Which of the following is not an option on the 2020 W-4? a. claiming dependents b. withholding no tax c. additional withholding d. a flat tax
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Which of the following is not an option on the 2020 W-4?
a. claiming dependents
b. withholding no tax
c. additional withholding
d. a flat tax
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- In 2019, what is the top tax rate for individual long-term capital gains and the top tax rate for long-term capital gains of collectible items assuming that the Medicare tax does not apply. 10; 20 20; 28 15; 25 25; 28Which of the following statements BEST describes an important tax planning opportunity with regard to loss carry overs? Question 5 options: As noncapital loss carry overs have an unlimited carry forward period, only net capital loss carry overs should be used to reduce Taxable Income to zero. As personal tax credits have an unlimited carry forward period, loss carryovers should be used to reduce Taxable Income to nil. Loss carry overs should not be used to reduce Taxable Income to zero as this prevents the application of personal tax credits. Loss carry overs should be used to reduce Taxable Income to zero so that personal tax credits can be applied to trigger a refund of taxes in the year.which of the following is required for a taxpayer to be subject to the tax on unearned income of minors ( kiddie tax) in 2020? a) must have no earned income b) 21 years of age or younger c) both parents must be living d) net unearned income must exceed $2,200 e) all of the above are required
- Which of the following statements is most correct? a.Tax preference items for the alternative minimum tax are always added back to regular taxable income. b.Itemized deductions that are added back to regular taxable income for the alternative minimum tax are preference items. c.Tax preference items for the alternative minimum tax can be an increase or decrease to regular taxable income. d.All taxpayers are able to deduct the full exemption in the calculation of the alternative minimum tax.In 2020, depending on the amounts of income and other tax information, some individuals may report their income on: a.Form 1040A. b.Form 1041. c.Form 1065. d.Form 1120. e.None of these choices are correct.Which is not a feature of final tax? A. Covers certain passive income B. Covers all capital gains C. Withholding at source D. None of these
- Which is a factor in determining federal income tax withheld? A. Level of wages B. Marital status C. Number of dependents D. Pay period E. All of the aboveDetermine the amount of final withholding tax (include the ordinary income) assuming the individual is classified as NRA-NETB.A new client, Mary, is your first client. She needs to lodge his income tax for 2021/22. Further, she wants toknow about some tax-related provisions and practices. She asks some questions - what are the differencesbetween taxable income, ordinary income, and statutory income? What types of ordinary and statutory incomedo not constitute assessable income?
- For whom is the 8% Optional Income Tax Rate applicable and how do we compute for the tax if the taxpayer availed of this? Who are entitled of this option? Expound.23-Under which one of the following tax structure, tax charged everyone at the same rate regardless of their income bracket? a. Progressive tax structure b. Flat tax structure c. Regressive tax structure d. None of the optionsDetermine the tax liability for tax year 2018 in each of the following instances in each case assume that the taxpayer can only take the standard deduction a single tax payer not head of household with a G.I. of 23,493 and one depenent
