A resident citizen has a compensation income of P2,280,000 within the Philippines and P1,370,000 from abroad. Compute the income tax due/ payable. O P301,000 O P528,000 O P579,600 O P1,018,000
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- 54. In relation to transaction #1, How much is the capital gains tax due, if any? A. PO C. P300,000 B. P360,000. D. P450,000TAXATION 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…4. Compute the income tax due for 2021 if XYZ is a domestic corporation. XYZ reported the following gross income and expenses: Philippines Abroad Gross income 38, 000, 000 14, 000, 000 52, 000, 000 Deductions 15, 000, 000 3, 000, 000 18, 000, 000 Taxable Income 23, 000, 000 11, 000, 000 34, 000, 000 P10,200,000 P6,900,000 P8,500,000 P6,800,000
- Question No.4 a) The U.S. currently has seven federal income tax brackets, with rates of 10%, 12%, 22%, 24%, 32%, 35% and 37%. If you fall into the 37% bracket, that doesn’t mean that the entirety of your taxable income will be subject to a 37% tax. Instead, 37% is your top marginal tax rate. FEDERAL TAX BRACKETS 2018 – 2019 Tax rate (%) $0 – $9,525 10 $9,526 – $38,700 12 $38,701 – $82,500 22 $82,501 – $157,500 24 $157,501 – $200,000 32 $200,001 – $500,000 35 $500,001+ 37 i) Create a Mathematical Model that represents the aforementioned information to calculate the annual income tax. ii) How much annual income tax you will have to pay if your monthly taxable income is $ 40,000 Rubrics Uses information appropriately: Applies appropriate procedures: Answers the problem:Hw.20. Joe Taxpayer has the following items of income- New York state bond interest- $10,000 Mutual fund municipal interest, of which 40% is California source- $5,000 Bank interest - $500 Retirement from a traditional 401(k) - $3000 What is Joe’s federal taxable amounts?What is the monthly tax due? A. P513.00 B. P806.42 C. P6,160 D. P9,677
- Kk.97. A company that withholds $1,500 in Canadian Income Tax (CIT), $330 in Employment Insurance (EI), and $180 in Canada Pension Plan (CPP) from an employee in a given pay period must also remit on its own behalf: A) $330 for EI and $180 for CPP B) Income Tax of $3,000 and EI of $400 C) $462 for EI and $180 for CPP D) $330 for EI and $252 for CPP5. Compute the income tax due for 2021 if XYZ is a private proprietary educational institution. XYZ reported the following gross income and expenses: Philippines Abroad Gross income 38, 000, 000 14, 000, 000 52, 000, 000 Deductions 15, 000, 000 3, 000, 000 18, 000, 000 Taxable Income 23, 000, 000 11, 000, 000 34, 000, 000 P3,400,000 P10,200,000 P8,500,000 P340,000Question2: Income tax The taxable income of Ahmed, Badriya and Sameer is $20,000, $45,000, $100,000 respectively. Use the following tax rates: 5% for income from 0 - $20,000 10% for income from $20,001 - $50,000 15% for income above $50,000 Calculate the tax payable by each person. Explain the type of taxation system applicable in this situation. Is this system of taxation fair? Explain why this system is being criticised?
- 33-As per Oman tax laws, which one of the following is income tax rate for small and medium enterprises with registered capital less than RO 50,000 at the beginning of the tax year? O a. None of the options O b. 15% O c. 3% O d. 55%6. What amount should be reported as total income tax expense? ₱ 1,350,000 ₱ 1,950,000 ₱ 2,250,000 ₱ 1,050,0007.8.26 a),b) Use the spreadsheet federalindividualratehistory.xlsx to answer the questions. It contains a complete history of income tax brackets and rates from the inception of the income tax in 1913 through 2013, in both dollars current in each year and adjusted for inflation (2012 dollars) a) compute the tax due in 2003 for a single taxpayer with a net taxable income of $30k. what is her effective tax rate? b) suppose the taxpayer received raises each year that kept up with inflation. use an inflation calculator to calculate her net taxable income in 2013.