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- 1. In light of the authority vested by the Tax Code to the Commissioner of Internal Revenue (CIR), the CIR recommended to the Secretary of the Department of Finance the creation of revenue district offices (RDOS) throughout the Philippines. The act of the CIR is in keeping with the principle of: a. Administrative Feasibility b. Fiscal Adequacy c. Theoretical Justice d. Uniformity 2. In view of the powers vested by the Tax Code to the Commissioner of Internal Revenue (CIR), the CIR accredited specific banks and authorized such as its agent in receiving payments of taxes. The act of CIR is in keeping with the principle of: a. Administrative Feasibility b. Fiscal Adequacy c. Situs of Taxation d. Theoretical Justice 3. In the Philippine taxing jurisdiction, the following statements are correct except: a. Taxes are based on one's ability to pay b. Taxes are levied by authority of the law c. Taxes are obligations created by law d. The power to tax is not unlimited 4. Jaime is a non-VAT…Which of the following is a significant revenue source for state and local governments, but not the federal government in the United States? a-payroll taxes b-income taxes c-corporate taxes d-property taxesIdentify the link of necessity and luxury goods to tax revenue
- □ 6. Which of the following taxes was initially the main way the federal government funded itself? income sales property importTable 2: Lump-Sum Taxation *= 20 G= 0 A = 0.50 *= 15 G>0 A = 0.50 Column 3 * = 15 G>0 z= 15 G = 0 A = 0.50 Column 2 A= 2.00 Row Variable Column 1 Column 4 1 T* 0.00 2 6.52 130.40 130.40 17.70 4 C* U(C*,E") U(C*,l")+ XV (G) 5 17.70 (2.C.) Suppose A = 2.00. From your results in Table 2, you should see that the household is better off when the government is following its policy of spending and taxing to maintain a constant level of output so one might conclude that stabilization policy is good for this economy. However, I would argue that the welfare gains that the household experiences under this stabilization policy do not really have anything to do with stabilizing output. Explain why I make that statement.Which tax is the largest source of tax revenue in the United States? personal income taxes social insurance taxes corporate profit taxes value added taxes national sales taxes
- Critically examine the principles of taxation and point out the difficulties in their practical application.Question 48 of 50. Choose the response that completes the following sentence. A taxpayer may claim an exemption from withholding on their Form W-4 when they: Did not have a federal income tax liability for the prior year and do not expect to have any liability for the current year. O Do not want to have any taxes withheld from a second job. Experience a life-changing situation that will likely result in eligibility for one or more tax credits. Have considerable amounts of self-employment or investment income. Mark for follow up CR Question 40 of 50For each of the following situations, indicate the amount of the penalty that could be imposed on the tax return preparer: a. A tax return preparer understates the taxpayer’s tax liability with a frivolous position and does not disclose the position.$______________________ b. A tax return preparer fails to furnish his identifying number.$___________ c. A tax return preparer aids a taxpayer in understating a tax liability. $______ d. A tax return preparer endorses and cashes a client’s tax refund check. $____
- Where does the federal government obtain almost all of their revenue? foreign governments taxes sales of government property by buying Treasury bonds) Explain and provide an example of the following: a) b) c) a transfer payment indirect tax direct taxIn a response to public outcry over the Internal Revenue Service's (IRS) extent and abuse of power, the Federal government has decided to disband the IRS in favor of creating a new administrative agency to oversee taxation. As a business owner, what steps might you be able to take to ensure there are control's and limits to the agency's power? How does this compare with the controls available to branches of the government?
