Which is not a source of federal revenue? Employment taxes Estate and gift taxes Taxes on individuals Sales taxes

Q: determine if it's a tax deductible, tax credit, or neither.

A: TAX DEDUCTION:- It is a provision that reduce the taxable income. An expenses you can Subtracted…

Q: Which of the following is not deductible from gross income? *   Community tax Excise tax…

A: Tax payer can deduct state and local income taxes, real property taxes, and personal property taxes…

Q: For federal income tax purposes, the difference between the total income and total expenses reported…

A: The term income is often used as a synonym for revenues, as both indicate a positive cash flow.…

Q: Which of the following is subject to the creditable withholding tax system?

A: Creditable withholding tax is an advance income tax of the particular tax payee. This would mean…

Q: Discuss the major features of the federal income tax system

A: In USA federal income tax is collected by the federal government.

Q: Real property tax is an example of a national tax. * A. True B. False

A: In United States, US taxes are generally levied by local government authority. This property tax is…

Q: Which of the following is not a goal of the tax law? a.Economic goals such as reduction in…

A: Solution: Following are the goal of tax law: 1. Economic goals such as reduction in unemployment. 2.…

Q: What is the name of the amount of money that can bededucted directly from the computed tax, instead…

A: Tax or Taxes: Tax is an amount paid by the persons (individuals and business entities) to a…

Q: Briefly describe why the obligation to pay taxes for citizens who have taxable income is a form of…

A: What is Taxation?  Taxation is a not a word it means when an authority i.e respective government ,…

Q: 1) Class, what are transfer taxes? What is the purpose? When and how might they apply? 2) Share…

A: Hello. Since your question has multiple parts, we will solve the first question for you. If you want…

Q: Which of the following is tax credit or tax deduction or none:   A reduction of the income subject…

A:

Q: Which of the following taxes is not deductible as an itemized deduction? a.Sales tax in a state with…

A: Non Deductible Taxes under itemized deduction: 1. federal income tax 2. Federal, state or local…

Q: Blank income is subject to federal taxes?

A: What is Federal Taxes?    Federal revenue enhancement is that the tax levied by the inner Revenue…

Q: earnings below a certain threshold are taxed. What is your opinion on the fairness of this tax?

A: social security tax is such type of tax in which a percentage of the gross wages that most of the…

Q: FIT (Federal Income Tax) is tax paid from your income to the national level of government. Your…

A: Tax is a payment made to the government by a taxpayer for the government or social resources used by…

Q: How much is the income tax due under CREATE Law if the taxpayer is a domestic corporation?

A: Under CREATE Law if the taxpayer is a domestic corporation the tax rate will be 25% for large…

Q: What types of organizations qualify for section 199a of the 2018 tax law

A: QBI stands for Qualified business income which is defined as the net amount of the qualified items…

Q: Why might the effective tax rate paid on income earned within a country be different from that…

A:

Q: Should the IRS and the Department of the Treasury consider alternative tax systems, such as Flat…

A: Taxes refers to the money or amount of sum that the government requires people or businessman as…

Q: These are involuntary fees levied on individuals or corporations and imposed by the government…

A: Excise taxes are taxes levied on specified goods. These are indirect taxes that the consumer may not…

Q: Which tax does not have a wage base​ limit?   A. FICA−Medicare   B. Federal unemployment tax   C.…

A:

Q: How are national taxes similar to and/or different from local taxes?

A: National taxes refer to national internal revenue taxes imposed and collected by the national…

Q: What are the tax implications of Social Security? Is it taxable at the Federal Level?, the State…

A: If you have other substantial income in addition to socoal security  benefits, then you have to pay…

Q: Which one of the following is not deductible when itemizing a, State income tax b, Real property…

A: Itemized deductions are used by the taxpayers if they are higher than standard deductions so that…

Q: hat are some ways taxpayers can stay up to date on the federal, state and local tax laws applicable…

A: It is important for taxpayers to be aware of the various taxes applicable on them so that there is…

Q: The tax that takes into account the status of the taxpayer

A: Status of the taxpayer means the classification of the taxpayers into groups based on age, structure…

Q: An income tax is an example of which of the following? Derived tax revenue. Imposed nonexchange…

A: Income tax: Income tax is a tax levied on an individual’s income (taxable income). It is a direct…

Q: Tax withheld from an independent contractor is known as: a. Social Security Tax b. Federal income…

A: The independent contractor is liable to pay self employed tax that includes social security tax.

Q: It is the obligation of compulsory taxes on individuals or corporations by governments. Taxes are…

A: Tax Imposition: Nearly every nation on earth has some kind of taxation, which is defined as the…

Q: An income tax is an example of which of the following?a. Derived tax revenue.b. Imposed nonexchange…

A: Answer:   Option a.

Q: Which of the following taxes is both an employee and an employer tax?a.  federal income tax.b.…

A: The correct answer is Option (d).

Q: The Commissioner

A: TRUE The power to interpret the provisions of this Code and alternative tax laws shall be beneath…

Q: What type of tax is sales tax

A: There are two types of tax. These are: Direct tax: Direct taxes are the taxes that are paid by the…

Q: Some tax credits are referred to as refundable. What does this mean?

A: A tax may be referred as a “pecuniary burden laid upon individuals or property owners to support…

Q: Are they entitled to a refund or do they owe additional taxes?

A: Tax Liability is the different company's taxable income as shown in the income statement and in…

Q: The salaries of the Chief Justice and associate justice of the Supreme Court are tax-exempt because…

A: The Supreme Court is considered the highest court in the judiciary system in the USA, India, and…

Q: Explain the federal estate tax.

A: Federal Estate Tax: A tax on the transfer of property after death is called Estate tax. Federal…

Q: What is deferred income tax expense?

A: Tax: Tax refers to a compulsory payment or a contribution to the state revenue, levied by the…

Q: How is the federal estate tax computed?

A: Federal estates tax is the tax collected on the transfer of a person’s assets to its beneficiaries…

Q: What is the issue with trying to abolish all property tax? Is property tax mandated by the…

A: The main source of revenue to the government is by the levy of tax on various goods, services,…

Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.