Required Use Illustration 13-4. Select from the list of Internal Revenue Code section under which each of the NFP entities is most likely to be exempt from federal income tax 1. 2 3. 4 5 6 7. 8 Section of Internal Revenue Code NFP Entities American National Red Cross Better Business Bureau American Legion Wee Care Daycare Harris Chamber of Commerce Museum of Modern Art Allentown Racquetball Association Citizen's to Elect Harvey
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- 1. What loan from the federal government given to individual states is used to provide unemployment benefits to state residents? Answer: A. SUTA Advances B. FUTA Advances C. Title XII Advances D. Title 15 Advances 2. The SUTA tax rate is determined by an employer’s _____. Answer: A. credit reduction B. FUTA tax rate C. experience rating D. Medicare tax rate 3. Identify each item as associated with Form 1099-NEC, Form 1096, or both. A. Displays earnings for one individual Form 1099-NEC Form 1096 Both B. Displays earnings for multiple individuals Form 1099-NEC Form 1096 Both C. Requires a signature Form 1099-NEC Form 1096…**Objective Type Question:** Which of the following is a key requirement for compliance with IRS regulations for tax - exempt status? a) Filing quarterly financial reports with the IRS. b) Limiting the organization's charitable activities to a single geographic region. c) Using tax - exempt funds for personal expenses of the organization's directors. d) Meeting the IRS's criteria for operating exclusively for charitable, educational, or other exempt purposes.Question 30: Match each form to its purpose. SS-4 Used to obtain a Social Security number DROP HERE W-4 Provides information to calculate income tax withholding DROP HERE SS-5 Used to obtain an Employer Identification Number DROP HERE 1-9 Verifies employment eligibility DROP HERE Question 12: Which of these is a credit reduction state/territory? Question 15: Union dues are considered a deduction. Answer: Answer: A. O Connecticut A. O cafeteria B. O Ohio B. O insurance C. O Virginia C. O mandatory D. O U.S. Virgin Islands D. O voluntary Question 14: Alejandra owns and operates an appliance store where employees clock in and out for each shift. Per the FLSA, Alejandra rounds employee time worked to the nearest 15-minute increment. On Tuesday this week, Stanley works 4 hours and 9 minutes in the morning and 3 hours and 11 minutes in the afternoon. How does Alejandra record Stanley's time? Answer: A. O 7 hours B. O 7 hours and 15 minutes C. O 7 hours and 20 minutes D. O 7 hours and 30…
- I. Define: a. Minimum wage b. E.O. 226 c. BMBE Law d. CDA e. Tax law vs gaap f. Statutes and Presidential Decrees g. Judicial Decision or case laws h. Local Ordinances i. Ad Valorem j. Sin TaxesSCHEDULE 1(Form 1040)Department of the Treasury Internal Revenue Service Additional Income and Adjustments to Income ► Attach to Form 1040.► Go to www.irs.gov/Form1040 for instructions and the latest information. OMB No. 1545-0074 2018 AttachmentSequence No. 01 Name(s) shown on Form 1040Noah Yobs Your social security number 123-45-6789 Additional Income 1-9b Reserved . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1-9b 10 Taxable refunds, credits, or offsets of state and local income taxes . . . . . . 10 11 Alimony received . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 12 Business income or (loss). Attach Schedule C or C-EZ . . . . . . . . . . . . . . . 12 13 Capital gain or (loss). Attach Schedule D if required. If not required, check here ► ◻ 13 14 Other gains or (losses). Attach Form 4797 . . . . . . . . . . . . . . . . . . . . . . . . 14 15a…Which of these forms must most tax-exempt organizations file annually with the Internal Revenue Service? Choose the correct.a. 990b. 1203c. 501d. 501(c)(3)
- Instructions: 1. Download BIR Forms 1701 Version 2018 at www.bir.gov.ph. 2. Compute the income tax payable, if any for taxable year 2021. YOU are engaged in the merchandising business and at the same time employed by PA-MINE Corp. as an Accountant for the TY 2021. In compliance with the existing rules in doing business, you applied for your TIN where your home BIR RDO (select the BIR which has jurisdiction over the place of your residence) assigned you Taxpayer Identification No. 123-456-789-0000. Additional information: You chose graduated tax rate You opted for itemized deduction Your financial records showed the following: Gross Sales – Php 4,000,000 Cost of Sales – Php 2,000,000 Expenses – Salaries and wages of staff – Php 360,000 Depreciation of car used in delivery – Php 100,000 Representation expense – Php 10,000 Office Rent expense – Php 360,000 Rent expense on your condominium – Php – 240,000 Utilities in office – Php 120,000 Electricity expenses in condominium – Php…Question 3 of 15. A taxpayer must file Form 8862 to claim certain credits after disallowance by the IRS. Which credit is affected by this requirement? Adoption Credit. Child and Dependent Care Credit. Earned Income Credit. Residential Energy Credit. Mark for follow up14) When examining revenue transactions, which of the following transactions is classified as an exchange transaction? A) When a homeowner pays property taxes B) When a university receives a federal grant that mandates a certain type of research activity C) When an aquatic center receives cash for a group swim D) When an employer deducts money for state tax withholding
- Which of the following accounts has special tax advantages under certain conditions when used to fund qualified college education expenses? Group of answer choices certificate of deposit money market mutual fund U.S. Treasury bill US EE savings bondsing for Governmental and Non-Profit Organizatio ion II 2020/ACT 343/D1/ Section 7 Accounting for Governmental and Non-Profit Organizations How does a voluntary health and welfare organization account for donated goods and cash contributed for operating purposes? What types of revenues are recognized by voluntary health and welfare organizations? 00 三 三 A B I -Instructions: Review the Checkpoint Quick Reference Guide and User Guide. Perform your taxresearch utilizing Checkpoint for each of the exercises. 1) Give the title and brief description (no more than two sentences) of each of thefollowing Internal Revenue Code Sections:a. Sec. 24b. Sec. 41c. Sec. 61d. Sec. 62e. Sec. 63f. Sec. 64g. Sec. 74h. Sec. 151i. Sec. 152j. Sec. 162k. Sec. 167l. Sec. 168m. Sec. 170n. Sec. 212o. Sec. 213p. Sec. 215q. Sec. 262r. Sec. 274s. Sec. 1221t. Sec. 1231 2) a. Give the title and state the general rules for Treasury Regulation1.401(k)-1.b. Give the title of Treasury Regulation 1.501(c)(3)-1. Within this section,only cite the section for “Exempt Purposes” and list the organizationsthat may be exempt. 3) Find the court decision located at 52-1 USTC 9343.a. Give the case name.b. What court heard the case?c. When was the case decided?d. Give a brief description of this case and what was the judge’s opinion? 4) Find the court decision located at 1 AFTR2d 1158.a.…