Assuming Mr. X opted to be taxed at 8% tax under the train law. The income tax due is?

Q: Mike Barton owns Barton Products, In. The corporation has 30 employees. Barton Corporation expects…

A: Barton Products Inc. is a corporation having a separate legal entity from the person who created it.…

Q: Ms. Xie, who is in the 37 percent tax bracket, is the sole shareholder and president of Xenon. The…

A: Taxable income is defined as any person or business remuneration that is utilized to calculate tax…

Q: If Papa and Bambina file separate income tax returns, what deferred income tax is created?

A: Answer:   $8,000

Q: Since corporations are taxed at a flat rate of 21%. I answed the question with that calculation. Is…

A: Darter Corporation income tax liability=$68,000×0.21=$14,280 Owl Corporation income tax…

Q: 2. Oak Company has $475,000 in taxable income before deducting any allowable compensation or other…

A: Given: Taxable income = $475,000 Marginal tax budget = 32% C corporation pays himself = $200,000

Q: suppose company has $13 in taxable income after consideration $6 of tax privileges (so, companyis…

A: Tax is the fixed percentage portion of income being paid to the government as the part of their…

Q: Ralph Henwood was paid a salary of $83,600 during 20-- by Odesto Company. In addition, during the…

A: a.

Q: Nicanor registered as non-VAT taxpayer in 2019 with a capital of Php 100,000. His summary of gross…

A: VAT is form of Sales Tax. It is levied on sale, barter, exchange or lease of Goods or Properties and…

Q: - As of the end of 2019, the status of the 690 Period Profit or Loss Account of our business and…

A: Income 4680000 Expenses 3500000

Q: Compute the following: a. The amount of FICA taxes that was withheld from his earnings during 20--…

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

Q: Larry is a mixed income earner. He is a self-employed resident citizen and currently the Finance…

A: Computation of Basic/Regular Income Tax: ●Compensation income Compensation Income P 1,800,000…

Q: 1. Luis Gomez is an operations manager for a large manufacturer. He earned $74,500 in 2018 and plans…

A: 1A) Computation:

Q: Bernie Bird Corporation provides a bonus equal to 10% of Bernie’s income in excess of P100,000…

A:

Q: Harold  is a resident Citizen,vat tax payer. taxable period:2020   Gross sales php 5,000,000 other…

A: Optimal Tax - It is a tax amount calculated on the income without considering any deduction out of…

Q: 48.  Nicanor is a civil engineer. His reported total gross receipts in 2020 amounted to Php…

A: Here discuss about the details of total income tax payable while opted of 40% deduction criteria in…

Q: Based on this information, determine the income tax consequences to Azure Company and to  Sasha…

A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

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: The Ohio Corporation had a 2018 taxable income of $50,000,000 from operations after all operating…

A: Tax liability is the amount which is computed by applying the tax rate applicable as per the tax…

Q: Maria is a resident Citizen, non vat tax payer. taxable period:2020   Gross sales php 2,500,000…

A: Optimal Tax - It is the amount of tax calculation for the maximum income earned during the year to…

Q: Marco is a medical doctor. Inday’s total gross receipts from year 2020 amounted to Php 4,250,000.00…

A: Income tax payable= taxable income * tax rate taxable income= Gross receipts+ Non operating income =…

Q: Atty. Diokno owns 30% of the capital and profits of his law office. The law office reported…

A: IAtty. Diokono holds 30% of the capital and profits of his law office

Q: A person pays no tax on their first £3,500 of earnings and then 23% tax on the remainder. If they…

A: We have the following information: A person pays no tax on their first £3,500 of earnings and then…

Q: A single individual that has 100,000 taxable income before dividends and is in the 28% marginal tax…

A: The marginal tax rate or bracket states the highest tax rate of the taxpayer or in short, it is the…

Q: (a) an Individual who is subject to the Top Marginal Tax rate. (b) an Individual with Marginal Tax…

A: Hello, since the student has posted multiple requirements, only the first three are answerable.…

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

A: A tax is a mandatory fee or financial charge levied by any government on an individual or an…

Q: Here is another question: From here what should I put as the total income on a 1040 line 6 where it…

A:

Q: ividend distributions: (200,000) Required: a. Compute the combined tax cost for Xenon and Ms. Xie.…

A: The Combined Tax Rate is the highest combined federal, state, and local income tax rates applicable…

Q: I just need the answer to the question that is underlined, please!  Samuel, age 32, loses his job…

A: Federal income tax is a tax on a range of certain kinds of income. Taxes are calculated and paid by…

Q: What is the income tax due to John Wick in his quarterly income tax?

A: Given: Sales amounted = P800,000 Services as a broker received = P300,000 Tax = 8% Cost of sales =…

Q: A purely self-employed individual’s gross sales/receipts and other non-operating income do not…

A: VAT Special Rate applicability to Self Employed Individuals: The 8% tax is applicable only to…

Q: 11. In 2019, LSP company reported a net income of $57,000. They had reported earnings before…

A: Net income = $57000 EBIT = $160,000 Tax rate = 40%

Q: B. The taxable compensation income of mixed-income earners are reported in each quarterly return.…

A: Tax refers to the percentile-based charge imposed by the authoritative government on the sum value…

Q: P24,291.78, and he has no other benefits. How much of his additional earnings will be taxed? B.…

A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…

Q: Assume that The Bell Company operates in an industry for which NOL carryback is allowed. The Bell…

A: NOL IS NET OPERATING LOSS IT MEANS WHEN TOTAL EXPENSES EXCEEDS TOTAL INCOMES . NOL CAN BE CARRIED…

Q: Sam Club earned $50,000 and paid taxes of $10,000. Samantha Heartearned $60,000 and paid taxes of…

A: Income of Sam Club= $50,000 Taxes of Sam Club= $10,000 Income of Samantha Heart= $60,000 Taxes of…

Q: e of the corporation. In December 2019​, the corporation has decided to distribute $450,000 to Tim…

A: When a part of profit is distributed as income, it is called application of income. Hence, the…

Q: ABC Corp. in 2010 made available the following financial information for TY2021: Balance sheet:…

A: Income tax payable is a current liability item appearing in the liabilities side of the balance…

Q: A taxpayer is itemizing their return and they're trying to calculate the deductible amount of state…

A: Itemized deductions: It the amount of deduction that can be deducted from the adjusted gross income…

Q: Banana, an individual, expects her S corporation to generate ordinary profit of $3,300,000. Banana's…

A: The question is based on the Business Accounting.

Q: During 201A, Alpha Corporation gave the following fringe benefits to its employees:   Salaries to…

A: Income tax is the liability of the business which is paid to the government for using its resources.…

Q: 11. In 2019, LSP company reported a net income of $57,000. They had reported earnings before…

A: Net income (EAT) = $57000 EBIT = $150,000 Tax rate = 40%

Q: Assume that Helene E, who pays 35 percent in income taxes, plans to contribute $2,625,000 to…

A: Not-for-Profit Organisations seem to be enterprises that are established for the benefit of society…

Q: Purple Company has $200,000 in net income for 2020 before deducting any compensation or other…

A: Taxable Income: when the assessee is earned the income of any source of income then its add on all…

Q: Bebe owns 30% of the capital and profits of his law office. The law office reported P5,000,000…

A: Tax refers to the compulsory financial obligation as well as some other kind of levy imposed on the…

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.