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- Question 18 of 30. Distributable net income (excluding tax-exempt int O Serves as the upper limit on the amount of the Inco O Will always equal fiduciary accounting income. O Usually includes capital gains and losses. Is calculated on Schedule A (Form 1041).A. What is BIR Form 1701 and its importance? What are considered as Taxable Income in the BIR Form 1701? What are the deductions to the Taxable Income made in the BIR form 1701? NOTE: Include in the answer the effects of CREATE LAW, cite as many as you can on the impact of this law.13. Statutory employees: a.Claim their expenses as deductions for AGI. b.Report their expenses as miscellaneous itemized deductions. c.Are subject to income tax withholdings. d.Include common law employees.
- 3) What are the deductions to the Taxable Income made in BIR form 1701 and 1701A?What is the permanent difference between pretax accounting income and taxable income?A major objective of MACRS is to: O A. Ensure that the amount of cost recovery for tax purposes will be the same as book depreciation. B. Reduce the amount of the cost recovery deduction on businesses tax returns. C. Help companies achieve a faster write-off of their capital assets. D. Require companies to use the actual economic lives of assets in calculating cost recovery for tax purposes.
- Which of the following items is exempt from including into the assessable income for salaries tax purposes? Select one: a. Leave pay b. Commission c. Compensation for termination of employment not provided in the contract d. End of contract gratuitiescovers exemptions resulting from the status of the taxpayer and exemptions based on the nature of income OA. Section 10 OB. Section 8 OC Section 1 OD. Section 11 Previous pageWhat is BIR Form 1701 and 1701a and its importance? What are considered as Taxable Income in BIR Form 1701 and 1701a? What are the deductions to the Taxable Income made in BIR Form 1701 and 1701a?
- 34. Which is a type of Employees as to Taxability: * O a. Minimum wage earners b. Regular employees c. Corporate Earner employees O d. Both A and Bdistinguish between temporary and permanent diff erences in pre-tax accounting incomeand taxable income;Question 5: Which of the following employee taxes is matched by the employer? Answer: А. State unemployment tax Federal income tax C. Medicare tax D. Federal unemployment tax B.