Under the 1987 Philippine Constitution To compute the income tax due, what are the 2 tax options of individuals earning income from self-employment and/or practice of profession whose gross sales/receipts do not exceed P3,000,000?
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Under the 1987 Philippine Constitution
To compute the income tax due, what are the 2 tax options of individuals earning income from self-employment and/or practice of profession whose gross sales/receipts do not exceed P3,000,000?
Step by step
Solved in 3 steps
- How are federal, state, and local income taxes collected by the government? Consider the cases of an employee and a self-employed taxpayer.1. Which of the following is required to file an income tax return? A. An employee covered by the substituted filing system. B. A taxpayer deriving purely passive income subject to final tax. C. A special alien with respect to his compensation income. D. A non-resident citizen who derives his entire income form sources outside the Philippines. 2. The taxable income of a mixed income earner is the : A. Net income from business less personal exemption B. Net income from business C. Taxable compensation income D. Taxable compensation income plus net income from business.4. What is the due date for tax returns employees and self employed taxpayers in Canada taxation? When istax payable due?5. What is the ditterence between total income net income & taxable income in Canada taxation?6. What records and receipts must be kept in Canada taxation
- Question 6: FUTA tax is paid solely by the employer. Answer: A. True В. FalseWhen is the due date for the employer to pay schedular tax deductions to tax authorities? MalaysiaTaxable 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 these
- 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 aboveQuestion 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 taxes is both an employee and an employer tax?a. federal income tax.b. FUTA.c. local income tax.d. OASDI.
- Theme: Adjusted Gross Income as determined by the IRS of USA. Examine the case below and do the following:1.Indicates the income items that are part of the gross income.2.Indicates the salary exclusions.3.Identify the deductions to which the taxpayer is entitled to calculate the adjusted gross income.4.Calculate adjusted gross income.5.Indicates the status that the taxpayer must file.6.Fill out Form 1040.Case 2 Carlos Martínez was born on January 9, 1967, is a teacher and is married. He had a salary of $50,000 and a tax withheld of $5,000. Carlos pays an individual retirement account (IRA) for himself of $7,000. His wife, Carmen Flores, was born on April 22, 1971, she works from home selling clothes, from which she had an income of $12,000. The couple have no children and have a joint bank account from which she earned $2,500 in interest from the bank.Which 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
