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FNSACC601
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Accounting
Date
Feb 20, 2024
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v n FNSACC601 Quiz 21 - review x o P = o X <« > C 25 training.monarch.edu.au/mod/quiz/review.php?attempt=1655826&cmid=29984 aQ w & 0O 9 : Question 13 There is requirement for the tax agent to send payment summaries to the ATO where the tax agent lodges the return via the Correct practitioner’s electronic lodgement service. Mark 1.00 out of 1.00 Select one: ¥ Flag True question False v i Tax returns which include cases relating to exempt foreign salary and wages income may not necessarily be processed within Correct 14 days. Mark 1.00 out of 1.00 Select one: ¥ Flag True v question False Question 15 When a tax agent is lodging an income tax return electronically on behalf of a client, it is for the tax agent to get the Conect completed declaration from the client authorising them to lodge electronically, before transmitting the tax return. Mark 1.00 out of 1.00 Select one: ¥ Flag a. sometimes required question b. optional . compulsory v d. irrelevant Question 16 The Commissioner can pay refunds electronically to any account provided that the taxpayer completes a written declaration Q Search a _ . ! Q ! n ] = 17/(3124)12('):.25/1I L
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Related Questions
Instructions: Review the Checkpoint Quick Reference Guide and User Guide. Perform your taxresearch utilizing Checkpoint for each of the exercises.
1) Give the title and brief description (no more than two sentences) of each of thefollowing Internal Revenue Code Sections:a. Sec. 24b. Sec. 41c. Sec. 61d. Sec. 62e. Sec. 63f. Sec. 64g. Sec. 74h. Sec. 151i. Sec. 152j. Sec. 162k. Sec. 167l. Sec. 168m. Sec. 170n. Sec. 212o. Sec. 213p. Sec. 215q. Sec. 262r. Sec. 274s. Sec. 1221t. Sec. 1231
2) a. Give the title and state the general rules for Treasury Regulation1.401(k)-1.b. Give the title of Treasury Regulation 1.501(c)(3)-1. Within this section,only cite the section for “Exempt Purposes” and list the organizationsthat may be exempt.
3) Find the court decision located at 52-1 USTC 9343.a. Give the case name.b. What court heard the case?c. When was the case decided?d. Give a brief description of this case and what was the judge’s opinion?
4) Find the court decision located at 1 AFTR2d 1158.a.…
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TAX 655N PROJECT ONE You are a tax associate with a large tax accounting firm. You have been assigned to prepare a federal income tax return, Form 1120: U.S. Corporation Income Tax Return, and the necessary schedules for SageGreen Computer Corporation, a non-audit client. This project will help you understand the IRS process of completing proper tax returns.
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11.A taxpayer is claiming tax preparation expense as a legal and professional fee. They paid $430 at your office last year. The forms breakdown by cost is as follows:
Form 1040- $100 Form Sch. C- $125 Form SE- $55 Form 8867- $75 Form 8863- $75
What is the correct amount that can be deducted on their Schedule C for the current year?
Choose one answer.
a. $280
b. $180
c. $355
d. $430
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47.
REVISED WITHHOLDING TAX TABLE FOR COMPENSATION
DAILY
1
2
3
4
5
6
Compensation Range
685 and below
685-1,095
1,096-2,191
2,192-5,478
5,479-21,917
21,918 and above
Prescribed Withholding Tax
0
0
+ 20% over 685
82.19
+ 25% over 1,096
356.16
+ 30% over 2,192
1,342.47
+ 32% over 5,479
6,602.74
+ 35% over 21,918
WEEKLY
1
2
3
4
5
6
Compensation Range
4,808 and below
4,808-7691
7,692-15,384
15,385-38,461
38-462-153,845
153,846 and above
Prescribed Withholding Tax
0
0
+ 20% over 4,808
576.92
+ 25% over 7,692
2,500
+30% over 15,385
9,423.08
+ 32% over 38,462
46,346.15
+ 35% over 153,846
SEMI-MONTHLY
1
2
3
4
5
6
Compensation Range
10,417 and below
10,417-16,666
16,667-33,332
33,333-83,332
83,333-333,332
333,333 and above
Prescribed Withholding Tax
0
0
+ 20% over 10,417
1,250
+ 25% over 16,667
5,416.67
+ 30% over 33,333
20,416.67
+ 32% over 83,333…
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46.
