Circle the correct option in the case of each of the following statements - Leaving Cert Business - Question 4 - 2020
Question 4
Circle the correct option in the case of each of the following statements.
(i) The profit from the sale of an asset is subject to
capital acquisitions tax / capital... show full transcript
Worked Solution & Example Answer:Circle the correct option in the case of each of the following statements - Leaving Cert Business - Question 4 - 2020
Step 1
(i) The profit from the sale of an asset is subject to
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Answer
The profit from the sale of an asset is subject to capital gains tax.
Step 2
(ii) The Universal Social Charge (USC) is an example of a
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The Universal Social Charge (USC) is an example of a progressive tax.
Step 3
(iii) Tax credits
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Answer
Tax credits reduce the amount of PAYE paid by an employee.
Step 4
(iv) Value Added Tax (VAT) is an example of a
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Value Added Tax (VAT) is an example of an indirect tax.
Step 5
(v) A holiday voucher worth €3,000 given as a benefit-in-kind
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Answer
A holiday voucher worth €3,000 given as a benefit-in-kind is treated as taxable income.
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