other receivables are the receivables other than the accounts receivable, and the…

Q: What is Estate Tax?

A: An estate tax is a financial duty levy on estates whose value surpases an allowed limit set by law.…

Q: What is the difference between a progressive tax, a proportional tax, and a regressive tax?

A: Tax is an important concept in the area of finance. The United states has three types of taxes…

Q: what is Tax Avoidance and Tax Evasion?

A: Tax avoidance refers to the use of legal means to avoid paying tax. Individual taxpayers and…

Q: Explain the Tax Treatment of Personal and Qualified Residences?

A: Tax Treatment of Personal and Qualified Residence: During one taxable, one taxpayer can choose 2…

Q: how to calculate someones adjusted basis in tax

A: Adjusted basis refers to the amount of gain or loss earned on selling the property. It includes the…

Q: How to calculate Value-added tax

A: Value added tax is a type of tax that is charged by the central government on the sale of…

Q: What is a deferred tax asset?

A: Deferred tax asset: When the Income Tax Expense account is more than the Income Tax Payable account,…

Q: What is the total tax expense?

A: Income Before tax is Given. Tax rate will be applied to the Income before tax

Q: Do you think

A: these are the following drawbacks of property taxes: Lower incentive to buy a home High property…

Q: What is the Effect on Deferred Income Taxes?

A: Tax: Tax refers to a compulsory payment or a contribution to the state revenue, levied by the…

Q: How do you calculate State Tax? How do you calculate FICA Tax

A: State tax:   State income tax is a direct tax. State tax is levied by a state in the state the…

Q: What is personal income tax and it's use?

A: Income tax is a type of tax that governments impose on income generated by businesses and…

Q: What are capital gains and losses, and how are they taxed?

A: A capital gain is the amount of profit you receive when you sell a capital asset or is realized when…

Q: Why every person needs tax planning?

A: Tax planning is something by which an individual or any entity can plan out on how much tax it can…

Q: What is meant by an effective tax rate? What does it measure?

A: The effective tax rate is the percent of individual or a corporation’s income that they pays in…

Q: What is an excise tax and its examples?

A: The company's aim will be to increase the profitability of the company. The profits can be arrived…

Q: Some tax credits are referred to as refundable. What does this mean?

A: A tax may be referred as a “pecuniary burden laid upon individuals or property owners to support…

Q: What is the general purpose of taxation in our society?

A: Tax is an enforced fee that is charged on individuals and organizations by government or its agency…

Q: What is tax due?

A: Tax Due: Tax due is the tax liability that is payable by any individual person or a corporate body…

Q: What is deferred income tax expense?

A: Tax: Tax refers to a compulsory payment or a contribution to the state revenue, levied by the…

Q: What are direct taxes?

A: The financial position of the company can be arrived from the income statement prepared by the…

Q: How is the federal estate tax computed?

A: Federal estates tax is the tax collected on the transfer of a person’s assets to its beneficiaries…

Q: Explain Residence and domicile for tax purposes

A: Tax is the liability that has to be paid by the individual and the corporation to the federal…