REVISED WITHHOLDING TAX TABLE FOR COMPENSATION
DAILY
1
2
3
4
5
6
Compensation Range
685 and below
685-1,095
1,096-2,191
2,192-5,478
5,479-21,917
21,918 and above
Prescribed Withholding Tax
0
0
+ 20% over 685
82.19
+ 25% over 1,096
356.16
+ 30% over 2,192
1,342.47
+ 32% over 5,479
6,602.74
+ 35% over 21,918
WEEKLY
1
2
3
4
5
6
Compensation Range
4,808 and below
4,808-7691
7,692-15,384
15,385-38,461
38-462-153,845
153,846 and above
Prescribed Withholding Tax
0
0
+ 20% over 4,808
576.92
+ 25% over 7,692
2,500
+30% over 15,385
9,423.08
+ 32% over 38,462
46,346.15
+ 35% over 153,846
SEMI-MONTHLY
1
2
3
4
5
6
Compensation Range
10,417 and below
10,417-16,666
16,667-33,332
33,333-83,332
83,333-333,332
333,333 and above
Prescribed Withholding Tax
0
0
+ 20% over 10,417
1,250
+ 25% over 16,667
5,416.67
+ 30% over 33,333
20,416.67
+ 32% over 83,333…
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42. REVISED WITHHOLDING TAX TABLE FOR COMPENSATION
DAILY
1
2
3
4
5
6
Compensation Range
685 and below
685-1,095
1,096-2,191
2,192-5,478
5,479-21,917
21,918 and above
Prescribed Withholding Tax
0
0
+ 20% over 685
82.19
+ 25% over 1,096
356.16
+ 30% over 2,192
1,342.47
+ 32% over 5,479
6,602.74
+ 35% over 21,918
WEEKLY
1
2
3
4
5
6
Compensation Range
4,808 and below
4,808-7691
7,692-15,384
15,385-38,461
38-462-153,845
153,846 and above
Prescribed Withholding Tax
0
0
+ 20% over 4,808
576.92
+ 25% over 7,692
2,500
+30% over 15,385
9,423.08
+ 32% over 38,462
46,346.15
+ 35% over 153,846
SEMI-MONTHLY
1
2
3
4
5
6
Compensation Range
10,417 and below
10,417-16,666
16,667-33,332
33,333-83,332
83,333-333,332
333,333 and above
Prescribed Withholding Tax
0
0
+ 20% over 10,417
1,250
+ 25% over 16,667
5,416.67
+ 30% over 33,333
20,416.67
+ 32% over 83,333…
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44. REVISED WITHHOLDING TAX TABLE FOR COMPENSATION
DAILY
1
2
3
4
5
6
Compensation Range
685 and below
685-1,095
1,096-2,191
2,192-5,478
5,479-21,917
21,918 and above
Prescribed Withholding Tax
0
0
+ 20% over 685
82.19
+ 25% over 1,096
356.16
+ 30% over 2,192
1,342.47
+ 32% over 5,479
6,602.74
+ 35% over 21,918
WEEKLY
1
2
3
4
5
6
Compensation Range
4,808 and below
4,808-7691
7,692-15,384
15,385-38,461
38-462-153,845
153,846 and above
Prescribed Withholding Tax
0
0
+ 20% over 4,808
576.92
+ 25% over 7,692
2,500
+30% over 15,385
9,423.08
+ 32% over 38,462
46,346.15
+ 35% over 153,846
SEMI-MONTHLY
1
2
3
4
5
6
Compensation Range
10,417 and below
10,417-16,666
16,667-33,332
33,333-83,332
83,333-333,332
333,333 and above
Prescribed Withholding Tax
0
0
+ 20% over 10,417
1,250
+ 25% over 16,667
5,416.67
+ 30% over 33,333
20,416.67
+ 32% over 83,333…
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43.
