Which of the following is NOT a valid use of Form 990-1? O Request credit for certain excise taxes paid. Apply for reinstatement after an exempt organization has their status revoked. Claim the Small Employer Health Insurance Premium Tax Credit. Determine tax liability from UBI.
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- Which of the following does NOT apply to both a W−2 and a W−3? A. Reports the total amount of wages, tips and compensation paid to the employee B. Employees use both forms to prepare their personal tax returns. C. Sent to the Social Security Administration D. Reports the total OASDI and Medicare taxes withheldWhich of the following taxpayers is required to file a form 8862 to claim certain credits after disallowance?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…
- In determining an employee's net pay, which of the following taxes would not be deducted? a.SUTA taxes b.FICA taxes c.Medicare taxes d.Federal income taxes 9can you help me how to Explain how an employer can receive a credit against the FUTA tax due.Which of the following is an adjustment that will generally result in lower tax liability for an eligible taxpayer because it directly reduces the taxpayer's total income? An education credit. The health savings account deduction. Medical and dental expenses deduction. The retirement savings contributions credit (Saver's Credit)
- 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-employmentWhich of the following is not an item deducted from salary expense to arrive at net pay? Multiple Choice O O FICA tax for Social Security FICA tax for Medicare These answer choices are all deducted from salary expense to arrive at net pay Federal unemployment taxWhich of the following should not be claimed as deductions from gross income? A. Interest payment on loans for the purchase of machinery and equipment used in business. B. Salaries and bonuses paid to employees. C. Discounts given to senior citizens on certain goods and services D. Advertising expense to maintain some form of goodwill for the taxpayer’s business. Which of the following is NOT income tax exempt?* A. BOI-registered enterprise enjoying tax holiday B. Forex transaction income of a Foreign Currency Depositary Unit from another Foreign Currency Depositary Unit C. Forex income in the Philippines of an Offshore Banking Unit D. Regional area headquarter of a multinational company E. None of the Above A resident corporation is one that is: A. Organized under the laws of a foreign country that engages in business in Makati City,Philippines. B. Organized under the laws of the Philippines that…
- When determining earnings subject to SE tax, the taxpayer may want to use one of the optional methods whether if they have a small net profit or loss and which of the following conditions applies A. They are eligible to receive the Additional Child Tax Credit B. They can claim a Credit for Dependent or Child Care Expenses C. Taxpayer wants to receive a Credit for Social Security Benefit Coverage D. All of the aboveQuestion 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 up-Which of the following should not be claimed as deductions from gross income? * interest payment on loans for the purchase of machinery and equipment used inbusiness. salaries and bonuses paid to employees. discounts given to senior citizens on certain goods and services. advertising expense to maintain some form of goodwill for the taxpayer’s business.