TAXX301_Assign2 Studocu

TAXATION in the Philippines 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 - 7,691 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 83,333 100,416.67 +35% over 333,333 MONTHLY 1 2 3 4 5 6 Compensation range 20,833 and below 20,833 - 33,332…

Instructions Revenue and expense data for the current calendar year for Tannenhill Company and for the electronics industry are as follows. Tannenhill's data are expressed in X. dollars. The electronics industry averages are expressed in percentages. Tannenhill Electronics Company Industry Average 2 Sales $4,580 000.00 100,0% Cost of goods sold 2,581,600.00 59.0 4 Gross profit $2,198,400.00 41.0% 5 Selling expenses $1,213,70000. 22.5% Administrative expenses 752,800.00 14.0 7 Total operating expenses $1,946,500.00 36.5% 4:Operating incOme $251,900.00 4.5% Previous Next Check My Work 2 more Check My Work uses remaining. 2.

gross income MINUS adjustments to income EQUALS adjusted gross income TABLE 4.9 Tax Rate" 10% 15% 25% 28% 33% 35% 39.6% Standard deduction Exemption FIGURE 4.13 Flow chart showing the basic steps in calculating income tax. (per person) adjusted gross income MINUS deductions and exemptions EQUALS taxable income $4050 Single up to $9325 up to $37,950 up to $91,900 up to $191,650 up to $416,700 up to $418,400 above $418,400 $6350 2017 Marginal Tax Rates, Standard Deductions, and Exemptions* Married Filing Jointly tax computation based on rates or tables up to $18,650 up to $75,900 up to $153,100 up to $233,350 up to $416,700 up to $470,700 above $470,700 $12,700 MINUS tax credits $4050 EQUALS total tax Married Filing Separately up to $9325 up to $37,950 up to $76,550 up to $116,675 up to $208,350 up to $235,350 above $235,350 $6350 $4050 total tax MINUS payments or withholding EQUALS amount owed (or refund) Head of Household $4050 up to $13,350 up to $50,800 up to $131,200 up to $212,500…

MC algo 2-5 Marginal Taxes The tax rates are as shown below Taxable income Tax Rate 50-50,000 15% 25% $8,001-75,000 75,001 - 100,000 34% 100,001 335,000 315 The taxable income $81,500. How much additional tax will you owe if you increase your taxable income by $22.7007 MC O O Ⓡ 2 O M S X 57536 Alt 17928 GEW SPELE IN . 3 E D C de $ 4 R F V 5 T G B 14 M Home K 9 O L > 0 P

gross income MINUS adjustments to income TABLE 4.9 Tax Rate 10% 15% 25% 28% 33% 35% 39.6% Standard EQUALS adjusted gross income FIGURE 4.13 Flow chart showing the basic steps in calculating income tax. deduction Exemption (per person) adjusted gross income MINUS deductions and exemptions $4050 EQUALS taxable income Single up to $9325 up to $37,950 up to $91,900 up to $191,650 up to $416,700 up to $418,400 above $418,400 $6350 2017 Marginal Tax Rates, Standard Deductions, and Exemptions* Married Filing Jointly up to $18,650 up to $75,900 up to $153,100 up to $233,350 up to $416,700 up to $470,700 above $470,700 $12,700 tax computation based on rates or tables 3. Victor is in the 28% tax bracket. MINUS tax credits $4050 EQUALS total tax Married Filing Separately up to $9325 up to $37,950 up to $76,550 up to $116,675 up to $208,350 up to $235,350 above $235,350 $6350 $4050 total tax MINUS payments or withholding EQUALS amount owed (or refund) Head of Household up to $13,350 up to $50,800…

Note 21 Income Taxes                       The company's income (loss) before income tax provision (benefit) was subject to     taxes in the following jurisdictions for the following periods:                     20X2 20X1       Domestic   $205,000                   The provision (benefit) for income taxes is as follows:                                   20X2         Current tax provision (benefit):                      United States                       Deferred tax expense (benefit):                       United States    LSM   Student's initials                Income tax provision (benefit)                       Significant components of the Company's deferred tax assets and liabilities as of December 31, 20X2 and 20X1 are as follows:     December 31,         20X2 20X1       Deferred tax assets:              Bad debt reserve (accounts receivable) 18,000 10,000          Org exp and start up costs              Warranty reserve…

GENERAL JOURNAL ACCOUNT TITLE ✓ Dec. 31 Deferred Tax Asset 1 DATE 2 Income Tax Benefit from Operating Loss Carryforward POST. REF. DEBIT 45,000.00 Score: 21/25 CREDIT 45,000.00

Sales revenue, $ Interest revenue, $ Expenses, $ Depreciation, S Company 1 1,500,000 31,000 -754,000 48,000 Company 2 820.000 25,000 -591,000 18,000 a. Calculate the federal income tax for the year for each company b. Determine what percentage of each company's sales revenue was paid in taxes. C. Estimate the taxes using an effective rate of 34% of the entire TI. Determine the percentage error made relative to the exact taxes in part (a).

Tax Schedule 2 If your taxable income la: Over $0 11,450 43,650 112,650 182,400 357,700 But not over- $11,450 43,650 112,650 182,400 357,700 The tax is: 10% ‒‒‒‒‒‒‒‒ $1,145.00+ 15% 5,975.00 +25% 23,225.00 +28% 42,755.00+ 33% 100,604.00+ 35% of the amount over- $0 11,450 43,650 112,650 182,400 357,700 X Part a) Calculate the tax for each taxable income of a head of household. $400,000. X

CHP#10_5 Question text Recording Payroll and Payroll TaxesThe following data are taken from Stockton Wholesale Company’s May payroll:  Administrative salaries $50,000 Sales salaries 51,000 Custodial salaries 7,000 Total payroll $108,000 Salaries subject to 1.45 percent Medicare tax $108,000 Salaries subject to 6.2 percent Social Security tax 85,000 Salaries subject to federal unemployment taxes 14,000 Salaries subject to state unemployment taxes 21,000 Federal income taxes withheld from all salaries 17,800 Assume that the company is subject to a two percent state unemployment tax (due to a favorable experience rating) and a 0.6 percent federal unemployment tax.RequiredRecord the following in general journal form on May 31:a. Accrual of the monthly payroll.b. Payment of the net payroll.c. Accrual of employer’s payroll taxes. (Assume that the FICA matches the amount withheld.)d. Payment of these payroll-related liabilities. (Assume that all are settled at the same…

EA#9 Tax on Corporation: Problem Solving FnB Question 9 of 43 Fill in the blanks For taxable year 2018, the company's sixth year of operations, the records of Mega Specialties, a domestic corporation, show the following: Gross sales P2,463,500 ents Sales returns & allowances 27.500 Sales discounts 42,750 Cost of goods manufactured and sold 1,313,600 586,040 operating expenses Answer the following: 1. Gross income is 2. Normal corporate income tax is 3. Minimum corporate income tax is NOTE Answers are in numerical form, COMMA PESO SIGN and other characters are NOT REQUIRED. < Previous Shot on OnePlus Powered by Triple Camera e es

EA# 9 Tax on Corporation: Problem Solving FnB Question 2 of 43 Fill in the blanks: For taxable year 2018, the company's sixth year of operations, the records of Mega Specialties, a domestic corporation, show the following: Gross sales P2.463,500 Sales returns & allowances 27,500 Sales discounts 42,750 Cost of goods manufactured and sold 1,313,600 586.040 operating expenses Answer the following: 1. Net sales is 2. Net income is 3. Minimum corporate income tax is NOTE: Answers are in numerical form, COMIVA PESO SIGN, and other characters are NOT REQUIRED. < Previous Shot on OnePlus Powered by Triple Camera