REVISED WITHHOLDING TAX TABLE FOR COMPENSATION
DAILY
1
2
3
4
5
6
Compensation Range
685 and below
685-1,095
1,096-2,191
2,192-5,478
5,479-21,917
21,918 and above
Prescribed Withholding Tax
0
0
+ 20% over 685
82.19
+ 25% over 1,096
356.16
+ 30% over 2,192
1,342.47
+ 32% over 5,479
6,602.74
+ 35% over 21,918
WEEKLY
1
2
3
4
5
6
Compensation Range
4,808 and below
4,808-7691
7,692-15,384
15,385-38,461
38-462-153,845
153,846 and above
Prescribed Withholding Tax
0
0
+ 20% over 4,808
576.92
+ 25% over 7,692
2,500
+30% over 15,385
9,423.08
+ 32% over 38,462
46,346.15
+ 35% over 153,846
SEMI-MONTHLY
1
2
3
4
5
6
Compensation Range
10,417 and below
10,417-16,666
16,667-33,332
33,333-83,332
83,333-333,332
333,333 and above
Prescribed Withholding Tax
0
0
+ 20% over 10,417
1,250
+ 25% over 16,667
5,416.67
+ 30% over 33,333
20,416.67
+ 32% over 83,333…
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Mf1.
One way to select the input screen for interest income reported on Form 1099-INT is for the Tax Professional to:
Select Add Forms and Schedules and choose the Income tab, and then check the box for other income.
Choose the Info Docs tab on the Add Forms and Schedules screen, and then select Yes from the dropdown field for interest income.
Type "1099" in the first field on the Common tab of the Add Forms and Schedules screen.
Choose Yes or type "1" next to the Interest field on the Common tab on the Add Forms and Schedules screen.
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45. REVISED WITHHOLDING TAX TABLE FOR COMPENSATION
DAILY
1
2
3
4
5
6
Compensation Range
685 and below
685-1,095
1,096-2,191
2,192-5,478
5,479-21,917
21,918 and above
Prescribed Withholding Tax
0
0
+ 20% over 685
82.19
+ 25% over 1,096
356.16
+ 30% over 2,192
1,342.47
+ 32% over 5,479
6,602.74
+ 35% over 21,918
WEEKLY
1
2
3
4
5
6
Compensation Range
4,808 and below
4,808-7691
7,692-15,384
15,385-38,461
38-462-153,845
153,846 and above
Prescribed Withholding Tax
0
0
+ 20% over 4,808
576.92
+ 25% over 7,692
2,500
+30% over 15,385
9,423.08
+ 32% over 38,462
46,346.15
+ 35% over 153,846
SEMI-MONTHLY
1
2
3
4
5
6
Compensation Range
10,417 and below
10,417-16,666
16,667-33,332
33,333-83,332
83,333-333,332
333,333 and above
Prescribed Withholding Tax
0
0
+ 20% over 10,417
1,250
+ 25% over 16,667
5,416.67
+ 30% over 33,333
20,416.67
+ 32% over 83,333…
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Question 2a) Income tax is calculated as follows;Taxable Salary Rate of Tax (GH¢)First 1000 0. 05Next 1,000 0.10Next 3,000 0.25Next 4,000 0.40Remainder 0.60Calculate the tax on a taxable salary of;i. GH¢ 2,450ii. GH¢ 10,500 with GH¢ 450 as none taxable allowance.
b) A card is picked at random from cards numbered from 1 to 20. Find the probability that the number on the card isi. divisible by 5ii. a prime number
c) Find the following probabilities; P(0 < z < 2.32)
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Ma3.
All final answers, unless otherwise indicated, have been rounded to the nearest $10. Also, assume that each question is independent of any other question. please answer questions using tax rules in effect for the year 2021, but ignoring temporary Covid-10 related changes.
8. During the year, Dan Davis, a single taxpayer, pays $2,200 of interest on a qualified student loan. Assume that Dan has adjusted gross income of $65,000. What student loan interest deduction may Dan claim on his Form 1040 for the year?
A. $2,500
B. 2,200
C. 1,100
D. 0
E. None of the above
9. A contribution made to which of the listed entities is not deductible?
A. Boy Scouts of America
B. Oxford University, England
C. Virginia Commonwealth University
D. Society for the Prevention of Cruelty to Animals
E. All of the above are deductible
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Required information
Problem 8-50 (LO 8-1) (Static)
[The following information applies to the questions displayed below.]
Lacy is a single taxpayer. In 2021, her taxable income is $42,000. What is her tax liability in each of the following alternative situations? Use Tax Rate Schedule, Dividends and Capital Gains Tax Rates for reference. (Do not round intermediate calculations. Round your answer to 2 decimal places.)
c. Her $42,000 of taxable income includes $5,000 of qualified dividends.
