Which one of the statement regarding itemized deductions in 2020 is false? Group of answer choices A.Itemized deductions provide relief to taxpayers whose ability to pay taxes has been involuntarily reduced.   B.Itemized deductions subsidize desirable activities.   C.Itemized deductions include medical expenses, taxes, mortgage interest, charitable contributions, and unreimbursed employee business expenses.   D.Taxpayers only itemize deductions if they exceed their standard deduction.

Q: Which of the following statements relative to the optional standard deduction is false? The 40%…

A: As per Philippines tax provisions optional standard deduction is provided to its corporate tax…

Q: In 2021, a company performed service for the customers. It will receive payments from the customers…

A: Deferred tax refers to the tax on the timing difference arrives due to difference in carrying amount…

Q: A liability in 2021 is reported for financial reporting purposes but not for tax purposes. When this…

A: As per IAS 12 Income taxes,  When carrying amount of liability as per books(financial reporting…

Q: 1. Which of the following statements is incorrect? A. Qualified job-related expenses (e.g., auto,…

A: Adjusted gross income (AGI) refers to the total gross income of an entity or an individual after…

Q: Thirteenth month pay is exempt from income taxation? Group of answer choices No, only the excess to…

A: Solution: As per Philipines tax laws, "The 13th month pay is exempt from tax, up to a limit of P…

Q: In determining an employee's net pay, which of the following taxes would not be deducted? a.SUTA…

A: Employees net pay = Gross pay - All payroll deductions

Q: Which of the following statements about credits is false? A. Credits reduce a taxpayer's liability…

A: Tax credit is compared to an incentive received by the tax payer so that the taxpayer can utilize…

Q: The following data pertain to a taxpayer’s request for refund: Date tax erroneously paid, January…

A:

Q: Whether their taxable income in 2021 is? Eligible taxpayers may be allowed to claim the entire 20%…

A: Taxable Income refers to the part of total income received by an individual or corporation which is…

Q: Which of the following does NOT apply to both a W−2 and a W−​3?     A. Reports the total amount of​…

A: IRS forms W-2 and W-3 both are submitted by the employer to Social Security Administration and both…

Q: Which of the following is an adjustment that will generally result in lower tax liability for an…

A: A tax is a charge which is levied by the government on the taxable income of a taxpayer. A tax…

Q: 1. Consider the 2020 information for a single taxpayer without children: Situation A Situation B…

A: a. Following is the calculation of total taxes owed under each scenario: Therefore,

Q: x withheld $27,000 $30,000 Est $31,000 Advise Michelle as to her instalment payment options for 2021…

A: The tax is given as,

Q: omissions  and  Advise the of yhe consequences  of not amending the previous  years  return  Make…

A: Answer are as follows

Q: A taxpayer received a notice from the BIR to file his 2020 income tax return not later than January…

A: Surcharge- Surcharge refers to an addition of extra charge on the decided or identified price. In…

Q: What are some common examples of income, and what are some common examples of items excluded from…

A: Income means the money or any equivalent value receives by individual or business, in exchange of…

Q: Mani Pakyaw failed to file and pay his income tax return for the year 2019 which should have been…

A: Since the questions have four subparts, we will be solving only the first three of them. Income tax…

Q: Apply the tax benefit rule to determine the amount of the state income tax refund included in gross…

A: Tax benefit rule has been provided by Internal Revenue Service. This tax benefit rule provides that…

Q: Regarding the statue of limitations on additional assessments of tax by the IRS, determine the…

A: The statue of limitations to the IRS in accessing the taxes gets expired from three years from the…

Q: Employee business expenses are no longer deductible on Schedule A for federal purposes.  Why are…

A: As per Schedule A, Employee business expenses are no longer deductible for federal purposes but they…

Q: The Trump tax changes (i.e., the TCJA) allows deductions (either as a FOR or FROM AGI Deduction) for…

A: The following are allowed deductions: 1. Casualty losses on personal use asset in declared disaster…

Q: hich of the following should be included in an individual taxpayer's federal gross income?    Child…

A: Wages, dividends, capital gains, business income, retirement distributions, and other income are all…

Q: A liability in 2021 is reported for financial reporting purposes but not for tax purposes. When this…

A: Deferred tax is the amount of future tax payable due to difference in the taxable income of current…

Q: Which of the following statements is incorrect with respect to determining current E & P? a.…

A: Exempted income are not added backe for calculating taxable income,

Q: Apply the tax benefit rule to determine the amount of the state income tax refund included in gross…

A: A).Itemized deductions =25,500 Standard deductions = 24,800 State income tax that need to be…

Q: In 2020, depending on the amounts of income and other tax information, some individuals may report…

A: Depending on the amounts of income and other tax information, some individuals may report their…

Q: What is Target’s liability for unrecognized tax benefits as of January 30, 2016? IfTarget were to…

A:

Q: If during the year, a taxpayer voluntarily opted to pay VAT even though his sales and receipts are…

A: A taxpayer voluntarily opted to pay VAT even though his sales and receipts are not expected to…

Q: Spamela Hamderson Inc. reports the following pretax income (loss) for both financial reporting…

A:

Q: Cherry Ann filed her 2021 ITR on May 12, 2022. She then received assessment of deficiency

A: In Phillipines the taxpayer files the selfassessed ITR within…

Q: For 2018, the Social Security portion of the FICA tax is imposed at a rate of (not including any…

A: Social security amount total rate financed is 12.4%. For 2018 the social security portion of the…

Q: Indicate the date that the statute of limitations would run out on each of the following 2018…

A:

Q: Which of the following statements is true? a) If funds are withdrawn from an annuity during…

A: The Internal Revenue Service (IRS) levies a federal income tax on the annual earnings of:…

Q: Which of the following would constitute tax evasion?   a. Henry salary sacrifices future income…

A: Tax evasion means when the individual does not show their actual income or does not show any income…

Q: In 2021, the shared responsibility payment: Applies to uninsured taxpayers whose modified…

A: Share Responsibility payment is the penalty for uninsured. If the taxable income exceeds the…

Q: Once a taxpayer reaches certain taxable income thresholds Sec. 199A limits the qualified business…

A: Section 199A of the Internal Revenue Code (IRC) provides many owners of partnerships trusts, sole…

Q: Which of the following recent tax changes is not scheduled to expire after 2025?a. Suspension of…

A: Answer: There is various tax changes made. a. Suspension of personal exemptions This is scheduled…

Q: Please do no cheat the previous answer, this was not correct,   The Trump tax changes (i.e., the…

A: Tax is an amount charged by the government from the organization and the individual on the income…

Q: Which of the following statements about extensions of time to file certain business income tax…

A: As per U.S. Internal Revenue Service: It is required of most entities to use electronic funds…

Q: An allowable capital loss realized in a year can first be deducted in the current year against…

A: Answer with explanation are as follows.

Q: Which of the following statements is false regarding an employee's contribution into a 401(k) tax…

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

Q: Which of the following is not an essential feature of FBT for the FBT year ended 31 March 2020?…

A: A fringe benefit refers to the excess amount paid by the employer over the annual salary or other…