Which of the following is not included in the MHE, or PITI, payment? O Principal O Points O Interest O Insurance Taxes

Q: Which of the following is a contra-liability account? a. Taxes Payable b. Accumulated Amortization…

A: Contra liability account is one that is debited for the explicit purpose of offsetting a credit to…

Q: What types of ordinary and statutory income do not constitute assessable income?

A: Ordinary Income is that income which is taxable at ordinary rates or earned from working. Like…

Q: Salaries Expense is debited to record the employer's FICA contributions and the FUTA and SUTA taxes.…

A: Payroll tax: This is the tax which is withheld by an employer from the pay of the employee and…

Q: What is their refund or balance due?

A: Tax return can be defined as the systematic form which is to be submitted to the taxation…

Q: 1. All of the following are examples of legal liabilities, except for a. notes payable b. sales…

A: A. NOTES PAYABLE (ARISE OUT OF A CONTRACT) B. SALES TAX PAYABLE (IMPOSED BY GOVERNMENT) D. PROPERTY…

Q: Question 5 Which of the following would be deducted in determining an employee's net pay? O FUTA…

A: Some taxes are deducted by employer from employee salary and paid to the government and net salary…

Q: Is the income tax expense shown in the income statement same as the income tax paid shown in the…

A: Cash Flow Statement: Cash Flow Statement is a fundamental financial statement that renders valuable…

Q: state the differences between unearned revenue and accounts payable? both accounts are liabilities…

A: Definition: Normal balance refers to the excess of the amount on one side, over the amount on the…

Q: Life insurance premiums shall be reported as a deductible expense for financial reporting purposes…

A: The outlay which is an ordinary outlay and helps in the normal revenue generation of the business is…

Q: Personal income taxes are paid on all of your income. a. true b. false

A: Personal income tax is paid on taxable income of an individual. Taxable income is calculated as…

Q: b) Define deductible. c) What happens to your premium when the deductible is lowered? d) List three…

A: Honor code: Since you have posted a question with multiple sub-parts, we will solve the first three…

Q: Property and income taxes are more popular than sales taxes and user charges? True or False

A: Taxes are the fees charged by the government to collect revenue and run the country. The money…

Q: Deductibles are not used in which of the following type of insurance?

A: Deductibles in insurance: The deductibles is an expense the insured have to pay in before the time…

Q: The following are all Liability Accounts except: A. Taxes Payable, Withholding Payables, B. Salary…

A: In the given case all the taxes Payable, Withholding payable and the benefits payable are the…

Q: Income taxes payable is an example of an accrued liability. a. True b. False

A: The liabilities are the amount due to paid by the business in future period. The current liabilities…

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: ayment made by the lessee to the lessor? A. None of the above B. If the advance payment representing…

A: A lessee is someone who rents property or land from a lessor. The lessee, sometimes known as the…

Q: Which of the following is not a liability?a. Income taxes payableb. Accrued warranties payablec.…

A: Liability are the obligations which are to be paid in current period or in future.

Q: Why are payroll taxes and sales taxes consideredliabilities?

A:

Q: Income Taxes Payable or refundable + Changes in deferred income taxes = total income tax expense or…

A: Income tax actual paid and income tax expenses some time differ because of deferred income tax.…

Q: How do defreinciate between a accured income and prepaid income

A: Introduction: Accruals: Transactions recorded in the books but not yet received or paid cash called…

Q: Which is not a scheme in taxing income? * O a. Ordinary gain taxation O b. Regular income taxation O…

A: Income Tax - Income Tax is the tax levied on the income earned by the individual. It could be…

Q: What is meant by Premium on redemption of debentures account?

A: Premium on redemption of debenture account: Premium on redemption of debenture is the amount paid to…

Q: The party to whom payment is to be made is called the payee. True O False

A: Payee the person to whom the payment is made or to be made.

Q: Which one of the following is a special type of liability? a. Accrued expenses b. Salaries payable…

A: Accrued expense: These are those expenses which due but not yet paid.This is short term liability…

Q: erence between financial income and taxable income?

A: 7 Correct answer :- A Premium paid for officers life insurance   8 Correct answer :- C The…

Q: ccrued interest recomputed periodically individual who does not record interest transactions?

A: Interest expense : associate degree disbursal is that the value incurred by Associate in Nursing…

Q: types of payments that are taxable/not taxable for FUTA?

A: Federal unemployment tax is a tax paid by the employers to the employees who have left the company…

Q: Determine if this shall result in recognition of liabilities 11. withholding of taxes on employees'…

A: The employer will need to pay the amount  of tax withhold on employees compensation to government.

Q: Interest revenue need not be added to the gross income to compute for the total income.

A: Gross income and net income are two concepts associated with the accounting that helps to identify…

Q: Which of the following is not deducted from an employee’s salary? a. FICA taxes.b. Unemployment…

A: Payroll tax The costs incurred by an employer to pay the employee for his labor, including other…

Q: why loan officer prefer accrual basis accounting

A: The financial statement of a firm can be prepared based on accrual basis of accounting or cash basis…

Q: What is interest earned by a lender but not yet collected? As well as what is interest earned by a…

A: Lender is the person who lends or provides money to other person in return of some interest as well…

Q: Question 6: Which of the following is not a voluntary deduction from gross earnings? Answer: A. O…

A: Paycheck: A paycheck is given by a business to pay a representative for services delivered. It is a…

Q: What is the definition of gross income? “Gross income includes all income unless….”

A: As the name itself suggests that all kinds of incomes are included while computing gross income.

Q: Explain why we record interest in the period in which we incur it rather than in the period in which…

A: Given: The record of interest in the incurred period rather than the period of payment.

Q: which of the following are non financial claims?   pension obligations taxes payable both…

A: Instead of a physical net value, financial claims are based on contractual claims.

Q: a. O'Brien's disposable earnings b. The amount of her pay subject to the garnishment

A:

Q: Choose an example of non-current liability. O a. Interest payable O b. Bonds payable Oc. Wages…

A: Following is the answer to the given question

Q: Annuity payments received by a taxpayer represent a part which is taxable and non taxable. Which of…

A: Annuity means a series of payments being paid or received in particular period of time and a fixed…

Q: Questions: . How much is Mr. Quiton's gross earnings? . How much is his total deductions? - After…

A: solution given basic salary 15532 Allowances 1000 Deductions      Social…

Q: Accrued taxes payable are generally reported on the balance sheet as a current liability. True…

A: WHAT ARE ACCRUED TAXES PAYABLE : ACCRUED TAXES PAYABLE ARE THE TAXES WHICH ARE ASSESSED…

Q: interest expense, which of the following * ?occurs firs Incurring The Interest Expense C Paying The…

A: Accrued interest expense implies interest expense that has been incurred but not yet paid. It is a…

Q: Which of the following is not affected by a change in interest expense?   a. gross margin   b.…

A: The question is based on the concept of Financial Accounting.