A VAT taxpayer received P45,900 inclusive of VAT and net of 10% creditable withholding tax. Compute the gross income subject to regular tax

Q: Ben Fernandez a VAT-registered taxpayer had the following data for each of the months indicated of…

A: Vat is known as value added tax. Vat rate in Philippines is 12% Input vat means the vat amount which…

Q: A mixed income earner may choose to be taxed at 8% on both their employment income and income from…

A: Only three subparts of a single question have been answered as per the answer guideline. 1. A…

Q: 4,000,000. The difference is due to rental received in advance. Rental income is taxable when…

A: Explanation of Concept Deferred Tax Assets / Deferred tax Liability : are to be calculated when…

Q: Determine the tax liability, marginal tax rate, and average tax rate (rounded to two decimal places)…

A: Tax Schedule Used:

Q: A taxpayer calculated federal tax of $25,712 prior to their non-refundable tax credits. The credits…

A: Non-refundable tax credits are such that can be set off from federal tax payable, directly. Excess…

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

A: solution : correct answer is option D . FIT =36 + 0.12g- 26.64;where g=gross pay in dollars This…

Q: Compute for the tax due (A,B,C) for the below taxable income based on the Income  Tax Tables:…

A: calculation of income tax due are as follows

Q: what would the average tax rate for a person who paid taxes of $6,435 on taxable income of $40,780?

A: Tax Paid = $6,435Taxable Income = $40,780 Calculation of Average Tax Rate:

Q: Ben Jefferson arrived at the following tax information: Gross salary, $41,780 Interest earnings,…

A: Taxable income is the part of the income of a firm which is subject to income tax. Taxes are levied…

Q: What is the tax due and the average tax rate on taxable income of $65.000? Show work for credit. Tax…

A: Tax rate refers to the percentile rate of tax levied by the authoritative government on the desired…

Q: During the year, Plum Company has a SUTA tax rate of 4.8%. The taxable payroll for the year for FUTA…

A: Given: SUTA tax rate = 4.8% The taxable payroll for FUTA and SUTA =$123,400

Q: Thornton, Inc., had taxable income of $129632 for the year. The company's marginal tax rate was 34…

A: A company’s tax due is calculated on the basis of the average tax rate and not the marginal tax…

Q: Jamison gross tax liabiity is $9550. Jamison had $2800 of available credits and he had $6250 of…

A: Tax liability  Tax liability is the amount of money which is owed by an individual, firm , company,…

Q: Taxable income is $30369 Tax is 15 %  what is the tax amount owed

A: tax liability is the amount of tax to be paid by the individual or firm to the goverment. tax owed =…

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: A čértain state uses the following progressive А cer tax rate for calculating individual income tax:…

A: Tax refers to the rate which is applied on the net income of the individual or businessman which is…

Q: Compute the 2020 tax liability and the marginal and average tax rates for the following taxpayers.…

A: The marginal tax rate is the tax rate you pay on an additional dollar of income. Average tax rate…

Q: John's Market is assessed for $99,314. The current tax rate is 85.96 per $1426 of assessed value.…

A: Assessment is the process of estimating the income of the taxpayer for the purpose of calculating…

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: Mr. Albuera, a resident citizen, received P18,000.00 as interest from his short-term deposit.…

A: Solution Short term deposit means amount deposit generally  for a period less than one year.

Q: Ross Martin arrived at the follwoing tax information: Gross salary $56,145 Interest earnings $205…

A: Income tax: Income tax refers to the direct tax levied on individual person or business and…

Q: According to Progressive tax system in a country an individual are exempted for the first OMR 30,000…

A: Given that: Tax on first OMR 30,000 = $0 Tax on next OMR 45,000 (75,000 - 30,000) = 15% Tax on above…

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: Compute the 2019 tax liability and the marginal and average tax rates for the following taxpayers…

A: Tax liability seems to be the sum of money owed to tax authorities within the manner of tax debt.…

Q: Determine from the tax table the amount of the income tax for each of the following taxpayers for…

A: Income tax is the tax which is levied by the tax authority on the net income of the firms. The…

Q: Ise the Tax Rate Schedules to determine the tax liability for each of the following cases. a. Single…

A: Dear student, as per Bartleby answering guidelines we can answer only three sub-parts if a question…

Q: A single person with taxable income of $117064 will have the first $9,525 of that income taxed at a…

A: Income in second bracket =  38700-9525 = $ 29,175 Tax rate for second bracket = 12%

Q: Which of the following is true?     The total tax due arising from each quarterly income tax return…

A: Tax is the amount which is charged on the taxable income and this taxable income is determined when…

Q: Calculate Jared's taxable income and tax liabiity filing single according to the following tax…

A: Taxable income is the measurement of income which is used to calculate the amount of tax that needs…

Q: Taxable Income According to the IRS (Internal Revenue Service, www.irs.gov), a single taxpayer with…

A:

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: Ross Martin arrived at the following tax information: Tax Information $ 58,610 Gross salary Interest…

A: Gross income = Gross salary + Dividend income + Interest income =$58,610+$235+$290 =$59,135…

Q: Compute the 2021 tav kability and the marginal and average tax rates for the following taxpayers.…

A: a. Tax liability: Up to $9,950 - 10% $995 $9,951 to $40,525 - 12% $3369 $40,526 to $86,375 -…

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: The following case is applicable to 4 consecutive questions: Nueva Ecija Company received a bill for…

A: SOLUTION VAT IS THE CONSUMPTION TAX ASSESSED ON THE VALUE ADDED ON GOODS AND SERVICES.

Q: A single person with taxable income of $36090 will have the first $9525 of that income taxed at 10%.…

A: Income = $ 36090 Tax rate on first $ 9525 = 10%

Q: US Tax Law Taxpayer is single and has the following items: state taxes withheld, $7,500; property…

A: Tax Deduction: It implies to a reduction or decrease in the taxable income of taxpayer as being an…

Q: A single individual pays $7,813 on a taxable income of $47,810 and $7,838 on a taxable income of…

A: Marginal tax rate is the rate on each extra dollar of income earned. It can be calculated as…

Q: 1. A person had $3545 withheld for federal income taxes and had a tax liability of $3400. Would this…

A: Formula to calculate refund amount: Refund amount = Tax already paid or deposited or witheld…

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: Emanuel Simon earns $1,088 semimonthly, single, 1 w. allowance. Use % method to find total tax.

A: Tax or Taxes: Tax is an amount paid by the persons (individuals and business entities) to a…

Q: Ross Martin arrived at the following tax information:   Tax Information Gross salary $ 56,145…

A: Taxable Income: The portion of the income that is subject to tax during the year is known as taxable…

Q: much income tax is paid on 512500 of taxable income.   Single Taxable Income Tax Brackets and…

A: The question is related to taxation and is of computation of tax payable on taxable income of 512500…

Q: The tax liability for earnings before taxes of $81,300 is $ (Round to the nearest dollar.)

A: The total amount of tax debt owed by an individual, corporation, or other entity to a taxing…

Q: During the year, Zeno Company has a SUTA tax rate of 6.3%. The taxable payroll for the year for FUTA…

A: Net FUTA tax = Taxable payroll x FUTA tax rate for employers Net SUTA tax = Taxable payroll x SUTA…