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Q. Which are the allowances are exempted from the income tax? Ans: 1. Uniform Allowance and Sumptuary Allowance 2. Death cum Retirement gratuity received by Government
Thomas Crown expects to earn the following stream of annual income for the next four years:- $41,000; $45,000; $38,000 and $50,000. Although he has adopted the ‘Pay Yourself Firs
how to compute income tax
"Alfred E. Old and Beulah A. Crane, each age 42, married on September 7, 2010. Alfred and Beulah will file a joint return for 2011. Alfred''''s Social Security number is 111-11-111
Tax incidence can be separated into- 1. Formal incidence: the party liable to the tax 2. Informal incidence: party, who really pays the tax The tax incidence is decided by t
Lambda Ventures, an unincorporated business, has a class 10 UCC balance on January 1, 2010 of $453,000.During 2010, it acquires additional Class 10 assets at a cost of $63,200.Also
Sales tax, as compared to VAT is the percentage of revenue imposed on the retail sale of goods. Unlike VAT, sales tax is levied on the entire value of goods and services purchased.
Prepare answers to each of the following questions. Assume a tax rate of 30%. (i) Harry Ltd has a balance of prepaid rent in the balance sheet amounting to $100 000 as at 30 Ju
income tax and its many types
Provide at least 4 reasons why a firm may prefer to repurchase stock than to pay out dividends. What factors have influenced the strong growth in repurchase over the last two decad
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