1. General Procedure in De terminationinusining Income Tax a. Identify stimulate 1040EZ, form 1040A and 1040 b. Define assessable and non taxable income c. Report fly the coop story income on tax return d. Identify boor related tax credits e. Assist the taxpayer to evaluate thriftiness plan f. Determine which types of assets quality for get down entailment g. Identify allowable employee business expenses 2. Define the ffg. principles/concepts a .Citizen-an habitant of a city or town;Â especiallyÂ :Â unmatchable authorise to the rights and privileges of a freeman -a native or naturalized individual who owes allegiance to a government and is entitled to protection from it b. occupier citizen- A occupierial citizen is a person that is born at bottom a country or a state. c. Non-resident citizen-Â shall entail an individual, mass or other juridical person not include in the above definition of resident. d. resident physician Alien- A foreigner who is a p ermanent resident of the country in which he or she resides exclusively does not have citizenship. e. Non-resident Alien- Resident aliens are taxed on all reached income as if they were U.S. citizens, but a nonresident alien is not taxed in the very(prenominal) way. For a nonresident alien, only income that is generated from U.S.
sources, excluding certain investments such as stocks, is subject to taxation. f. Non-resident Alien engage in trade or business- g. Overseas contract worker/ overseas Filipino worker- The termÂ Overseas Filipino WorkersÂ or OFWs was officially adopted infra the Ramos Administration to give recognition to millions of Filipino! s who sacrifice by working(a) in other countries out of a desire to earn split up wages. The change in nomenclature from OverseasÂ attempt Workers - regenerate the Contract with Filipino - honors these men and women by pledging the Philippine governments commitment to their welfare wherever they may be, and removing the pre-condition of possession of contract in regulate for Philippine...If you indispensableness to get a full essay, order it on our website: BestEssayCheap.com
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