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Excel Online Structured Activity: Personal taxes Mary Jarvis is a single individual who is working on filing her tax return for the previous year. She has assembled the following relevant information: She received $85,000 in salary. . She received $12,500 of dividend income. . She received $4,900 of interest income on Home Depot bonds. . She received $24,500 from the sale of Disney stock that was purchased 2 years prior to the sale at a cost of $5,700. • She received $12,000 from the sale of Google stock that was purchased 6 months prior to the sale at a cost of $6,300. • Mary receives one exemption ($4,000), and she has allowable itemized deductions of $7,500. These amounts will be deducted from her gross income to determine her taxable income. Assume that her tax rates are based on Table 3.5. The data has been collected in the Microsoft Excel Online file below. Open the spreadsheet and perform the required analysis to answer the questions below. X Open spreadsheet a. What is Mary's…

Excel Online Structured Activity: Personal taxes Mary Jarvis is a single individual who is working on filing her tax return for the previous year. She has assembled the following relevant information: -She received $108,000 in salary. -She received $17,500 of dividend income. -She received $7,000 of interest income on Home Depot bonds. -She received $24,500 from the sale of Disney stock that was purchased 2 years prior to the sale at a cost of $5,200. -She received $11,500 from the sale of Google stock that was purchased 6 months prior to the sale at a cost of $5,700. -Mary receives one exemption ($4,000), and she has allowable itemized deductions of $7,500. These amounts will be deducted from her gross income to determine her taxable income. What is Mary's federal tax liability? Round your answer to the nearest cent. Do not round intermediate calculations. $. What is her marginal tax rate? Round your answer to 1 decimal place. What is her average tax rate? Round your answer to 2…

1. Jonas Brown is employed as a mechanic in Country A. His emoluments is $40,000 per week . He receives a tax-free travelling allowance of $5,000 per week. Calculate his annual deductions assuming the following:a. The annual income tax threshold is $1,000,000 per year. b. Housing Contribution Rate 3% for the employer 2% for the employee. c. John contributes 10% per month to an approved pension scheme and his employer provides a matching contribution.d. National Insurance is 3% for the employer and 3% for the employee.e. The income tax rate is 25%. f. Number of weeks is 52

Managerial Accounting Taxation Problem #1 - Calculating Federal Income Tax & Refund/Payment Due John is a single taxpayer and has the following information for 2023: Income before deductions $120,000 Standard Deduction $ 13,850 Itemized Deduction $ 18,400 Federal Taxes Paid $ 17.100 Tax Credits $ 1,500 Required: 1. What is John's taxable income? 2. What is John's federal income taxes? 3. Does John owe money or get a refund? How much? 4. What is John's marginal tax rate? 5. What is John's average tax rate?

GV is a small accounting firm supporting wealthy individuals in their preparation ofannual income tax statements. Every December, GV sends out a short survey to itscustomers, asking for the information required for preparing the tax statements. Basedon 50 years of experience, GV categorizes its cases into the following two groups:• Group 1 (new customers): 20 percent of cases• Group 2 (repeat customers): 80 percent of casesThis year, there are 50 income tax statements arriving each week.In order to prepare the income tax statement, GV has three resources.The activities are carried out by the following three persons:• An administrative support person who processes every tax statement.• A senior accountant (who is also the owner) who processes only tax statements fornew customers.• A junior accountant who only processes tax statements for repeat customers.What is the total demand rate for each of the three resources?

Tax Drill - General Business Credit Carlson's general business credit for the current year is $84,000. His net income tax is $190,000, tentative minimum tax is $175,000, and net regular tax liability is $185,000. He has no other Federal income tax credits. Carlson's general business credit allowed for the tax year is $

Ms. Cumacaliua is concurrently employed at Cumanan Corporation and Paatras Company. She received the following during the month: Cumanan 50,000 P Paatras 40,000 Professional fees P Less: 6,000 12,000 Creditable withholding tax Loan repayment SSS, PhilHealth, HDMF Net pay 7,000 3.000 40.000 P P. 22,000 ist Compute the amount subject to business tax. c. P 77,000 d. P 90,000 a. PO Her b. P 62,000 combare tue smonur

The following are your clients as a Consultant: Who among them is qualified to use 8% optional income tax? a. an architect who opted for method of deduction and whose gross receipts amounted to Php 23 Million b. a partner in ABC & Co. CPAs whose share in income of GPP amounted to Php 1 Million c. a duly registered Barangay Micro Business Enterprise with gross sales of Php 3 Million d. a doctor operating his own clinic with gross receipts of Php 1 and at the same me an employee of ABC Hospital and Medical Center with a gross salary of Php 3M

The following are your clients as a Consultant: Who among them is qualified to use 8% optional income tax? Choices a duly registered Barangay Micro Business Enterprise with gross sales of Php 3 Million a partner in ABC & Co., CPAS whose share in income of GPP amounted to Php 1 Million an architect who opted for method of deduction and whose gross receipts amounted to Php 23 Million a doctor operating his own clinic with gross receipts of Php 1 and at the same time an employee of ABC Hospital and Medical Center with a gross salary of Php 3M

K Andy Palermo is a commission salesperson with a base salary of $98,000. In 2023, he earns commissions of $16,900. Of this amount he rece travel. He incurs the following expenses: Meals and Entertainment with clients 22,700 11,900 Hotel and airline tickets What is the amount of Andy's maximum deduction for these expenses in determining his 2023 employment income? A. $9,400 B. $11,900 OC. $34,600 D. $16,900 E. $23,250 $

Instructions: 1. Analyze the given scenario and choose what type of investment is best for Mr. Santos. Explain your answer.  (include your analysis through computations)   Scenario: Mr. Santos is a government employee, His time deposit account of P 500,000 with 4% interest p.a. maintained with BDO generates a monthly interest of P 1,334.00  (net of 20% withholding tax). He is not satisfied with the earnings that he was receiving. One day, he talked to a BDO financial adviser to seek advice on where to place his money with a higher interest rate. The financial adviser explained to him the following options:   1. Treasury-Bills -placement 30 days 6% one year 2. Bonds issued by San Miguel Corporation Face Value per bond P 100,000, 6% yield, quarterly coupon rate, term 10 years. 3. PLDT preferred 12 % Shares of stocks par value, P 100 per share with Market value  P 150 per share.    If you are Mr. Santos, what option are you going to choose?

Frederick Grant is employed by Jabex Ltd as an Engineer. He earns 270,000 per month as a gross salary. the company has an approval pension scheme to which he contributes 5 % of his salary. He also has a car loan payment of $25,000 per month. Calaulate Fredrick Grant income tax computation and net pay for the month April 2019

The following are your clients as a Consultant: Who among them is qualified to use 8% optional income tax? an architect who opted for method of deduction and whose gross receipts amounted to Php 23 Million a duly registered Barangay Micro Business Enterprise with gross sales of Php 3 Million a doctor operating his own clinic with gross receipts of Php 1 and at the same time an employee of ABC Hospital and Medical Center with a gross salary of Php 3M a partner in ABC & Co., CPAs whose share in income of GPP amounted to Php 1 Million

47.  In preparing the 2021 Annual Income Tax Return of Nicanor, the following information were culled from his accounting records:                                Gross sales – Php 2,500,000                              Cost of sales – Php 1,000,000                              Salaries and wages – Php 100,000                              Rent Expense – Php 100,000                              Depreciation – Php 100,000                              Utilities Expense – Php 100,000                              Repairs and Maintenance – Php 100,000                              Other income:                              Rental income – Php 1,000,000                            Interest income from bank deposits in Bank of the Pelepens – Php 100,000                              Dividends from ABC Corp., a DC – Php 100,000                              Cash Prizes – Php 100,000   The duly filed 1st quarterly income tax return indicated that Nicanor opted 8% taxation.   In addition, he provided…

5-Calculate Work Opportunity Work Tax Credit from the following information Employer Z has four employees and worked the following hours: Employee 1= 50 Hours, Employee 2= 60 hours employee 3 =950 Hours Employee 4= 950 hours . Each was paid $10 per hour   7-John and Joan are married and file joint return for 2021. They have two children ages 5 and 7. Their earned income for 2021 is $40,000. Calculate their earned income tax credit

Marc Batchelor, a self-employed sales consultant, has estimated annual earnings of $303,000 this year. His social security tax rate is 12.4% up to the wage base, Medicare is 2.9%, and his federal income tax rate is 24%. How much estimated tax (in $) must Marc send to the IRS each quarter? $

Mr. Reyes is both employed and self-employed. He had the following income receipts during the month: Gross compensation income P 120,000.00 Director's fees   80,000.00 Professional fees   200,000.00 Total gross income P 400,000.00 The total amount subject to business tax is?

Yellow Diamond Limousines Incorporated operates as a Nevada business. The SUTA wage base for Nevada is $36,600. Yellow Diamond Limousines Incorporated's SUTA tax rate is 3.40%. The employees' annual earnings for the past calendar year are as follows: John $42,400; Evie $55,700; Jason, $29,450; and Alec $52,900.What is Yellow Diamond Limousines Incorporated's SUTA tax liability for the year?    A. $4,408.10B. $4,734.50C. $6,135.30D. $1,244.40

Anna has the following income for the quarter: a. Professional income P80,000 b. Income from her business P30,000 c. Compensation income P40,000 d. Interest income from bank deposit P10,000.   1. What amount of income will Anna report in her quarterly income tax return? a. P80,000 b. P110,000 c. P120,000 d. P150,000   2. If Anna, opted to use 8% rate, how much is her income tax due  in her quarterly ITR? a. P6,400 b. P8,800 c. P9,600 d. P12,000

27. Gis a cash basis consultant. His balance sheet at the end of the year shows receivables of $100 and accounts payable for utilities of $30. a) What is G's basis in the receivables? b) If G transfers the receivables to a new corporation in exchange for 100% of the stock and the corporation assumes the liabilities is G taxed on the transfer?

Gabriela has the following income for the quarter: a. Professional income,P80,000 b. Income from her business, P30,000 c. Compensation income,P40,000 d. Interest income from bank deposit, P10,000. What amount ofincome will Gabriela report in her quarterly income tax return? P80,000P110,000P120,000P150,000