Income Tax Fundamentals 2020
38th Edition
ISBN: 9780357391129
Author: WHITTENBURG
Publisher: Cengage
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Question
Chapter 9, Problem 15MCQ
To determine
Concept Introduction:
FICA taxes: The Federal Insurance Contribution Act imposes the Social Security and Medicare Tax that provide benefits to qualified retired and disable workers. Both employers and employees are allowed to pay FICA taxes.
To indicate: The form in which government payments such as a state income tax refund is reported.
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Major sources of revenue for the local government units (LGUs) are the taxescollected under the Local Government Code of 1991 or what Republic Act?
a. Republic Act No. 7160
b. Republic Act No. 7260
c. Republic Act No. 7150
1) State whether each of the following items should be classified as taxes, licences and permits, intergovernmental revenues, charges for services, fines and forfeits or miscellaneous revenue in a governmental fund. Ā Ā Ā Ā
a) Sales and use taxes levied by the government.
b) Payments by citizens for use of the city pool.
c) Building permits to construct a deck at a residence
Which of the following items isĀ notĀ recognized as revenue by a governmental unit?
Group of answer choices
a.) Sales tax proceeds
b.) Bond proceeds
c.) Property tax levies
Chapter 9 Solutions
Income Tax Fundamentals 2020
Ch. 9 - Prob. 1MCQCh. 9 - Abbe, age 56, is married and has two dependent...Ch. 9 - Prob. 3MCQCh. 9 - Prob. 4MCQCh. 9 - Prob. 5MCQCh. 9 - Estimated payments for individual taxpayers are...Ch. 9 - Prob. 7MCQCh. 9 - Prob. 8MCQCh. 9 - Prob. 9MCQCh. 9 - Prob. 10MCQ
Ch. 9 - Ran's wage income is $47,350 in 2019. The combined...Ch. 9 - Prob. 12MCQCh. 9 - Prob. 13MCQCh. 9 - Prob. 14MCQCh. 9 - Prob. 15MCQCh. 9 - Prob. 16MCQCh. 9 - Prob. 17MCQCh. 9 - Prob. 18MCQCh. 9 - Prob. 19MCQCh. 9 - Prob. 20MCQCh. 9 - Prob. 21MCQCh. 9 - Bonnie is getting close to retirement and realizes...Ch. 9 - Prob. 1PCh. 9 - Prob. 2PCh. 9 - Prob. 3PCh. 9 - Prob. 4PCh. 9 - Kana is a single wage earner with no dependents...Ch. 9 - Lamden Company paid its employee, Trudy, wages of...Ch. 9 - Fiduciary Investments paid its employee, Yolanda,...Ch. 9 - Thuy worked as the assistant manager at Burger...Ch. 9 - Prob. 11PCh. 9 - Prob. 13PCh. 9 - Prob. 14PCh. 9 - Allen (age 32) takes a distribution of $20,000...
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Similar questions
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