Status Single     DATA TABLE             Total Tax Payments  $                   8,342         Taxable Income  $            55,060.00     20,000           30,000   Total Tax  $                   7,972     40,000               Refund Amount                       Amount Owed           Create a one-way data table that will show the Total Tax (cell C7) for the three values of Taxable Income shown in cells F5 to F7. Answer these questions about the process of creating the data table. Before creating the table, what formulas must be put into the cells around the table? What must be entered in cell F4 before selecting Data Table from What-If Analysis?

vork Tax a. b. C. Gross Pay through August 31 $ 6,800 2,400 131,800 FUTA SUTA b) Tax 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-Medicare Gross Pay for September $ 700 FICA-Social Security 2,500 8,400 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. September Earnings Subject to Tax September Earnings Subject to Tax Saved Tax Rate Tax Rate Help Tax Amount Save & Exit Tax Amount Check my wo

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…

Simple Accounting - Property Tax. Market Value Tax Policy Rate Property Tax $1,370,980.00 50.75% 4.39571 a. $3,058,413.48 O b. $29,680.17 O c. $30,584.13 d. $60,264.30

BOM21 B BACD002 BOM1 10:30AM 12:00NN TUESDAY & FRIDAY EA#9 Tax on Corporation: Problem Solving FnB Question 24 of 43 Fill in the blanks The books of a corporation show the following for the taxable year 2019 Gross income Deductions Philippines P400,000 P200,000 United States of America 300,000 100,000 Singapore 200,000 150,000 Malaysia 100,000 50,000 The corporation paid tax on net income of P70,000 in the US, P19,000 in Singapore and P15,000 in Malaysia The tax still due assuming that the corporation is Domestic Corporation is NOTE: Answers are in numerical form COMMA, PESO SIGN, and other characters are NOT REQUIRED < Previous 4 Shot on OnePlus Powered by Triple Camera O (foreign income taxes are claimed as tax credit) W 1741 327c

Company C had the following investment. Help them determine the financial statement implications of the investment. Tax rate Estimated tax payment 21% 21,000 Investment cost and ending fair values for 20X1 and 20X2: 20X1 20X2 Cost Fair value Total gain 100,000 110,000 10,000 100,000 134,000 34,000 20X1 income statement information: Sales Expenses 1,670,200 1,536,600 Assuming the investement is short-term, what is the deferred taxes payable on the 20X1 balance sheet?

Please only type answer   Explain step by step

FUTA Tax Payable, $84 SUTA Tax Payable, $414 Federal Income Tax Payable, $4,622 Instructions 1. Journalize the payment of the social security, medicare, and federal income tax on April 15. 2. Journalize the payment the FUTA tax on April 28. 3 Journalize the payment the SUTA tax on April 28. Since these are paid to different taxing authorities, they're typically done as separate journal entries. Think carefully about each journal entry. You have tax liability. Now you're paying that liability. It's just like paying any other bill, except you have several "payable" accounts. Date Debit Credit

10. Payments made for income taxes P760,000 Income tax payable increased by 200,000 Deferred tax liability, Jan. 1 360,000 Deferred tax liability, Dec. 31 470,000 Deferred tax asset, Jan. 1 85,000 Deferred tax asset, Dec. 31 65,000 Income tax expense under accrual basis accounting is a. 1,090,000 b. 960,000 c. 850,000 d. 830,000

Rate 10% 12% 22% 24% 32% 35% 37% Single Single Tax Rates Has to pay Refund $0 - $9,875 $9,875 - $40,125 $40,125 - $85,525 $85,525 $163,300 $163,300 - $207,350 $207,350 - $518,400 $518,400 or more Standard Deductions x $12,400 Find Caroline's taxable income. Round to the nearest cent. $ 2600 Married Filing Jointly $0-$19,750 $19,750 $80,250 $80,250 - $171,050 $171,050 - $326,600 $326,600-$414,700 $414,700 - $622,050 $622,050 or more Married Filing Jointly Caroline is a 26-year-old, full-time college student sharing rent with a roommate who is filing separately from Caroline. Caroline made $15,000 at her part-time job in 2020. She does not have any adjustments or itemized deductions. Caroline qualifies for a $63 earned income tax credit. Compute Caroline's tax owed. Round to the nearest cent. $ 253.70 $24,800 Suppose Caroline's W-2 says that she paid $375 in taxes in 2020. Does Caroline owe taxes, or is she due a refund? Calculate Caroline's taxes owed or refund. Round your answer the…

