3. You won the following prizes: •1st prize- Animal Show (your pet won) P50,000. •3rd Prize-Talent show (your pet won again) P20,000. •2nd prize - Quiz Bee (your pet won again) P10,000. Question: How much is the total final tax paid on the prizes? Answer:

Q: Carl received the following passive income in 2019: (in Peso) Interest, peso deposit, BPI…

A: The term "passive income" refers to money earned without active participation. Cash flow from rental…

Q: Andrew has ben soll employed as a builder for several years and generated taxable trading profit of…

A: Since tax rates not given,  Taken from official sites,  Since profits are above £9,569,therefore…

Q: Chuck, a single taxpayer, earns $77,000 in taxable income and $10,000 in interest from an investment…

A: Taxable income: It is the amount of income that is used to compute the amount tax has to be paid by…

Q: How does the tax benefit rule apply in the following cases? a. In 2019, the Orange Furniture Store,…

A: Taxes are the amount of dues or liabilities that is to be paid by individuals on account of income…

Q: ents to his purchases and if yes, how will he adjust? If no, why not? 3. Overall, who is impacted…

A: The sales tax on any sale of goods and services impacts consumer choices by affecting their buying…

Q: Troy graduated in civil engineering from Concordia two years ago and decided to work in the remote…

A: On the income earnings there are taxes to be paid and these depends on the average tax rate.…

Q: Conner and Matsuko paid [{MathJax fullWidth-false' \S1,000 and [{MathJax fullWidth=false \S2,000}],…

A: Under The American Recovery and Reinvestment Act of 2009 and extended by the Tax Relief,…

Q: Pepa Madrigal has operated a very successful bakery for 30years, and has accumalated investment that…

A: When the income is from 10267 to 41775 then tax is 12%.

Q: What penalties will Chip owe if his current year tax is $41,000? $35,800? nonalty)

A: Unpaid taxes are subject to their own charges. Even if a customer files his / her returns or…

Q: Stan a resident citizen, won P 2,000,000 in a raffle draw in PCSO. The tax on the above transaction…

A: Under the old law that is NIRC, PCSO and lotto winnings were not subjected to any amount of tax that…

Q: In 2021, Rudy won his defamation case and was awarded $500,000. The attorn will collect from Rudy…

A: Concept : The compensation against Defamation is fully taxable . The amount paid to attorney on a…

Q: You own an a townhome with an assessed value of $184,100. The tax rate is $2.20 per $100 of assessed…

A: Property tax is billed on the basis of property tax rate on the assessed value.

Q: Carlos is a resident citizen. He maintains a savings account deposit with the BPI-Baguio City…

A: Solution Given Carlos is a resident citizen Interest income from saving account deposit      =6000…

Q: What is the amount of Q's foreign tax credi

A:

Q: Micheal finds himself ia panic with a tax deadline coming up. Along with his wife they have a income…

A: Given that the combined income is $60000, interest earned is $1200, investment amount in the tax…

Q: Jeffery used to work for Beqa Island Resort 2 years ago. He had recently won $10,000 dollars in a…

A: Tax refers to the compulsory financial obligation which is imposed through the government on the…

Q: Luma, who works for Microsoft Corp and owns 10,000 shares of American Airlines borrowed the…

A: IRS has a concept of imputed interest. Imputed interest is calculated when the loan is lent at no…

Q: Jordan pays $3,000 in tuition to New York University for completion of his Masters in Tax degree.…

A: If you’re self-employed, you can deduct the cost of education for your trade or business on Schedule…

Q: In 2020, Ms. Montibon owns a grocery store with gross receipts of P1,375,000. Her cost of sales and…

A: VAT rate (Business Tax) in Philippines currently stands at 12% and is chargeable on Gross Selling…

Q: Amanda, who works 1,500 hours annually as a second grade teacher purchased $300 worth of supplies…

A: Income tax:   It is the tax every individual or company is liable to pay on the income generated…

Q: Chuck, a single taxpayer, earns $76,600 in taxable income and $11,700 in interest from an investment…

A: Marginal tax rate is the rate charged on taxable income for every additional dollar earned. In this…

Q: Evaluate the ethical issues related to the payment of income taxes. in other words, if there is a…

A: Tax saving is the option which the taxpayer uses in order to use the option and reduce the amount of…