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Instructions:
1. Download BIR Forms 1701 Version 2018 at www.bir.gov.ph.
2. Compute the income tax payable, if any for taxable year 2021.
YOU are engaged in the merchandising business and at the same time employed by PA-MINE Corp. as an Accountant for the TY 2021.
In compliance with the existing rules in doing business, you applied for your TIN where your home BIR RDO (select the BIR which has jurisdiction over the place of your residence) assigned you Taxpayer Identification No. 123-456-789-0000.
Additional information:
You chose graduated tax rate
You opted for itemized deduction
Your financial records showed the following:
Gross Sales – Php 4,000,000
Cost of Sales – Php 2,000,000
Expenses –
Salaries and wages of staff – Php 360,000
Depreciation of car used in delivery – Php 100,000
Representation expense – Php 10,000
Office Rent expense – Php 360,000
Rent expense on your condominium – Php – 240,000
Utilities in office – Php 120,000
Electricity expenses in condominium – Php…
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1. Key filed a fraudulent income tax return for the year 2021 on April 11, 2022.
The BIR discovered the fraud on February 20, 2023. The last day for the BIR to collect or to send an assessment notice is
a. 4/15/2032
b. 4/11/2025
c. 2/20/2033
d. 4/15/2025
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Please assist with the below.
Instructions: Review the Checkpoint Quick Reference Guide and User Guide. Perform your tax research utilizing Checkpoint for each of the exercises. See Chapter 2 for guidance.
1) Give the title and brief description (no more than two sentences) of each of the following Internal Revenue Code Sections:a. Sec. 24b. Sec. 41c. Sec. 61d. Sec. 62e. Sec. 63f. Sec. 64g. Sec. 74h. Sec. 151i. Sec. 152j. Sec. 162k. Sec. 167l. Sec. 168m. Sec. 170n. Sec. 212o. Sec. 213p. Sec. 215q. Sec. 262r. Sec. 274s. Sec. 1221t. Sec. 1231
2) a. Give the title and state the general rules for Treasury Regulation1.401(k)-1.b. Give the title of Treasury Regulation 1.501(c)(3)-1. Within this section,only cite the section for “Exempt Purposes” and list the organizationsthat may be exempt.
3) Find the court decision located at 52-1 USTC 9343.a. Give the case name.b. What court heard the case?c. When was the case decided?d. Give a brief description of this case and what was the judge’s…
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24.
Which is TRUE?
S1: Representation expense of a seller of goods is subject to limitation of 5% of net sales.
S2: Interest expense is subject to tax arbitrage if a taxpayer has interest income.
S3: Donations to government are deductible in full.
Group of answer choices
e. All is false
c. S3 only
b. S2 only
a. S2 and S3 only
d. All is true
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PURELY COMPENSATION INCOME EARNER
Instructions:
1. Download BIR Forms 1700 AND 2316 Version 2018 at www.bir.gov.ph.
Compute the income tax payable, if any.
Relevant information:
YOU, single and a Filipino citizen, and a resident of Brgy. Talipapa, Quezon City is employed by PA-MINE Corp. located in N. Reyes St., Sampaloc, Manila for the calendar period 2021.
During your employment, PA-MINE Corp. was able to apply for your TIN where BIR RDO No. 032 – Manila assigned you Taxpayer Identification No. 123-456-789-0000. PA-MINE Corp.’s TIN No. is 987-654-321-0000.
Additional information:
Your basic salary is Php 30,000 per month
In addition to your basic pay, you received the following:
Holiday pay – Php 10,000
Hazard pay – Php 20,000
Overtime pay – Php 20,000
Fixed transportation allowance – Php 10,000
Cost of Living Allowance – Php 20,000
13th month pay – Php 30,000
Other benefits – Php 20,000
De minimis benefit of Php – 20,000
PA-MINE Corp. has deducted the following…
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PA Q1c)
Explain the process and methods you would include ensuring that you identify taxpayers and educate them on the need to pay Gift taxes and the punitive measure to be meted out on them in case they default. Support your explanation with suitable examples and scenarios
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Problem 9-13----2019The FUTA Tax (LO 9.6)
Thomas is an employer with two employees, Patty and Selma. Patty's wages are $12,450 and Selma's wages are $1,310. The state unemployment tax rate is 5.4 percent.
