tax-exempt corporations

Q: What are the classifications of individual taxpayers?

A: An entity that is required to pay taxes to state, federal or government municipal body is known as a…

Q: How can we determine Corporate Taxes?

A: Definition: Corporate taxes are the source of income for the government or the nation which is…

Q: What is meant by a tax shelter?

A: Tax shelter is a provision for tax payer to deduct the taxable income. This provision gives certain…

Q: Which of the following is correct

A: All capital gains are not capital assets. Taxpayers not remits tax to government. Exempt from income…

Q: corporations

A: An alternative minimum tax (AMT) is a type of tax that a taxpayer pays .The taxpayer has to pay…

Q: Other than corporations, are there other legal business entities that offer liability protection?…

A: The business can be done through different type of entities. The type of entities will be decided by…

Q: Can the members of a non-stock corporation receive compensation

A: non stick corporations are that corporations which do not issue stock to members. Members who are…

Q: Understand the estimate tax payment obligations of corporations.

A: Tax Obligation refers to a taxpayer's legal obligation under the tax code to compute the tax…

Q: How does a benefit corporation’s charter differ from that ofa typical U.S. corporation?

A: Corporate structure that extends directors' fiduciary obligations to incorporate different interests…

Q: Which of the following is subject to the creditable withholding tax system?

A: Creditable withholding tax is an advance income tax of the particular tax payee. This would mean…

Q: Why corporations are liable to pay double tax?

A: Tax is a charge which is paid on the taxable income towards government. For corporations tax is…

Q: Define the term the IRS? What are the guidelines of the IRS?

A:

Q: Which is not a characteristic of corporate income tax? Progressive tax   General tax Direct tax…

A: Taxes are the major source of revenue for the government. There can be various type of taxes which…

Q: Corporations are subject to specific corporate tax rates different from those for individuals.  True…

A: Change in tax rate Change in tax rate is a usual practice in corporate world. When the change in tax…

Q: Which of the following is wrong?   Exempt corporations are subject to income tax on their income…

A: Last option i.e. None of the above, is the correct answer.

Q: What is the statute of limitations for income tax returns?

A: Given: The concept of a statute of limitations for the income tax returns.

Q: 1. What is Profession Tax and its examples?

A: Tax is the money to be used by government for the overall development of the nation. Tax may be in…

Q: What are the ethical responsibilities of the tax practitioner in dealing with tax evasion?

A: Tax evasion is a criminal crime that occurs when a person or business willfully fails to pay a…

Q: What is the main difference between the way a partnership is taxed versus the way a corporation is…

A: Introduction: A partnership is characterized as two parties uniting to share benefits and…

Q: Who are considered “person” or “entities” or “taxpayers” for tax purposes? _____________________

A: The below mention definition of PERSON is as per Income Tax Act . As per income tax act , there are…

Q: What is Barangay Tax and its examples?

A: Tax is defined as the financial charge imposed on taxpayers that are levied by the government for…

Q: How do you identify the similarities and difference between the corporate income tax formula and…

A: Corporate income tax: It is a tax levied on a corporation's earnings that is known as corporate…

Q: e Commissioner can estimate the income and expense of a taxpayer.

A: The Commissioner is the supreme authority in Internal Revenue Service. His duty is to administer and…

Q: Is the corporate tax schedule progressive? Why or why not?

A: A tax schedule can either regressive or progressive. It depends upon how the scehdule has been…

Q: What is not-for-profit corporation?

A: Nonprofit organization: It basically comes under a non-profit motive organization like banking…

Q: How does the federal income tax system treat dividends receivedby a corporation versus those…

A: Income tax is the portion of income paid to the government or the authorized taxation bodies as the…

Q: hat are some ways taxpayers can stay up to date on the federal, state and local tax laws applicable…

A: It is important for taxpayers to be aware of the various taxes applicable on them so that there is…

Q: How do you calculate State Tax? How do you calculate FICA Tax

A: State tax:   State income tax is a direct tax. State tax is levied by a state in the state the…

Q: Is the local property tax a regressive tax, or a progressive tax?

A: Progressive Taxes: Taxes that require high income groups to pay a larger percentage of income in…

Q: What do you believe led to the conclusion that a sole proprietorship should report its results on…

A: Sole Proprietorship: It is a type of  enterprise that is  run and owned  by one person  and there is…

Q: What

A:

Q: What are the three areas of government that can create tax law? How does each area function?

A: Tax laws refer to the regulations, laws and rules which states that how, how much and when one must…

Q: Basic community tax is an example of while income tax is a kind of O Privilege tax; capitation tax…

A: Basic community tax is an example of Privilege tax while income tax is a kind of Capitation tax.

Q: Assuming the taxpayer is a CORPORATION, how much is the OSD and net taxable income using OSD?

A: Tax Tax refers to the compulsory payment made by individuals or corporations to the government.…

Q: Assuming, the taxpayer is a domestic corporation, how much is the regular corporate income tax?

A: Calculating the taxable income of a Domestic tax payer                 Particulars Amount…

Q: ements for tax exemption C. Type of for-profit business that also has a social mission D. Type of…

A: The definition of S corporation as,

Q: Reproduce the tax formula for indivudal taxpayers in good form and briefly describe each of the…

A:

Q: The salaries of the Chief Justice and associate justice of the Supreme Court are tax-exempt because…

A: The Supreme Court is considered the highest court in the judiciary system in the USA, India, and…

Q: Explain the federal estate tax.

A: Federal Estate Tax: A tax on the transfer of property after death is called Estate tax. Federal…

Q: What is Community Tax and its examples?

A: Solution-        Community Tax is a Chicago-based full-service tax company that focuses on serving…

Q: Distinguish between not-for-profit and for-profit corporations.

A: Corporation: A business concern where there is a separate legal entity, and are owned by…

Q: The income and expenses of a corporation. For federal income tax purposes are referred to as what…

A: The term corporation, for federal income tax purposes, generally includes a legal entity treated as…