what is the special consumption tax?

Q: Explain the difference between marginal tax rates and average taxrates.

A: Marginal tax rate : The marginal tax rate is the system by which the federal taxation system makes…

Q: What effect do permanent differences have on deferred income taxes?

A:

Q: A. Explain why General Consumption Tax (GCT) is considered a Value Added Tax.

A: Hi! Thank you for the question, As per the honor code, we are allowed to answer one sub-part at a…

Q: what is a potential with a temporary tax difference in design to increase demand

A:

Q: What is meant by a tax shelter?

A: Tax shelter is a provision for tax payer to deduct the taxable income. This provision gives certain…

Q: how is the US income tax system unique?  Do you think it is good for tax payers?

A: The US Income Tax system is a robuts and strong system and the federal income tax is the largest…

Q: What is taxation?

A: Required  What is taxation?

Q: How much interest income is subject to final tax?

A: Answer:   Interest income subject to final tax=   1. Interest Income on loans to online sellers =…

Q: Which of the following is correct about input tax for the retailer?

A: Input tax: Input tax is the tax paid by the person to the previous person that is (Retailer paid tax…

Q: What effect does intraperiod tax allocation have onreported net income?

A:

Q: What is corporate income tax and value added tax and its use?

A: Both corporate income tax and value added tax are taxes that have to be paid to the government. The…

Q: produ

A: The term "tax incidence" (or "tax incidence") refers to how a tax burden is distributed across…

Q: How do you calculate withholding taxes?

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

Q: tax

A:

Q: What is deferred tax?

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

Q: Explain intraperiod tax allocation.

A: Income tax allocation is an integral part of generally accepted accounting principles. Income tax…

Q: What’s the difference between marginal and average tax rates?

A: The taxes are the government source of income from the general public. The tax rate are the…

Q: What is the sales tax? Is it an expense or a liability?

A: Sales tax is the tax on sales which is levied by the government. However, sales tax is an indirect…

Q: Explain the difference between direct and indirect tax

A: Introduction: Tax refers to an individual's simple duty to contribute their resources. It is imposed…

Q: What are FUTA and SUTA taxes? Is there any possible reduction in the FUTA tax rate? If so, what is…

A: Introduction: Employer payroll taxes are paid by the employer from its own funds on the basis of…

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: How do you reduce taxes by contribution to a define contribution plan?

A: Defined contribution plan: These are the retirement plans wherein the employee and/or the…

Q: What is Output tax

A: In order to generate revenue, the government frequently employs and imposes indirect taxes. They are…

Q: Average tax rate? (

A: Tax payable is calculated on the income falling within the respective slabs  The formula to…

Q: Vat tax - the popularity of this type of tax, the nature of this type of tax and the effect on…

A: Value Added Tax (VAT):  It is a consumption tax placed on manufactured goods, at whatever time value…

Q: income tax rate would be

A: Net Initial Investments -  Profit and Loss on Sale of Old Press - Book Value is  =     120000 Sale…

Q: Explain progressive tax

A: Introduction: Tax is nothing but a compulsory fee or financial charge imposed on a person or on…

Q: Discuss how a sales tax is regressive.

A: 1. Regressive Tax - Regressive Tax is a tax on the amount which decreases subject to the amount…

Q: Differentiate “normal tax “ from “final tax”.

A: Tax is the amount which is paid by the tax payer on the basis of the income earned by him during a…

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: How are national taxes similar to and/or different from local taxes?

A: National taxes refer to national internal revenue taxes imposed and collected by the national…

Q: We tax net income? What economic distortions would occur if we taxed gross receipts?

A: Gross income is the income to the company or an individual after operating activities or providing…

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: consequence of underestimating provisional tax

A: Provisional tax is the amount of tax to be paid by taxpayers earning income other than salary in…

Q: What is Documentary Stamp Tax and give examples?

A: The answer is given below:

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: Is the local property tax a regressive tax, or a progressive tax?

A: Progressive Taxes: Taxes that require high income groups to pay a larger percentage of income in…

Q: d Tax (VAT

A: Value Added Tax (VAT) is a broad tax that is levied on practically all products and services sold.…

Q: le ta

A: A middle tax break may be a reduction of a taxpayer’s total liability. The term is additionally…

Q: Why value added tax bad?

A: This tax is considered consumption-based where the tax is implied in each and every stage of…

Q: What is marginal tax rate?

A:

Q: What are direct taxes?

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

Q: Effective Tax

A: FICA stands for the Federal Insurance Contributions Act. it is the federal law that needs employers…

Q: What is the advantage of Making versus Buying? Give a scenario and explain the effect focusing on…

A: A make-or-buy decision is an act of choosing whether the product manufacture in-house or…

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.