Calculate the following amounts for Thomas:
Round your answer to two decimal places.
a.
FUTA tax before the state tax credit
$
b.
State unemployment tax
$
c.
FUTA tax after the state tax credit
$
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Rr.12.
1.) Calculate taxable income for 20X2
answer: 139,000
2.) Calculate taxes payable for 20X2
answer: 20,850
3.) Determine the current deferred tax liability at 12/31/X2
answer: 37200
4.) calculate total income tax expense for 20X2
answer: 58,050
5.) Compute net income after taxes for 20X2
answer: 328,950
6.) Calculate taxable income for 20X3
answer: 213,027
7.) The entry required at the end of 20X3 requires
answer: debit DTL for 26,040
8.) Compute net income after taxes for 20X3
answer: ???
9.) Calculate taxable income for 20X4
answer: 196,800
10.) Compute net income after taxes for 20X4
answer: ???
Using the information above, solve for parts 8 and 10
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11-Which of the following is maximum penalty for the failure to submit the information requested by the tax authority or to attend scheduled hearings, as per the Oman tax laws in 2020?
a. None of the options
b. RO 3,000
c. RO 5,000
d. RO 2,000
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21
Which is TRUE?
Group of answer choices
Filing of return is not required if no estate tax is to be paid
Notice of Death is required if gross estate exceeds Php 5,000,000
Installment payment is allowed even in absence of BIR approval
In case an error is made in the return, the same can be amended by filing a new one
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Hw.67.
X corporation, an accrual basis taxpayer wishes to adopt the cash basis method for 2022. At the endof 2021, X has accounts receivable of 10,000 and accrued expenses of 8,000. Assume these amountssettle (are paid) in 2022. Assuming the IRS grants consent, what amounts are reflected on X’s taxreturns for 2021 and 2022 based on just these facts?
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- Instructions: Review the Checkpoint Quick Reference Guide and User Guide. Perform your taxresearch utilizing Checkpoint for each of the exercises. 1) Give the title and brief description (no more than two sentences) of each of thefollowing Internal Revenue Code Sections:a. Sec. 24b. Sec. 41c. Sec. 61d. Sec. 62e. Sec. 63f. Sec. 64g. Sec. 74h. Sec. 151i. Sec. 152j. Sec. 162k. Sec. 167l. Sec. 168m. Sec. 170n. Sec. 212o. Sec. 213p. Sec. 215q. Sec. 262r. Sec. 274s. Sec. 1221t. Sec. 1231 2) a. Give the title and state the general rules for Treasury Regulation1.401(k)-1.b. Give the title of Treasury Regulation 1.501(c)(3)-1. Within this section,only cite the section for “Exempt Purposes” and list the organizationsthat may be exempt. 3) Find the court decision located at 52-1 USTC 9343.a. Give the case name.b. What court heard the case?c. When was the case decided?d. Give a brief description of this case and what was the judge’s opinion? 4) Find the court decision located at 1 AFTR2d 1158.a.…arrow_forwardTAX 655N PROJECT ONE You are a tax associate with a large tax accounting firm. You have been assigned to prepare a federal income tax return, Form 1120: U.S. Corporation Income Tax Return, and the necessary schedules for SageGreen Computer Corporation, a non-audit client. This project will help you understand the IRS process of completing proper tax returns.arrow_forward11.A taxpayer is claiming tax preparation expense as a legal and professional fee. They paid $430 at your office last year. The forms breakdown by cost is as follows: Form 1040- $100 Form Sch. C- $125 Form SE- $55 Form 8867- $75 Form 8863- $75 What is the correct amount that can be deducted on their Schedule C for the current year? Choose one answer. a. $280 b. $180 c. $355 d. $430arrow_forward
