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Hospitality Industry Managerial Accounting 8th Edition

Hospitality Industry Managerial Accounting (8th Edition)

Book Edition8th Edition
Author(s)Schmidgall
ISBN9780866124973
PublisherEduc. Inst. Of The American Hotel & Motel Assoc.
SubjectAccounting

Chapter 15, End of Chapter, Review Questions, Exercise 1

Page 731

Here is a tip:

Under I-Tax, the income earned during a year is split into five heads.

Explanation

Income tax is imposed on various entities or individuals, which differs according to their respective profits or income. Further, the income that is considered taxable for such individuals and entities includes wages, salaries, interest, dividend, and tips.

Verified Answer

  • Wages 
  • Salaries 
  • Tips 
  • Interest 
  • Dividend
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Page 731