Which travel expenses are deductible and which ones are not? Provide reasons for both deductible and non-deductible travel expenses.

Q: accounting income and taxable income?

A: Accounting Income -: Accounting Income is the revenue a firm earns or keeps after paying off all…

Q: What types of ordinary and statutory income do not constitute assessable income?

A: Ordinary Income is that income which is taxable at ordinary rates or earned from working. Like…

Q: Find the gross income, the adjusted gross income, and the taxable income.

A: Answer: Gross income is the total earned income. When any exempt income is adjusted in gross income,…

Q: Sometimes a temporary difference will produce future deductible amounts. Explain what is meant by…

A: The future deductible amount caused by temporary difference means that the taxable income can be…

Q: How much shall form part of the ordinary allowable itemized deductions from gross income?

A: Deductions are the amount of money which has been allowed by the tax authority through which the…

Q: Which of the following may not form part of the regular itemized deductions from the gross income? *…

A: Itemized deductions: These are the Expenses which are deductible from the gross total income.  The…

Q: The following are deductions from items of income, except: *   Cost of sales or service Regular…

A: 1) Cost of sales or service refers to the direct cost of producing the goods sold by a company. It…

Q: What are the Gain Taxes on Asset Disposals?

A: When a asset is disposed, if the value realised on such disposal is more than the carrying amount of…

Q: What are the different kinds of payments that are taxable or non taxable under the FU

A: Payments that are non taxable / exempt under the FUTA are as follows dismissal payments wages…

Q: Describe the procedures for determining after-tax net cash flows in taxable situations?

A: Net cash flow after tax is an important measure used for the purpose of evaluation of company's…

Q: What are some costs of home ownership that are not deductible?

A: Costs are the monetary value of expenditures for goods, services, labor, products, equipment, and…

Q: What categories of expenses are represented on the Schedule A for itemized deductions?

A: Definition: Income tax: Income tax refers to the direct tax levied on individual persons or…

Q: income recieved but service not rendered, Please suggest the JE

A: Journal entries are recording of the transaction in the accounting journal in a chronological order.…

Q: Which of the following payment is a capital expenditure and not deductible under profits tax?

A: 1(a)  Payment to a departing employee agree for not competing with the company.   1(b)  1,3 and 4…

Q: Which of the following is not an expense excluded when calculating EBITDA? Depreciation expense,…

A: EBITDA is the earning available to compare the profitability of various companies, this eliminates…

Q: What is the income under accrual basis?

A: Accrual basis is method used by the company to record its transaction in the books. In this method,…

Q: What is a temporary difference related to deferred taxes?

A: Deferred Taxes:   The timing difference of tax effect called Deferred tax. Its recognized on all…

Q: Rent collected in advance shall be taxable when earned.

A: Meaning of Rent Received in Advance Rent Received in Advance is the amount of rent which is received…

Q: How do defreinciate between a accured income and prepaid income

A: Introduction: Accruals: Transactions recorded in the books but not yet received or paid cash called…

Q: How would you differentiate items that are exempted from gross income and items deductible from…

A: Items exempted from gross income refers to income which need not be part of income while calculating…

Q: What are the deductibility of real property taxes

A: Property taxes and real property taxes are interchangeable terms. They are levied on the majority of…

Q: It can be said that the actual cost of an expenditure that is deductible for tax purposes is less…

A: Tax payable is the amount that is to be paid by the tax payer to the tax receivable individual or…

Q: Please discuss the deductibility of real property taxes.

A: Local governments and municipal corporations collect property taxes annually from landowners.

Q: appropriate data into the tax-accounting program. What are the values of B, n, and S in depreciating…

A: B = Purchase price + Transportation cost + Installation cost  S = 10% of purchase price  n =…

Q: erence between financial income and taxable income?

A: 7 Correct answer :- A Premium paid for officers life insurance   8 Correct answer :- C The…

Q: What is unearned income ,income recived  in advance ?

A: Unearned income or Income received  in advance: Earned revenue that represents to a future…

Q: types of payments that are taxable/not taxable for FUTA?

A: Federal unemployment tax is a tax paid by the employers to the employees who have left the company…

Q: - unearned income

A: Unearned income is the income for which right to recognize income is not established yet.

Q: What formula is used to “gross-up” supplementalpayments in order to cover the taxes on the…

A: The term "gross-up payroll" indicates a rise in basic pay that is done on purpose in order to lower…

Q: How to calculate the answer of Tax Allowable depreciation?

A: Depreciation is the deduction in the value of the asset which leads to deduction in the tax as it is…

Q: Should liability for rent deposit be amortized? Why or why not?

A: The assets are amortized as they provide benefits for the long period.

Q: Describe the method of Accounting for Depreciation and Income Taxes?

A: Generally Accepted Accounting Principles (GAAP): Generally Accepted Accounting Principles are the…

Q: What is generally not a deductible business expense on Schedule C?

A: The sole proprietor type businesses are not allowed to get deduction under Schedule C.

Q: How, and why, does the depreciation reported for tax purposes differ from that reported in the…

A: Depreciation is the amount to be written off periodically to charge the decline in value of a fixed…

Q: Match the following income and deduction items with their associated forms.

A: Tax Forms:- these are the forms that are used to file the taxable income and other deductions in the…