Q: 1. Sergio is single and has a 12 year old daughter whom he supports and lives with him all year…

A: “Since you have posted a many question, we will solve first question for you. To get the remaining…

Q: For each of the following independent cases, indicate the amount of gross income that must be…

A: Prizes and awards, received in the US, are also taxable. But the government has provided certain…

Q: ou own an a townhome with an assessed value of $182,100. The tax rate is $2.20 per $100 of assessed…

A: Tax: A tax is a compulsory charge or a levy imposed upon a taxpayer by a government organization to…

Q: Country A has a tax rate of 5% on the first $20,000 of taxable income, then 20% on the next $30,000,…

A: Taxation According to IRS while computing net taxable amount to taken up the deduction in proper…

Q: Mustafa earns 72,000 TRY in a year. Assume that he has 8,000 TRY tax exemption. The following figure…

A: Working Note; Computation of total taxable income;

Q: Mercedes is a recipient of Ulirang Inay Award in Baguio City. She received a plaque and cash prize…

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

Q: 1. During the year, Moses won $5,500 from casino gambling. However, Moses was not so lucky when…

A: In this question, we will find out that how much should Moses report in his 1040 Form Sr. in 2021…

Q: Suppose Ms. Heiter's property has an assessed value of $230,000. She originally paid $60,000 to…

A: Annual property taxes can be calculated by multiplying assessed value of property by the property…

Q: You own an a townhome with an assessed value of $182,200. The tax rate is $2.20 per $100 of assessed…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want…

Q: 1.Kevone is single and works for a local tech firm. He earned $87,000 last year in taxable wages,…

A: The adjusted gross income is the net earning of the taxpayer after deductions and exemptions. The…

Q: Chuck, a single taxpayer, earns $76,300 in taxable income and $11,500 in interest from an investment…

A: A taxpayer is a person or a legal body (such as a corporation) who is obligated to pay a tax. The…

Q: An unmarried taxpayer with no dependents expects an adjusted gross income of $87,000 in a given…

A: Step 1 As per provisions of US Federal tax, income excess over $36900 is 25% tax chargeable and…

Q: Suppose that Carson earns $80,000 per year. Now suppose that he must pay income taxes according to…

A: Income tax=Taxable income×tax rate

Q: If Ana chose to be taxed at an 8 percent rate, how much is her overall income tax? (based on the…

A: SOLUTION- COMPUTATION OF TAX DUE -   GROSS SALES  2800000 LESS- TAX EXEMPT INCOME (250000)…

Q: For tax purposes, "gross income" is all the money a person receives in a given year from any source.…

A: In the given Question, the tax rates shown in the table are for For Married Individuals Filing Joint…

Q: Find the gross income, the adjusted gross income, and the taxable income. A single man earned wages…

A: Option 1 is correct. Gross income is $44,900 The adjusted gross income is $42,400. Taxable income is…

Q: For tax purposes, "gross income" is all the money a person receives in a given year from any source.…

A: Federal tax is being paid to the US national government and not paid to the state government of the…

Q: You own an a townhome with an assessed value of $184,400. The tax rate is $2.20 per $100 of assessed…

A: Tax: It is a financial charge which is imposed by the federal government on income earned by a…

Q: Mr. Josh participated in two different events on January 4, 2020: Ang mahiwagang boses P10,000. Sexy…

A: The tax withholding is the amount that the provider of income withholds with them from the income of…

Q: The real property tax of Ms. Ere would be?

A: As per our protocol we provide solution to the one question only but as you have asked two multiple…

Q: chuck a single taxpayer, earns $78,300 in taxable income and $13, 600 in interest from an investment…

A: The sum of incremental tax paid for each extra dollar of income received is known as the marginal…

Q: I am stuck on a few questions this one is:   This year Lloyd, a single taxpayer, estimates that his…

A: Underpayment Penalty:The United States income tax system is a pay-as-you-go tax system, which means…

Q: Mang Carlo is a balut vendor. For the taxable year, he earned 180,000 from selling balut. Mang Carlo…

A: Mang Carlo is a balut vendor. For taxable year, Sales revenue = 180000 Total income = 200000 Other…

Q: 1. Ms. Anna Frozen operates an ice cream store while she offers bookkeeping services to her clients.…

A: Answer:-  Tax Liability:- Tax liability can be defined as the payment owing to a union, state, or…