Presume business income as 20crores, apply the tax liability applicable as per new regime. Basic pay 22% Add surcharge 10% Add health & education cess 4%

nment Required information Problem 6-4A & 6-5A (Algo) [The following information applies to the questions displayed below.] Problem 6-4A (Algo) F2 Federal income tax withholding Social Security tax Medicare tax State income tax withholding Gerald Utsey earned $48,700 in 2021 for a company in Kentucky. He is single with one dependent under 17 and is paid weekly. The FUTA rate in Kentucky for 2021 is 0.6 percent on the first $7,000 of employee wages, and the SUTA rate is 5.4 percent with a wage base of $11,100. Use the percentage method in Appendix Cand the state information in Appendix D. Manual payroll system is used and Box 2 is not checked. 3 Required: Compute the following employee share of the taxes. (Do not round intermediate calculation. Round your final answers to 2 decimal places.) JUL 15 80 F3 $ 4 E R Q F4 % 5 DII F8 ( 9 A F9 U I O Help ) 0 Save & Exit F10 P Check my wom 4 F11 Sub { + [ F

Simplified Marginal Tax Rates Tax up to Beginning of range End of Marginal start of range rate range 12,000 20,000 48,000 95,000 to 0% 12,000 20,000 48,000 to 15% 1,200 7,360 21,460 42,660 to 22% to 30% 40% 148,000 210,000 95,000 to 148,000 210,000 to 45% and above 70,560 50% Sasha has annual gross income of $76,000 and works as a lawyer. What is the maximum disability insurance coverage she can get, if she can qualify for 90% of her after tax income? (Use the tax table above and input the number only, to the nearest dollar.) Answer: Next page

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19 Problem 16-59 (LO 16-3) (Algo) 5.32 points eBook Hint For the current year, LNS corporation reported the following taxable income at the end of its first, second, and third quarters. Quarter-End First Second Third Cumulative Taxable Income $ 1,600,000 2,470,000 3,465,000 What are LNS's minimum first-, second-, third-, and fourth-quarter estimated tax payments, using the annualized income method? Note: Enter all amounts as positive values. Leave no answer blank. Enter zero if applicable. Round "Annualization Factor" for Fourth quarter to 7 places. Round other intermediate computations and final answers to the nearest whole dollar amount. Print Annual Estimated Installment Taxable Income Annualization Factor Tax on estimated Taxable taxable Income To Be Paid income Percentage of Required Tax Required Cumulative Payment Prior Cumulative Payments Required Estimated Tax Payment References First quarter Second quarter Third quarter $ 0 % $ 0 $ 0 % $ 0 $ 0 % $ 0 Fourth quarter $ 0 % $ 0

Tlme remalning 01:52:13 Accounting Entries for Payroll and Payroll Taxes The following information about the payroll for the week ended December 30 was obtained from the records of Boltz Co.: Salaries: Deductions: Sales salaries $211,000 Income tax withheld U.S. savings bonds $76,560 Warehouse salaries Office salaries 108,000 116,000 9,570 Group insurance 7,830 $435,000 Tax rates assumed: Social security, 6% Medicare, 1.5% State unemployment (employer only), 5.4% Federal unemployment (employer only), 0.8% Required: If an amount box does not require an entry, leave it blank. 1a. Assuming that the payroll for the last week of the year is to be paid on December 31, journalize the entry on December 30 to record the payroll. 1b. Assuming that the payroll for the last week of the year is to be paid on December 31, journalize the entry on December 30 to record the employer's payroll taxes on the payroll to be paid on December 31. Of the total payroll for the last week of the year, $22,000 is…