. As distinguished from deductions, tax credit is a. A deduction from gross sales/receipts b. A deduction from gross income c. A deduction on tax due d. A deduction from other income
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14. As distinguished from deductions, tax credit is
a. A deduction from gross sales/receipts
b. A deduction from gross income
c. A deduction on tax due
d. A deduction from other income
Step by step
Solved in 2 steps
- 2. Creditable deductible input tax includes the following, except, a. Presumptive, transitional, and standard b. Withholding VAT C Advance payment of VAT d. Vat paid on sale of goodsWhich of the following is not a from AGI deduction? A. The exclusion of an item of gross income B. Itemized deductions, if taken C. Standard deduction, if taken D. The qualified business income deductionQuestion 8: Which of the following is not a mandatory deduction from gross pay? Answer: A. Federal income tax withholding В. Union dues C. Social Security tax D. Medicare tax B.
- problem 28 ... Briefly explain the concepts of accounting profit, taxable profit, temporary difference, taxable temporary difference, deductible temporary difference, deferred tax assets and deferred tax liability.I. Compensation and business income are returnable income that are subject to final income tax. II. When a taxable income is subjected to final tax, that income shall be excluded in the computation of taxable net income subject to basic income tax under the graduated tax rate. a. TT b. FF c. TF d. FTWhat is the taxable base for federal income taxes? a. Gross income b. Net worth c. Total assets d. Total debt
- Indicate the type of Deferred Tax account created by Prepaid Expenses and Accrued Revenues, respectively. Select one: O a Asset Asset Ob. Liability, Liability Oc Asset, Liability O d. Liability, ASset37. Sale of an capital assets is subject to O a. Regular Income tax O b. Capital Gains Tax O c. Excise Tax O d. Final income TaxDefinitions The FASB has defined several terms in regard to accounting for income taxes. Below are various code letters (for terms) followed by definitions. Code Letter Term Code Letter Term A. Future deductible amount H Deferred tax consequences B Income tax payable (or refund) I Future taxable amount Operating loss carryback Deferred tax liability D Valuation allowance K Temporary difference E Deferred tax asset Income tax expense (or benefit) F Operating loss carryforward M Deferred tax expense (or benefit) Taxable income Required: Indicate which term belongs with each definition by choosing the correct term. 1. The deferred tax consequences of future deductible amounts and operating loss carryforwards 2. A difference between the tax basis of an asset or liability and its reported amount in the financial statements that will result in taxable or deductible amounts in future years when the reported amount of the asset or liability is recovered or settled, respectively X 3. Temporary…
- Accounting profit is O A. The The profit or loss is for a period determined before deducting in accordance tax expense O B. The profit or loss is for a period determined in accordance with tax law C. The profit or loss after for a period after deducting tax expense O D. The profit or loss after current tax expense determined accordance with tax lawdetermine income tax liabilityRequirements: Compute for the following: a Income tax expense, Current tax expense and Deferred tax a. expense/benefit b. Current tax liability c Deferred tax liability and Deferred tax asset d. Provide the journal entry. C.