1. A person had $3545 withheld for federal income taxes and had a tax liability of $3400. Would this be a refund or an additional amount due? For what amount?

Q: Coronado reported the following pretax financial income (loss) for the years 2020–2022. 2020…

A: Journal entries refers to the systematic recording of the financial transactions of a company in its…

Q: How do you get the answer on below? Corning-Howell reported taxable income in 2021 of $156 million.…

A:

Q: For the year ended December 31, 2020, Theodore Corporation reported a pretax financial income of…

A: Temporary difference =Rental received in advance = P8,000,000 - P6,000,000 = P2,000,000

Q: Required: Assuming a tax rate of 21%, what will be Yebo’s net income? What will Yebo report in the…

A:

Q: 1. A tax payer receives an assessment notice from the BIR informing him that his total deficiency…

A: As per our protocol we provide solutions to one question only but you have asked multiple questions…

Q: CASE IV JKL Company provided the following information to its accountant to determine the tax due…

A: Note : Adjustments while computing taxable income 1)Accounting depreciation will be added back and…

Q: The following facts relate to Duncan Corporation. 1.    Deferred tax liability, January 1, 2020,…

A:

Q: What would be your federal income tax if your taxable income was $117,000.00? S What is the average…

A: Tax is a liability calculated on the income earned by an individual or company and paid to the…

Q: Taxpayer enjoyed its last year of its income tax holiday in 2020. For that year, it reported however…

A: The net operating loss (NOL) is incurred in business when the total deductible expenses are more…

Q: The taxpayer is a resident citizen taxpayer. His net taxable income is 1,300,000. Compute for his…

A: Tax is a charge which is charged on the taxable income of a taxpayer earned during the year by a…

Q: What is the amount of Taxes Owed for the period if the tax rate is 30%, if Earnings Before Taxes (…

A: Taxes are the amount due to the government on the income earned by an individual or a company. The…

Q: 2. In this pay, Moss Company deducted OASDI taxes of $5,276.24 and HI taxes of $1,233.95 from the…

A: Moss company’s portion of the social security taxes includes the taxes of OASDI (old age, survivors…

Q: What would be your federal income tax if your taxable income was $108,000.00? $ What is the average…

A: PART 1   INCOME REMAINING TAXABLE INCOME TAX RATE TAX CALCULATION AMOUNT           $98,300…

Q: JKL Company provided the following information to its accountant to determine the tax due for the…

A: Accounting depreciation is based on the useful life of the asset and…

Q: What is the total deferred tax liability at December 31, 20x6? 2. What is the total deferred tax…

A: Step 1 Deferred tax is the tax which is the arises due to difference in between the accounting…

Q: Which equation could be used to identify one of the following levels of Federal Income Tax…

A: solution correct answer is option D : FIT =0.15g -14.85 ;where g= gross pay in dollars the above…

Q: Rich Goma Corporation failed to file its income tax return for the fiscal year ending August 31,…

A: In Philippines interest for late filing of income tax return is levy at 12% per year from the date…

Q: A taxpayer registered in 2010 made available the following financial information for TY2021:…

A: Under CREATE law, tax rate for domestic corporation is 20% to 25% depending on the net income of the…

Q: How much is the tax base of the liability?

A: Given carrying amount=4000 Tax rate = 40%

Q: How much tax is Bison Co's tax expense, if it has $365,000 in gross income realized, $10,000…

A: Given, Gross Income = $365,000 Interest on Municipal bonds = $8,000 Tax credits = $164,000…

Q: How much is the income tax payable assuming the taxable year is 2021?  a. 330,000

A: Corporate tax is the tax liability calculated on the income earned by the company. It is reported…

Q: Final Income taxation is characterized by: Full taxes are withheld by the income payor at source.…

A: Here discuss about the final withhold taxes which are incurred for the certain income payments which…

Q: On its year 1 financial statements, Seatax Corporation, an accrual-method taxpayer, reported federal…

A: As per the given information: Amount reported as federal income tax expense in financial statements…

Q: At December 31, 2020, Appaloosa Corporation had a deferred tax liability of $25,000. At December 31,…

