Question

In: Accounting

. What are the Income tax rules in Oman relating to the a) Deductions of Head...

. What are the Income tax rules in Oman relating to the

a) Deductions of Head office expenses from Gross income

b) Restrictions on the various types of expenses for deducting from gross income for computing the taxable income. Write the restricted expenses and state the reason for such restrictions.

Solutions

Expert Solution


Related Solutions

Ms. Sana is an accounting head in the Head office of Oman Steel Factory. The Oman...
Ms. Sana is an accounting head in the Head office of Oman Steel Factory. The Oman Steel Factory is heavily dependent upon sales from construction and building companies . Sana failed to do proper recoding and documentations of (requisitions of assets, purchase orders without quotations, invoices and vouchers without supporting documents, and some expenses without official receipts). Further, the salary scheme of their employees did not match with their qualifications and skills. All of these issues were discovered during the...
Ms. Sana is an accounting head in the Head office of Oman Steel Factory. The Oman...
Ms. Sana is an accounting head in the Head office of Oman Steel Factory. The Oman Steel Factory is heavily dependent upon sales from construction and building companies . Sana failed to do proper recoding and documentations of (requisitions of assets, purchase orders without quotations, invoices and vouchers without supporting documents, and some expenses without official receipts). Further, the salary scheme of their employees did not match with their qualifications and skills. All of these issues were discovered during the...
Q1. Under US, income tax law deductions are Classifying into Deductions for and deductions from adjusted...
Q1. Under US, income tax law deductions are Classifying into Deductions for and deductions from adjusted gross income. Discuss in detail the items of each kind. Q2. Explain the different concepts of income from accounting, economics and taxation perspectives (DO NOT copy from the slides). . -- Q3. Calculate the taxable income for each case below: 1- A taxpayer who is 30 old and single, has adjusted gross income of $60,000 and itemized deductions of $4,000. In 2013. 2- A...
What renders a state income tax unconstitutional? Must the state income tax violate these rules in...
What renders a state income tax unconstitutional? Must the state income tax violate these rules in actual practice, or just in theory, in order for the U.S. Supreme Court to render it unconstitutional? Discuss.
Tax Rates. Lillian, a single taxpayer, had the following income and deductions for the tax year...
Tax Rates. Lillian, a single taxpayer, had the following income and deductions for the tax year 2018: INCOME: Salary $ 90,000 Business Income 24,000 Interest income from taxable bonds 8,000 Tax-exempt bond interest 4,100 TOTAL INCOME 126,100 DEDUCTIONS: Business expenses $ 9,000 Itemized deductions 15,000 TOTAL DEDUCTIONS 24,000 a. Compute Lillian’s taxable income and federal tax liability for 2018 (round to dollars). b. Compute Lillian’s marginal, average, and effective tax rates. c. For tax planning purposes, which of the three...
AGI Deductions Vs. From AGI Deductions (LO. 6) Reba's 2019 income tax calculation is as follows:...
AGI Deductions Vs. From AGI Deductions (LO. 6) Reba's 2019 income tax calculation is as follows: Gross income $120,000 Deductions for adjusted gross income (3,000) Adjusted gross income $117,000 Deductions from adjusted gross income: Standard deduction (12,200) (Total itemized deductions are $2,300) Taxable income $104,800 Before filing her return, Reba finds an $8,000 deduction that she omitted from these calculations. Although the item is clearly deductible, she is unsure whether she should deduct it for or from adjusted gross income....
1. The tax system is filled with a variety of deductions and credits: a. What is...
1. The tax system is filled with a variety of deductions and credits: a. What is the difference between a deduction and a tax credit? b. Why do we have deductions and credits as part of the tax system?
Martin and Joanne file a joint tax return. Their combined income and deductions are $150,000 salary...
Martin and Joanne file a joint tax return. Their combined income and deductions are $150,000 salary income, $4,500 municipal bonds interest income, $5,000 long-term capital gains, and $20,000 allowable itemized deductions. Calculate their taxable income and gross income tax liability for 2018.
5.a. The limits on US federal income tax deductions for mortgage interest and state and local...
5.a. The limits on US federal income tax deductions for mortgage interest and state and local property taxes in the 2017 TCJA reform will increase the tax liability of many taxpayers. Describe how the extra tax burdens will be distributed across different groups of taxpayers, being as specific as possible. b. An important part of the TCJA is a reduction in the corporate income tax rate from 35% to 21%. Describe how the net benefits from this reform are likely...
What amount should Weber use as state and local income taxes in calculating itemized deductions for his 2018 Federal income tax return?
Weber resides in a state that imposes a tax on income. The following information relating to Weber's state income taxes is available:State income taxes withheld in 2018$3,000State sales taxes paid$650Refund received in 2018 for 2017 tax$300Assessment paid in 2018 for 2016 tax$800What amount should Weber use as state and local income taxes in calculating itemized deductions for his 2018 Federal income tax return?a.$3,800b.$3,500c.$3,000d.$2,700e.None of these choices are correct.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT