Introduction to Federal Taxation - Week Four

Ben Fernandez a VAT-registered taxpayer had the following data for each of the months indicated of its taxable year: Data for the month of: VAT not included: July August September P 1,437,500 P2,500,000 P2,312,500 1,875,000 There was an excess input tax of P25,000 at the end of June. . How much VAT is due in Sales.. Purchases.. 750,000 2,000,000 July, August, and for the quarter?

What amount is withheld yearly for state income tax?

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

Please Solve In 20mins

B6

provide account answer

Example 6-4 Borden Company received a federal tax levy on John Kline. Kline is single, claims 2 personal allowances, and had a takehome pay of $621.00 this week. The amount of the tax levy (in 2020) would be: Take-home pay $621.00 Less: Exempt amount (from Figure 6.3). 403.84 Federal tax levy $217.16 Figure 6.32020 Table for Amount Exempt for Tax Levy (Single Person) Filing Status: Single PayPeriod Number of Exemptions Claimed on Statement 0 1 2 3 4 5 More Than 5 Daily 47.69 64.23 80.77 97.31 113.85 130.39 47.69 plus 16.54 foreach dependent Weekly 238.46 321.15 403.84 486.53 569.22 651.91 238.46 plus 82.69 foreach dependent Biweekly 476.92 642.30 807.68 973.06 1138.44 1303.82 476.92 plus 165.38 foreach dependent Semimonthly 516.67 695.84 875.01 1054.18 1233.35 1412.52 516.67 plus 179.17 foreach dependent Monthly 1033.33 1391.66 1749.99 2108.32 2466.65 2824.98 1033.33 plus 358.33 foreach dependent Source: Internal Revenue Service. Carson Holiday…

1. The Request for Taxpayer Identification Number and Certification is also known as Form _____. Answer:   A.    W-9     B.    W-4     C.    W-2     D.    I-9 2. When the 4th quarter FUTA tax is NOT at least _____, the payment may be mailed at year-end with Form 940. Answer:   A.    $100     B.    $500     C.    $1,000     D.    $5,000 3. The full self-employment tax rate applied to the first $142,800 of earnings is _____. Answer:   A.    2.9%     B.    6.2%     C.    12.4%     D.    15.3%

MC: Topic: Income Taxation Cardo, a resident citizen, owns a 6-year time deposit in a local bank which earns a 7% annual interest payable every yearend. Towards the end of the 4th year, Cardo pre-terminated the deposit. The interest income earned until pre-termination shall be subject to a final tax rate of- * 5% 12% 20% Not subject to final tax

Example 6-4 Borden Company received a federal tax levy on John Kline. Kline is single, claims 2 personal allowances, and had a takehome pay of $621.00 this week. The amount of the tax levy (in 2019) would be: Take-home pay $621.00 Less: Exempt amount (from Figure 6.3). 396.16 Federal tax levy $224.84 Figure 6.32019 Table for Amount Exempt for Tax Levy (Single Person) Filing Status: Single PayPeriod Number of Exemptions Claimed on Statement 0 1 2 3 4 5 More Than 5 Daily 46.92 63.07 79.22 95.37 111.52 127.67 46.92 plus 16.15 foreach dependent Weekly 234.62 315.39 396.16 476.93 557.70 638.47 234.62 plus 80.77 foreach dependent Biweekly 469.23 630.77 792.31 953.85 1115.39 1276.93 469.23 plus 161.54 foreach dependent Semimonthly 508.33 683.33 858.33 1033.33 1208.33 1383.33 508.33 plus 175 foreach dependent Monthly 1016.67 1366.67 1716.67 2066.67 2416.67 2766.67 1016.67 plus 350 foreach dependent Source: Internal Revenue Service. Carson Holiday has a…

PSb 3-7 Calculate Federal Income Tax Withholding Using the Percentage Method (2020 Form W-4) For each employee listed, use the percentage method to calculate federal income tax withholding for an employee who has submitted a 2020 Form W-4. Refer to Appendix A, 2020 Federal Tax Tables in your textbook. Publication 15-T (2020) 1: Julia Jacobsen files as single on her tax return and earned weekly gross pay of 500. For each pay period she makes a 401(k) contribution of 2% of gross pay. Julia checked box 2c on Form W-4, entered $40 on line 4c of the form, and did not enter any information in step 3 of the form. Federal income tax withholding = | 2: Alejandro Wright files as single on his tax return and earned weekly gross pay of 1300. He does not make any retirement plan contributions. Alejandro entered 500 in step 3 of the form and did not enter any information in steps 2 & 4 of the form. Federal income tax withholding = $ Tentative Federal Income Tax Withholding = $ 3: Beatrice Nen files…

a) Tax Required Information [The following information applies to the questions displayed below.] FUTA SUTA b) Tax Compute BMX's amounts for each of these four taxes as applied to the employee's gross earnings for September under each of three separate situations (a), (b), and (c). Note: Round your answers to 2 decimal places. BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, Its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. FICA-Social Security FICA-Me FUTA SUTA Tax a. b. Gross Pay through August 31 $ 6,500 2,800 133,400 FICA-Social Security FICA-Medicare FUTA SUTA FICA-Social Security FICA-Medicare Gross Pay for September $ 1,900 2,900 10,000 September Earnings Subject to Tax September Earnings Subject to Tax September Earnings Subject to Tax Tax Rate Tax Rate Tax Rate Tax Amount Tax Amount Tax Amount

How much is the income tax payable in 2023?

11. The Dot Corporation has changed its year-end from a calendar year-end to August 31. The income for its short period from January 1 to August 31 is $54,000. The tax for this short period is: a.$2,040 b.$8,667 c.$11,340 d.$6,250

Using the Exam Tax Rate chart that is posted in the Assignment for the week of 2/19 tab, what would be your federal income tax that you would have to pay if you had a taxable income of $50,000? (closest to) O $6,053 O $7,000 O $10,556 O $3,335

subject; accounting

The deadline for the payment of tax payable by a private corporation is ------------------- after its fiscal year end.   Question 9 options:   a)  6 months   b)  4 months   c)  3 months   d)  1 month