Karen Joy Madrio Juan January 24‚ 2015 Grade 9 – Davao Sir Daryl D. Dela Cruz Business Math: ASSIGNMENT # 1 Taxation in the Philippines Taxation It is the inherent power by which the sovereign state imposes financial burden upon persons and property as a means of raising revenues in order to defray the necessary expenses of the government It is the imposition of financial charges or other levies ‚ upon a taxpayer (an individual or legal entity) by a state such that failure to pay
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CHAPTER 9 DEDUCTIONS: EMPLOYEE AND SELF-EMPLOYED-RELATED EXPENSES SOLUTIONS TO PROBLEM MATERIALS | | | | |Status: | Q/P | |Question/ |Learning | | |Present |in Prior | |Problem |Objective |Topic
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Business Law & Taxation EASY ROUND 1. Which of the following individuals shall not be subject to the income tax under Section 24 (A)? |D |a. |Individual citizen of the Philippines residing therein; | | |b. |Individual citizen of the Philippines who residing outside the Philippines including overseas contract workers; | | |c. |Individual alien who is a resident of
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Presumptive Taxation A presumptive or imputed tax is generally a proxy for the standard tax. It is applied when the tax base is too small or hard to verify‚ due to limited administrative resources‚ or improper accounting practices. According to a definition by Ahmed and Stern (1991)‚ “The term presumptive taxation covers a number of procedures under which the ‘desired’ base for taxation (direct or indirect) is not itself measured‚ but is inferred from some simple indicators which are more easily
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ACCT 330 – TEST 2 CHAPTER 6 – DEDUCTIONS AND LOSSES Criteria for deducting business and investment expenses – must be… * Related to a profit-motivated activity of the taxpayer * Ordinary‚ necessary‚ and reasonable in amount * Properly documented * An expense of the taxpayer Expenditure is not deductable if it is… * A capital expenditure * Expense related to tax-exempt income * Illegal or in violation of public policy‚ or * Specifically disallowed by tax law Business
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I. Introduction to the tax systemThe laws governing taxation in the Philippines are contained within the National Internal Revenue Code. This code underwent substantial revision with passage of the Tax Reform Act of 1997. This law took effect on January 1‚ 1998.Taxation is administered through the Bureau of Internal Revenue which comes under the Department of Finance. The chief executive of the Bureau of Internal Revenue is the Commissioner who has exclusive and original
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Income Tax Ordinance 1947 was subsequently replaced by the Income Tax Act (ITA) 1967‚ came into effect on 1 January 1968. This happen in accordance to the formation of Malaysia in 1963. The Income Tax Act 1967 consolidated the three laws of income taxation existing before
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Prentice Hall’s Federal Taxation 2014 Corporations‚ 27e Chapter C12 The Gift Tax 1) The gift tax is a wealth transfer tax that applies to transfers during a person’s lifetime and transfers at death. Answer: FALSE Page Ref.: C:12-2 Objective: 1 2) The annual exclusion permits donors to make gifts of $14‚000 each to multiple donees. Answer: TRUE Page Ref.: C:12-4 Objective: 1 3) Molly sells her car‚ valued at $30‚000‚ to her nephew Todd for $18‚000. Molly has made a taxable gift. Answer:
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Southern Gothicism and Dark Romanticism Since the Southern Gothic movement in literature was originated in late 18th and early 19th century‚ it shares some similarities with Dark Romanticism such as death‚ decay‚ and toxic relationships; however‚ Southern Gothicism is a genre of literature that has a very distinctive style of writing. In other words‚ while some of the main characteristics of Dark Romanticism have human imperfections along with the horrific symbols and themes‚ the Southern Gothic
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------------------------------------------------- TAXATION August 2011 Multiple Choice. Identify the letter of the choice that best completes the statement or answers the question. 1. Which of the following is not subject to tax as a corporation? (A) Business partnerships. (B) Insurance companies. (C) Joint stock companies. (D) General professional partnership. 2. A partnership formed by persons for the sole purpose of exercising their common
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