What is the purpose of the provision in the tax law that taxes unearned income of certain minor children at the trust and estate tax rates? The provision is designed to prevent   from transferring   generally to   in order to take advantage of the   tax rate.

Q: t is a tax levied on an heir's inherited portion of an estate if the estate's value surpasses an…

A: Personal Income Tax is a form of direct tax levied on salaries, wages, other sources of income.…

Q: Which one of the following statements regarding the qualified domestic trust (QDOT) election is…

A: Every country has its own taxation rules. In-country like U. S. and Canada, the transfer of property…

Q: It is a tax on a person's income, payments, profits arising from property, the practice of the…

A: The government imposes different types of taxes on people. Some taxes are in the form of direct…

Q: Every citizen or resident of the United States is required to file a federal tax return if his or…

A: Lets talk about the federal law enacted. As per federal tax law,  Every citizen or resident of the…

Q: What is the maximum investment income a taxpayer is allowed to have and still be allowed to claim…

A: The federal government developed the earned income tax credit (EITC) to help low-income and some…

Q: Catriona, a taxpayer, gives the following reasons for refusing to pay a tax. Which of her reasons is…

A: The tax liability of an individual is the amount ascertained to be payable by the individual himself…

Q: How is the unearned income of children treated for tax purposes?  Can parents include the children’s…

A: Unearned income includes investment-type income such as taxable interest, ordinary dividends, and…

Q: Assuming ABC is a resident citizen with two dependents including her senior citizen mother, how much…

A: Taxable Income:- It is an income that is liable to pay tax to the government bodies as per the rules…

Q: In terms of the tax formula applicable to individual taxpayers, which, if any, of the following…

A: Deductions for AGI means above the line deduction which a taxpayer can deduct from his gross income…

Q: Give an argument in favor of taxes on wealth like the estate tax. What potential problems would…

A: Wealth tax:   It refers to the tax levied on the value of held assets. This will consist of the…

Q: Comment on the following items relative to tax planning strategies of a fiduciary entity. To reduce…

A: The process of examining a financial position or plan to ensure that all components work together to…

Q: Which is FALSE in partial disposition of estate? O The taxpayer is required to execute an…

A: If any property obtained from inherited or from a deceased person which shall not have any legal…

Q: Briefly describe why the obligation to pay taxes for citizens who have taxable income is a form of…

A: What is Taxation?  Taxation is a not a word it means when an authority i.e respective government ,…

Q: If qualified dividends are part of taxable income how do you find the tax liability? Do you have to…

A: Step1: Dividend income is taxable but it is taxed in different ways depending on whether the…

Q: Which of the following statements is CORRECT regarding the effect of the generation-skipping…

A: The correct option with proper explanation are as follows.

Q: Which is FALSE in partial disposition of estate?  Group of answer choices  The estate is still…

A: Answer: The estate is still required to file the estate tax return within the prescriptive period…

Q: Which of the following taxes is not deductible as an itemized deduction? a.Sales tax in a state with…

A: Non Deductible Taxes under itemized deduction: 1. federal income tax 2. Federal, state or local…

Q: Is estate tax a type of debt? What happens if a person doesn't pay estate tax?

A: The estate tax is a tax imposed after a person's death on the transfer of property and other assets.…

Q: t apply to

A: Gift is the amount which is given by the donor to the person from his or her own will means there is…

Q: Question: What are the tax consequences to A and to B as a result of these transactions? Be sure to…

A:

Q: earnings below a certain threshold are taxed. What is your opinion on the fairness of this tax?

A: social security tax is such type of tax in which a percentage of the gross wages that most of the…

Q: Which of the following transferable tax credits can be transferred to immediate relatives other than…

A: The transferable tax credit means the tax credit that can be transferred or sold to the other…

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: How much is the income tax due under CREATE Law if the taxpayer is an ordinary partnership and opted…

A: Under CREATE Law if the taxpayer is an ordinary partnership and opted for OSD can claim 40% from…

Q: How much is the income tax due under CREATE Law if the taxpayer is a domestic corporation?

A: Under CREATE Law if the taxpayer is a domestic corporation the tax rate will be 25% for large…

Q: What is the effect on the tax liability of a taxpayer who does not protest an assessmer

A: Deficiency Taxes: It is the amount of tax as per the tax authority which is not paid by the…

Q: What is an estate tax and donor tax? Give example how to compute estate and donor taxes

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

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: What are the tax implications of Social Security? Is it taxable at the Federal Level?, the State…

A: If you have other substantial income in addition to socoal security  benefits, then you have to pay…

Q: What is the tax rate range for Social Security benefits received? How is the deductible amount of…

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

Q: The general rule is that someone who inherits property has a tax basis in that property equal to its…

A: The inherited property is the property other than cash that a person receives after the death of the…

Q: Select one of choices (estate tax, inheritance tax, and gift tax) for the blank.   ( ) is a tax on…

A: Introduction:- As per U.S. income tax system, taxes levies  based on income as follows under:-…

Q: a) What are the tax consequences to the trust and the grantor of the retained power to distribute…

A: Answer (A) : A "grantor trust" is one in which the grantor (or another person) maintains control…

Q: Which is a factor in determining federal income tax withheld?       A. Level of wages       B.…

A: Answer -  When you file your federal taxes, the amount of tax you owe is based on a number of…

Q: What do you believe led to the conclusion that a sole proprietorship should report its results on…

A: Sole Proprietorship: It is a type of  enterprise that is  run and owned  by one person  and there is…

Q: refunded, this is taxable Estate tax Donor’s tax Special assessment Fringe benefit tax

A: If refunded this is taxable under the head special assessment ....

Q: For an individual taxpayer in the United States, what benefit is provided by the foreign earned…

A: The individuals or organizations that are required to pay a tax to the government are known as…

Q: Which of the following are characteristics of the unified tax system that are common to both…

A: The unified tax credit system determines a ceiling amount with regards to the amount of gift that an…

Q: How do two taxpayers determine who has priority to claim the dependency exemption for a qualifying…

A: Dependent: A dependant is a qualifying individual who entitles a tax-payer to claim certain tax…

Q: Describe each of the various tax credits: Child Tax Credit, Earned Income Credit (EIC), Child and…

A: “Since you have posted multiple questions, we will be answering the first question only. In order to…

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: Give an example of child tax credit under two tax filing statuses married file jointly and married…

A: There’s no doubt that when it comes to the child tax credit, it makes more sense to file jointly…

Q: re heirs oblige/responsible/liable to file and pay for the Estate Tax of the Estate?

A: Estate Tax is the tax due on the estate of a deceased within 9 months of his/her death.

Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.