- 47. REVISED WITHHOLDING TAX TABLE FOR COMPENSATION DAILY 1 2 3 4 5 6 Compensation Range 685 and below 685-1,095 1,096-2,191 2,192-5,478 5,479-21,917 21,918 and above Prescribed Withholding Tax 0 0 + 20% over 685 82.19 + 25% over 1,096 356.16 + 30% over 2,192 1,342.47 + 32% over 5,479 6,602.74 + 35% over 21,918 WEEKLY 1 2 3 4 5 6 Compensation Range 4,808 and below 4,808-7691 7,692-15,384 15,385-38,461 38-462-153,845 153,846 and above Prescribed Withholding Tax 0 0 + 20% over 4,808 576.92 + 25% over 7,692 2,500 +30% over 15,385 9,423.08 + 32% over 38,462 46,346.15 + 35% over 153,846 SEMI-MONTHLY 1 2 3 4 5 6 Compensation Range 10,417 and below 10,417-16,666 16,667-33,332 33,333-83,332 83,333-333,332 333,333 and above Prescribed Withholding Tax 0 0 + 20% over 10,417 1,250 + 25% over 16,667 5,416.67 + 30% over 33,333 20,416.67 + 32% over 83,333…arrow_forward46. REVISED WITHHOLDING TAX TABLE FOR COMPENSATION DAILY 1 2 3 4 5 6 Compensation Range 685 and below 685-1,095 1,096-2,191 2,192-5,478 5,479-21,917 21,918 and above Prescribed Withholding Tax 0 0 + 20% over 685 82.19 + 25% over 1,096 356.16 + 30% over 2,192 1,342.47 + 32% over 5,479 6,602.74 + 35% over 21,918 WEEKLY 1 2 3 4 5 6 Compensation Range 4,808 and below 4,808-7691 7,692-15,384 15,385-38,461 38-462-153,845 153,846 and above Prescribed Withholding Tax 0 0 + 20% over 4,808 576.92 + 25% over 7,692 2,500 +30% over 15,385 9,423.08 + 32% over 38,462 46,346.15 + 35% over 153,846 SEMI-MONTHLY 1 2 3 4 5 6 Compensation Range 10,417 and below 10,417-16,666 16,667-33,332 33,333-83,332 83,333-333,332 333,333 and above Prescribed Withholding Tax 0 0 + 20% over 10,417 1,250 + 25% over 16,667 5,416.67 + 30% over 33,333 20,416.67 + 32% over 83,333…arrow_forward42. REVISED WITHHOLDING TAX TABLE FOR COMPENSATION DAILY 1 2 3 4 5 6 Compensation Range 685 and below 685-1,095 1,096-2,191 2,192-5,478 5,479-21,917 21,918 and above Prescribed Withholding Tax 0 0 + 20% over 685 82.19 + 25% over 1,096 356.16 + 30% over 2,192 1,342.47 + 32% over 5,479 6,602.74 + 35% over 21,918 WEEKLY 1 2 3 4 5 6 Compensation Range 4,808 and below 4,808-7691 7,692-15,384 15,385-38,461 38-462-153,845 153,846 and above Prescribed Withholding Tax 0 0 + 20% over 4,808 576.92 + 25% over 7,692 2,500 +30% over 15,385 9,423.08 + 32% over 38,462 46,346.15 + 35% over 153,846 SEMI-MONTHLY 1 2 3 4 5 6 Compensation Range 10,417 and below 10,417-16,666 16,667-33,332 33,333-83,332 83,333-333,332 333,333 and above Prescribed Withholding Tax 0 0 + 20% over 10,417 1,250 + 25% over 16,667 5,416.67 + 30% over 33,333 20,416.67 + 32% over 83,333…arrow_forward
- 44. REVISED WITHHOLDING TAX TABLE FOR COMPENSATION DAILY 1 2 3 4 5 6 Compensation Range 685 and below 685-1,095 1,096-2,191 2,192-5,478 5,479-21,917 21,918 and above Prescribed Withholding Tax 0 0 + 20% over 685 82.19 + 25% over 1,096 356.16 + 30% over 2,192 1,342.47 + 32% over 5,479 6,602.74 + 35% over 21,918 WEEKLY 1 2 3 4 5 6 Compensation Range 4,808 and below 4,808-7691 7,692-15,384 15,385-38,461 38-462-153,845 153,846 and above Prescribed Withholding Tax 0 0 + 20% over 4,808 576.92 + 25% over 7,692 2,500 +30% over 15,385 9,423.08 + 32% over 38,462 46,346.15 + 35% over 153,846 SEMI-MONTHLY 1 2 3 4 5 6 Compensation Range 10,417 and below 10,417-16,666 16,667-33,332 33,333-83,332 83,333-333,332 333,333 and above Prescribed Withholding Tax 0 0 + 20% over 10,417 1,250 + 25% over 16,667 5,416.67 + 30% over 33,333 20,416.67 + 32% over 83,333…arrow_forward43. REVISED