Which of the following cannot claim Input VAT as a deduction against the Output VAT when computing for the VAT payable? a.) VAT-Registrable Taxpayers b.)Mandatory VAT Taxpayers c.)Non-VAT Taxpayers d.)Voluntary VAT Taxpayers
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- Which of the following taxes would be deducted in determining an employee’s net pay? a. FUTA taxes b. SUTA taxes c. FICA taxes d. all are correctWhat AMT adjustment items are likely to affect all taxpayers who itemize their deductions? Please give examples. Thank you.What is the consequence of the purchases of a OPT-taxpayer from a VAT taxpayer? Options: i. The transaction shall be subject to VAT, the amount of which forming part to the cost of the purchase. ii. The transaction shall be subject to VAT, the amount of which can be used as an input tax credit. iii. The transaction shall be subject to zero-rated VAT since the buyer is not subject to VAT. iv. The transaction shall not be subject to value-added tax since he is not VAT registered.
- In determining an employee's net pay, which of the following taxes would not be deducted? a.SUTA taxes b.FICA taxes c.Medicare taxes d.Federal income taxes 9All are true except: a. OSD is a substitute for itemized deduction. b. The OSD relieves the taxpayer of the responsibility to deduct withholding taxes. c. Taxpayers who choose OSD are not required to submit their financial statements with their ITR. d. The option to claim OSD must be signified in the income tax return, otherwise, itemized deduction is presumedPlease answer with reason for all why the option is correct and why the other options are incorrect Which of the following would be NOT be classified as a deduction FROM adjusted gross income. a State Income Tax b . Property tax on residence . c Contribution to a qualified self-employed retirement plan d . Interest paid on a home -equity loan
- For an accrual basis taxpayer, which of the following statements is TRUE regarding prepaid income? a.Group of answer choices b.Prepaid dues & subscriptions are recognized immediately c.Prepaid rent is recognized immediately d.Prepaid royalties are recognized when earned e.Prepaid interest is recognized as it is earnedWhich of the following taxpayers is required to file a form 8862 to claim certain credits after disallowance?All are true except: OSD is a substitute for itemized deduction. The OSD relieves the taxpayer of the responsibility to deduct withholding taxes. Taxpayers who choose OSD are not required to submit their financial statements with their ITR. The option to claim OSD must be signified in the income tax return, otherwise, itemized deduction is presumed.
- Which of the following is/are true with regard to accounting for short-term employee benefits? Unpaid short-term benefits are reported as accrued under current liabilities at an undiscounted value. If the payment exceeds the undiscounted amount of the benefits, the excess is reported as prepayment under current assets. The benefits are reported as an expense under profit or loss, unless another standard requires or permits the cost of the benefits to be capitalized. Group of answer choices Only statement 1. All statements are true. Only statement 3. Only statement 2.The QBI deduction will reduce both the income tax and self-employment taxes owed by a self-employed individual. True FalseWhich of the following types of expenses is deductible? Group of answer choices A.Bribes & Illegal Kickbacks B.Expenses related to Tax-Exempt Income C.Political Contributions D.Contingency Attorney Fees
