ESI(employers) Medical Allowance‚ attire allowance‚ washing allowance‚ Education allowance Spl Allowance Sodexo‚ accommodation‚ Mobile‚ internet allowance DEDUCTIONS Statutory Optional – case based STATUTORY DEDUCTIONS Provident Fund – Employers contribution Income Tax – TDS Profession Tax - PT Contribution to Trade Unions OPTIONAL DEDUCTIONS Salary Advance Contributions to Insurance Contributions to Relief Funds Any other scheme Additional contribution to PF Recovery of Damages/losses
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FEDERAL INCOME TAX FORMULA Gross Income - Above the Line Deductions____ Adjusted Gross Income - Itemized or Standard Deduction - Exemptions_________________ Taxable Income x Applicable Marginal Tax Rates for Each Bracket Tax Liability - Tax Credits_________________ = TAX OWED ABRIDGED INCOME TAX ACCOUNTING I. Gross Income [§ 61] — A. Wages‚ Salaries‚ and Tips B. Interest Income C. Dividend Income D. Other (Net) Income—Reduced by Deductible Expenses 1. State & Local
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Income a. Less: Deductions for adjusted gross income d. Adjusted gross income h. Less: The greater of— Total itemized deductions or standard deduction e. Less: Personal and dependency exemptions c. Taxable Income 3-8: In choosing between the standard deduction and itemizing deductions from AGI‚ what effect‚ if any‚ does each of the following variables have? a. The age of the taxpayer(s). If over the age of 65‚ a person is allowed the additional standard deduction amount on his or
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(Are not taxed twice) True. The income of an S corporation is generally subject to just one level of tax. 4) Taxpayers have the choice of claiming either the personal and dependency exemption or the standard deduction. False. The standard deduction vs. itemized deduction. 5) An individual who is claimed as a dependent by another person is not entitled to a personal exemption on his or her own return. True. 6) All of the following items are generally excluded from income except
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Default Position(what the rules would be without Sub C)Under Code section 1001‚ when there is a transfer of property in exchange for other property‚ the transferor recognizes gain or loss in the difference between:The FAIR VALUE of the property received‚ AND His ADJUSTED BASIS (determined under Code section 1012) in the property transferred EXAMPLE OF DEFAULT POSITION X has land worth $400‚000 and in which he has basis of $150‚000. X transfers the land to Corp in exchange for 100 shares of Corp
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HALLMARKS OF SCIENTIFIC RESEARCH Successful managerial decisions are seldom made on hunches or on trail and error method. The sound and effective decisions are always made on the basis of scientific research. Scientific research focuses on solving problems in a step _by _step logical‚ organized and rigorous manner in each step of research viz.‚ identifying problem‚ gathering data‚ analyzing it and in arriving at a valid conclusion. Organizations may not always be involved in the scientific
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furniture and personal belongings inside the house was $50‚000. The homeowner’s policy will only cove 50% of the value of the loss. Specific Issues 1. Whether Sam can claim any type of tax deduction on his individual return for the damages to the house. 2. If so‚ how is the amount of the deduction determined? Conclusions 1. Sam can claim itemized
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Solutions Guide: Please do not present as your own. I sometimes post solutions that are totally mine‚ from the book’s solutions manual‚ or a mix of my work and the books solutions manual. But this is only meant as a solutions guide for you to answer the problem on your own. I recommend doing this with any content you buy online whether from me or from someone else. 72. Latrell recently used his Delta Sky miles to purchase a free roundtrip ticket to Milan‚ Italy (value $1‚200). The frequent
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73 Chapter 6 Deductions: General Concepts and Trade or Business Deductions SUMMARY OF CHAPTER Tax deductions are allowed to taxpayers only if specifically authorized by the Internal Revenue Code. Deductions allowable to individual taxpayers fall into four categories: trade or business expenses‚ expenses incurred for the production of income‚ losses‚ and personal expenses. In addition to discussing the general requirements for deductibility for each of the above types of expenses‚ this chapter also
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Bill was‚ however withdrawn on an assurance from the Government that the matter was under active consideration of the Government ar that time. This was an attempt to remedy some of the evils like delay in payment of wages‚ non-payment of wages‚ deductions made from wages on account of fines imposed by the employer. etc. During that period the Royal Commission on Labour in India draw attention to the abuses in the system of wage payment‚ and made valuable recommendation as under: 1.Children
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