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solmaris [256]
3 years ago
8

Using the legend provided, classify each of the following statements: Legend A = Tax avoidance E = Tax evasion N = Neither

Business
1 answer:
11111nata11111 [884]3 years ago
8 0

Answer:

A, A, E, E, E.

Explanation:

Tax evasion is an illegal activity in which a person or entity deliberately avoids paying a true tax liability. Those caught evading taxes are generally subject to criminal charges and substantial penalties.

Tax avoidance is the legal usage of the tax regime in a single territory to one's own advantage to reduce the amount of tax that is payable by means that are within the law. Tax sheltering is very similar, although unlike tax avoidance tax sheltering is not necessarily legal.

Sue writes a $707 check for a charitable contribution on December 28, 2013, but does not mail the check to the charitable organization until January 10, 2014. She takes a deduction in 2013.  A - Tax Evasion

Sam decides not to report interest income from a bank because the amount is only $19.75.  A - Tax Evasion

Harry pays property taxes on his home in December 2013 rather than waiting until February 2014.  - E - Tax Avoidance.

Variet switches her investments from taxable corporate bonds to tax-exempt municipal bonds.  E - Tax Avoidance.

Mel encourages his mother to save most of her Social Security benefits so that he will be able to claim her as a dependent. E - Tax Avoidance.

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Sales representatives and brokers should work under a signed labor agreement that may or may not permit broker deductions.

How Do Brokers Work?

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Brokers offer that service and are paid in a variety of methods, including commissions, fees, or payments from the exchange itself. To assist investors in deciding which broker is best for them, Investopedia routinely examines all of the major brokers and keeps a list of the top online brokers and trading platforms.

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7 0
1 year ago
For the coming year, Crane Inc. is considering two financial plans. Management expects sales to be $301,770, operating costs to
ra1l [238]

Answer:

increase in ROE due to plan B = 26.44% - 20.55% = 5.89%

Explanation:

currently EBIT = $301,770 - $266,545 = $35,225

TIE ratio = EBIT / interest expense

Plan A:

interest expense = ($200,000 x 25%) x 8,8% = $4,400

TIE ratio = $35,225 / $4,400 = 8

net income (assuming no taxes) = $30,825

ROE = $30,825 / $150,000 = 20.55%

Plan B:

TIE ratio = 4 = $35,225 / interest expense

interest expense = $35,225 / 4 = $8,806.25

total debt = $8,806.25 / 8.8% = $100,071

equity = $99,929

net income = $35,225 - $8,806.25 = $26,418.75

ROE = $26,418.75 / $99,929 = 26.44%

increase in ROE due to plan B = 26.44% - 20.55% = 5.89%

6 0
3 years ago
The Industrial Workers of the World differed from the other major trade unions in that
saveliy_v [14]

Answer:

a. its objective was to eliminate the private ownership of the means of production.

Explanation:

Industrial workers have never been outlawed by the US Government. Also, it has never disdained, and due to any reason whatsoever. However, going by the study of Carl Marx, the objective of the industrial workers of the world from the other major trade union is certainly that its objective was to ensure the elimination of the private ownership of the means of production. Hence, this is the correct answer.

3 0
3 years ago
On January 1, The Long Island Crystal Company (LICC) issued 500,000 shares at $27.15 per share. (Issued means they are actually
zhenek [66]

Answer:

$0.00

Explanation:

LICC company issued the share and gave them to the officer, ABLE. During the same year, the condition on the stock is met to sell them, and ABLE exercises this option. LICC custody of the stock ends when the condition is met and ABLE can sell the shares.

These stocks belong to ABLE and selling these shares will impact their income tax, not the company. ABLE is a different tax-subject than LICC. Thus, LICC income taxes do not absorb the gain on sale in this transaction.

4 0
3 years ago
. Best Care Pharmacy Ltd (BCPL) sold some medication with a cost of $400 for $900 on account. Assuming BCPL uses the periodic in
oksian1 [2.3K]

Answer:

The answer is C.

Explanation:

Dr. Cost of Goods Sold and Cr. Merchandise Inventory for $400

5 0
2 years ago
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