avail tax exemption of 250,000
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- Taxable income represents the amount of tax required to be paid to the BIR. True or False You are employed. Your salary is your only source of income. You are subject to which of the following taxes? A. Income Tax B. Business Tax C. A and B D. None of theseQuestion 2: Which of the following is an accurate statement about SUTA tax? Answer: A. O Every state designates a taxable earnings threshold below which SUTA tax is not levied. O SUTA tax paid by an employer is typically less than FUTA tax paid for the same period. В. C. SUTA tax rates differ from one employer to another but do not change from year to year. D. The SUTA tax rate is based on the number of layoffs that an employer has experienced.which of the following is not a covid-19 tax relief provision available to a self-employed taxpayer? A. payroll tax deferral B. sick leave credit C. family leave credit D. self-employed tax rate reduction E. all the above
- Question 6: FUTA tax is paid solely by the employer. Answer: A. True В. FalseWhich of the following statements is correct regarding self-employment tax? W-2 income earned during a year will always reduce the amount of self-employment tax due on self-employment income. Two separate sources of self-employment income are combined to determine the total self-employment tax owed by the taxpayer. a.1 only. b. 2 only. c. Both 1 and 2.1. When calculating the tax liability what items should be removed to be taxed at special rates? Life Insurance Proceeds Long Term Capital Gains Partnership Income Municipal Bond Interest 2. Which of the following can self-employed taxpayers NOT deducts as deductions for AGI? The cost of the health insurance premiums paid by the self-employed The employers portion of self-employment tax Contributions to a SEP or other retirement programs from the self-employment The income tax paid on the income earned by the self-employment
- Which of the following should not be claimed as deductions from gross income? A. Interest payment on loans for the purchase of machinery and equipment used in business. B. Salaries and bonuses paid to employees. C. Discounts given to senior citizens on certain goods and services D. Advertising expense to maintain some form of goodwill for the taxpayer’s business. Which of the following is NOT income tax exempt?* A. BOI-registered enterprise enjoying tax holiday B. Forex transaction income of a Foreign Currency Depositary Unit from another Foreign Currency Depositary Unit C. Forex income in the Philippines of an Offshore Banking Unit D. Regional area headquarter of a multinational company E. None of the Above A resident corporation is one that is: A. Organized under the laws of a foreign country that engages in business in Makati City,Philippines. B. Organized under the laws of the Philippines that…Given the following tax structure: Taxpayer Mae Salary $ 44,500 Pedro $ 68,500 Total Tax $ 3,738 ??? Required: a. What is the minimum tax that Pedro should pay to make the tax structure vertically equitable with respect to the amount of tax p b. This would result in what type of tax rate structure? Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required A Required B What is the minimum tax that Pedro should pay to make the tax structure vertically equitable with respect to the amount of tax paid? Minimum tax $5,754 X mirod Required PWhich of the following statements about the FICA tax is not true? a. The income amount subject to the Social Security portion of FICA tax has increased significantly over the years. b. No FICA taxes are required to be paid by employees or employers in 2020 due to COVID c. The FICA tax is composed of two parts, Social Security and Medicare. xd. Self-employed individuals pay self-employment taxes. Oe. Wages subject to FICA tax that are received by a self-employed individual reduce the individual's maximum Social Security tax base.
