B. The taxable compensation income of mixed-income earners are reported in each quarterly return.   C. When an eligible taxpayer chooses the 8% optional tax, the P250,000 is deducted from the gross sales/receipts from business and other non-operating income

Q: Alvis Corporation reports pretax accounting income of $320,000, but due to a single temporary…

A:

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: The Request for Taxpayer Identification Number and Certification is also known as Form _____.…

A: Since the questions asked are different,As per our guidelines ,we are allowed to answer only first…

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: Alvis Corporation reports pretax accounting income of $400,000, but due to a single temporary…

A: Calculate the net income of Company Alvis’s:

Q: Maxwell’s annual financial statements show operating profit before interest and tax of $524,425…

A: Effective Tax Rate: The effective tax rate is calculated as the Provision for income tax is divided…

Q: IT Company reported the following results for the year ended December 31, 2020, its first year of…

A:

Q: The ABC Company has determined that its taxable income for the year 2021 is P3,000,000. The…

A: Computation of Required balance and recognition of Deferred tax liability and Deferred tax Assets…

Q: The income tax T owed in a certain state is a function of the taxable income I, both measured in…

A: Given , The equation of tax is as follows: T=0.13I-300…

Q: Four independent situations are described below. Each involves future deductible amounts and/or…

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

Q: Ms.Ana,failed to signify her intention to be taxed at 8% income tax rate on gross sales in her…

A: Normally if she failed to signify her intention tobe  taxed at 8%…

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

A:

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: xable income is only $115,000. At the beginning of the year, no temporary differences existed.…

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

Q: Garrison Shops had a SUTA tax rate of 3.7%. The state's taxable limit was $8,000 of each employee's…

A: When a company records the compensation of its employees, such type of accounting is known as…

Q: Lane Company (LC), a calendar year entity, has one owner, who is in the 31% Federal income tax…

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

Q: Differences between pretax accounting income and taxable income were as follows during 2021:…

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

Q: Gosling Company determines its annual income tax expense to be $459,000. Of that amount,$300,000 has…

A: Determine the income tax payable:   Annual income tax expense $459,000 Less: Income tax paid…

Q: Grateful Enterprises had the following income before tax provision and effective annual tax rate for…

A: The tax rate for : Quarter 1 = 30% Quarter 2 = 30% Quarter 3 = 25% Cumulative Income ( Quarter ) =…

Q: Each year, there is a maximum for the amount of earnings subject to all of the following taxes…

A: Federal income tax: It is the amount of tax paid by the individual and the corporation and it is…

Q: For taxable income of $0-$50,000, the rate is 15 percent. For incomes of 450,001-$75,000 the base…

A: Tax on first $50,000 = $7,500 Tax rate on balance amount = 25% Tax on balance amount = ($68,000 -…

Q: Alvis Corporation reports pretax accounting income of $400,000, but due to a single temporary…

A:

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: Jenkins Corporation had $675,000 of taxable income for 2018 and $575,000 for 2019. What is the…

A: Tax is the mandatory contribution by the taxpayer to the government. The tax is paid as a percentage…

Q: paid on beginning inventory 4,800 16. How much is the input tax? 17. How much is the value added tax…

A: VAT is the short term Value Added Tax, which is a form of consumption tax collected incrementally…

Q: Blossom, Inc. uses the accrual method of accounting for financial reporting purposes and…

A: Solution: deferred income tax liability in December 31, 2020 balance sheet = Future taxable amount *…

Q: Each year there is a ceiling for the amount that is subject to all of the following except…

A: Each year there is a ceiling for the amount that is subject to federal unemployment tax, social…

Q: Maxwell's annual financial statements show operating profit before interest and tax of $415,386…

A: A Tax Shield means deduction of expenses allowed from taxable income which reduced the amount of…

Q: Garrison Shops had a SUTA tax rate of 3.7%. The state's taxable limit was $8,000 of each employee's…

A: When a company records the compensation of its employees, such type of accounting is known as…

Q: For the current year, Derek corporation reported the following taxable income at the end of its…

A: A tax is a governmental organization's mandatory financial obligation or other form of levy enforced…

Q: Eight independent situations are described below. Each involves future deductible amounts and/or…

A: Tax: Tax is a financial charge imposed by the county's government on the income of the person, and…

Q: payers with annual sales or receipts higher than the VAT threshold who opted to register as VAT…

A: Tax refers to the mandatory charge imposed on the money gained by an entity by the government.

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: Alvis Corporation reports pretax accounting income of $300,000, but due to a single temporary…

A: Since taxable income is less than pre tax income, a future taxable amount will occur once the…

Q: Which of the following is true? (a) Tax rates are based on two flat-rate schedules, one for…

A: Taxes are charged by the government on the income of the individuals, companies and other…

Q: Two Independent situations are described below. Each involves future deductible amounts and/or…

A: I am answering the first three sub-parts of the question as per bartleby guidelines. Please…

Q: With respect to the Eligible RDTOH account, which of the following statements is correct? A. The…

A: Refundable Dividend Tax on Hand : A dividend is  refundable whether a corporation pays eligible…

Q: KAY Co. reported net income for the current year 2021 at P4,180,000 before taxes. Included in the…

A:

Q: What amount should Alex report as income tax expense in its interim income statement for the first…

A: The calculation of income tax expense that is to be reported in the interim income statement for the…

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…

Q: Grateful Enterprises had the following income before tax provision and effective annual tax rate for…

A: Interim financial statements are those financial statements which are prepared in between two…

Q: Probi KAY Co. reported net income for the current year 2021 at P4,180,000 before taxes. Included in…

A: Calculation of current tax expense = Taxable income x Tax rate   Calculation of Taxable expense…

Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.