A: Income Tax:Income earned by a taxable person during a financial year is subject to income tax, and…

Q: In 2021, Dunder Mifflin's warranty deduction for tax purposes exceeded its warranty expense for book…

A: Income Tax Expense  = $42800 x 27% = $11556.00   Income Tax Payable = ($42800 - $654) x 27% =…

Q: . In the illustration on number 1, Ms. X likewise earned P1,000,000 from employment with XYZ Company…

A: Answer: Income from employment = P 1,000,000 Tax rate applicable in Philippines is 32% Income tax…

Q: Assuming the taxpayer is a corporation, compute respectively the total items of gross income and the…

A: As per bartleby guideline In case different question answer only first question The 3rd question is…

Q: 2. For the year ended December 31, 20x1, Mont Co.'s books showed income of P600,000 before provision…

A: Tax is the charge on the taxable income of a person that person is known as taxpayer. Taxable income…

Q: The taxpayer is a domestic corporation and the tax period is 2021. Compute for the exempt income…

A: Income of domestic corporation from all over the world is subject to tax. However dividend received…

Q: At the end of 2021, which of the following deferred tax accounts and balances is reported on…

A: Deffered Tax :— Differed tax means there is difference in tax due to Companies accounting & As…

Q: Mr. L is a taxpayer with VAT and Non-VAT business. He had the following data, VAT not included, in a…

A: given information VAT business P 3.000,000 Sales, non-VAT business Purchases of goods, from…

Q: What is the tax liability for a single individual who has taxable income of $115,500, that includes…

A: Taxable income of $115,500, which includes a taxable qualified dividend of $2,000. Therefore,…

Q: 2. For the year ended December 31, 20x1, Mont Co.’s books showed income of P600,000 before provision…

A: Solution:- Calculation of the amount should Mont report at December 31, 20x1 as its income tax…

Q: If the federal tax system was changed to a proportional tax rate structure with a tax rate of 17%,…

A: Tax Liability is the compulsory charge levied upon the incomes earned by the individual or the…

Q: What amount of current tax expense should be reported? a. P 565,000 b. P 678,000 c. P 505,000 d. P…

A: Tax refers to the amount charged by the government on individuals, partnership firms, HUF’s or any…

Q: Determine from the tax table provided the amount of the income tax (before any credits) for each of…

A: Introduction:- A taxpayer is a person or entity (such as a business) that is required to pay tax.…

Q: What is the amount of net deferred tax asset/(liability) at January 1, 20x8? What is the amount of…

A: Deferred tax assets: Deferred tax assets can be defined as the assets created because of the…

Q: As a newly hired IRS trainee, you have been asked to calculate the amount of tax refund or tax owed…

A: The Net  tax payable is determined after making an adjustment of tax credit in total tax amount and…

Q: Find the amounts that are missing from this summary of an income tax return: a. Gross income $42,685…

A: Missing amounts in the summary of income rax return:- Adjusted gross income= Gross income+…

Q: Federal income taxes are allowed as an itemized deduction but are limited to $10,000? Ture or false

A: Introduction: Taxable income: Tax is levied on taxable income only.

Q: the taxpayer withheld 5% creditable withholding tax on rental payments to various VAT-registered…

A: Rent expense: Rent expense is an expense account that keeps an update of the cost of renting a…

Q: A taxpayer filed his income tax return on June 30, 2019. The deadline for the return was April 15,…

A: Taxable Income:- It is the income on which one pays tax as per rate prescribed by the taxation…

Q: A VAT taxpayer received P45,900 inclusive of VAT and net of 10% creditable withholding tax. Compute…

A: Step 1 Gross income is an income which is subject to before tax deduction.

Q: -4) Mrs. Reena earns a salary of $58,500 in a year. P.AY.E deducted at source was $2100.00.…

A: Tax payable/(Refund) = Total Tax Due - P.A.Y.E deducted at source

Deferred Tax

Deferred tax is an estimated future tax which is made while preparing accounts. It is estimated as a result of past and present transactions in the financial statements. It is not the actual tax which needs to be paid or refundable from the revenue authority, it is an accounting entry. It exists because of the difference between accounting profits and taxable profits.