WITHHOLDING TAX TABLE FOR COMPENSATION DAILY 1 2 3 4 5 6 Compensation Range 685 and below 685-1,095 1,096-2,191 2,192-5,478 5,479-21,917 21,918 and above Prescribed Withholding Tax 0 0 + 20% over 685 82.19 + 25% over 1,096 356.16 + 30% over 2,192 1,342.47 + 32% over 5,479 6,602.74 + 35% over 21,918 WEEKLY 1 2 3 4 5 6 Compensation Range 4,808 and below 4,808-7691 7,692-15,384 15,385-38,461 38-462-153,845 153,846 and above Prescribed Withholding Tax 0 0 + 20% over 4,808 576.92 + 25% over 7,692 2,500 +30% over 15,385 9,423.08 + 32% over 38,462 46,346.15 + 35% over 153,846 SEMI-MONTHLY 1 2 3 4 5 6 Compensation Range 10,417 and below 10,417-16,666 16,667-33,332 33,333-83,332 83,333-333,332 333,333 and above Prescribed Withholding Tax 0 0 + 20% over 10,417 1,250 + 25% over 16,667 5,416.67 + 30% over 33,333 20,416.67 + 32% over 83,333…arrow_forwardMf1. One way to select the input screen for interest income reported on Form 1099-INT is for the Tax Professional to: Select Add Forms and Schedules and choose the Income tab, and then check the box for other income. Choose the Info Docs tab on the Add Forms and Schedules screen, and then select Yes from the dropdown field for interest income. Type "1099" in the first field on the Common tab of the Add Forms and Schedules screen. Choose Yes or type "1" next to the Interest field on the Common tab on the Add Forms and Schedules screen.arrow_forward
- 45. REVISED WITHHOLDING TAX TABLE FOR COMPENSATION DAILY 1 2 3 4 5 6 Compensation Range 685 and below 685-1,095 1,096-2,191 2,192-5,478 5,479-21,917 21,918 and above Prescribed Withholding Tax 0 0 + 20% over 685 82.19 + 25% over 1,096 356.16 + 30% over 2,192 1,342.47 + 32% over 5,479 6,602.74 + 35% over 21,918 WEEKLY 1 2 3 4 5 6 Compensation Range 4,808 and below 4,808-7691 7,692-15,384 15,385-38,461 38-462-153,845 153,846 and above Prescribed Withholding Tax 0 0 + 20% over 4,808 576.92 + 25% over 7,692 2,500 +30% over 15,385 9,423.08 + 32% over 38,462 46,346.15 + 35% over 153,846 SEMI-MONTHLY 1 2 3 4 5 6 Compensation Range 10,417 and below 10,417-16,666 16,667-33,332 33,333-83,332 83,333-333,332 333,333 and above Prescribed Withholding Tax 0 0 + 20% over 10,417 1,250 + 25% over 16,667 5,416.67 + 30% over 33,333 20,416.67 + 32% over 83,333…arrow_forwardQuestion 2a) Income tax is calculated as follows;Taxable Salary Rate of Tax (GH¢)First 1000 0. 05Next 1,000 0.10Next 3,000 0.25Next 4,000 0.40Remainder 0.60Calculate the tax on a taxable salary of;i. GH¢ 2,450ii. GH¢ 10,500 with GH¢ 450 as none taxable allowance. b) A card is picked at random from cards numbered from 1 to 20. Find the probability that the number on the card isi. divisible by 5ii. a prime number c) Find the following probabilities; P(0 < z < 2.32)arrow_forwardMa3. All final answers, unless otherwise indicated, have been rounded to the nearest $10. Also, assume that each question is independent of any other question. please answer questions using tax rules in effect for the year 2021, but ignoring temporary Covid-10 related changes. 8. During the year, Dan Davis, a single taxpayer, pays $2,200 of interest on a qualified student loan. Assume that Dan has adjusted gross income of $65,000. What student loan interest deduction may Dan claim on his Form 1040 for the year? A. $2,500 B. 2,200 C. 1,100 D. 0 E. None of the above 9. A contribution made to which of the listed entities is not deductible? A. Boy Scouts of America B. Oxford University, England C. Virginia Commonwealth University D. Society for the Prevention of Cruelty to Animals E. All of the above are deductiblearrow_forward
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