Four Independent situations are described below. Each Involves future deductible amounts and/or future taxable amounts producedby temporary differences:Taxable incomeFuture deductible amountsFuture taxable amountsBalance(s) at beginning of the year:Deferred tax assetDeferred tax liabilitya. Income tax payable currently.b. Deferred tax asset-ending balance.c. Deferred tax asset-change.d. Deferred tax liability-ending balance.1$ 8816e. Deferred tax liability-change.f. Income tax expense.2($ in thousands)Situation22$ 220168The enacted tax rate is 25%Required:For each situation, determine the following:Note: Enter your answers in thousands rounded to one decimal place (l.e. 1,200 should be entered as 1.2). Negative amountsshould be indicated by a minus sign. Leave no cell blank, enter "0" wherever applicable.Situation3$ 204201631024$ 27220324

Deferred Tax -The term "deferred tax" (DT) describes the tax amount that is different between the…

by temporary differences: bed below. Each involves future deductible amounts and/or future taxable amounts produced Taxable income Future deductible amounts Future taxable amounts Balance(s) at beginning of the year: Deferred tax asset 2 Deferred tax liability 1 $ 88 16 1 2 ($ in thousands) Situation 2 2 $ 220 16 8 Situation 3 $ 204 20 16 The enacted tax rate is 25%. Required: For each situation, determine the following: Hote: Enter your answers in thousands rounded to one decimal place (l.e. 1,200 should be entered as 1.2). Negative amounts hould be indicated by a minus sign. Leave no cell blank, enter "O" wherever applicable. 3 10 2 4 $ 272 20 32 4 4

by temporary differences: bed below. Each involves future deductible amounts and/or future taxable amounts produced Taxable income Future deductible amounts Future taxable amounts Balance(s) at beginning of the year: Deferred tax asset 2 Deferred tax liability 1 $ 88 16 1 2 ($ in thousands) Situation 2 2 $ 220 16 8 Situation 3 $ 204 20 16 The enacted tax rate is 25%. Required: For each situation, determine the following: Hote: Enter your answers in thousands rounded to one decimal place (l.e. 1,200 should be entered as 1.2). Negative amounts hould be indicated by a minus sign. Leave no cell blank, enter "O" wherever applicable. 3 10 2 4 $ 272 20 32 4 4

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The following table shows tax due for the given taxable income level for a single taxpayer. Taxable income Tax due $97,000 $97,050 $97,100 $97,150 $97,200 $21,913 $21,927 $21,941 $21,955 $21,969 (a) Show that the data in the table are linear. For every change of $50 in the taxable income there is constant change of $ 1.00 in the tax due. These data exhibit a constant rate of change and are linear. (b) How much additional tax is due on each dollar over $97,000? (Round your answer to the nearest cent.) per dollar (c) What would you expect for your tax due if you had a taxable income of $97,000? 24 What would you expect for your tax due if you had a taxable income of $98,000? $ (d) Find a linear formula that gives tax due T if your income is A dollars over $97,000. (Round equation parameters to two decimal places.) T =
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Four independent situations are described below. Each involves future deductible amounts and/or future taxable amounts produced by temporary differences reported first on: (1) (2) (3) (4) Income Statement Revenue $ 22,500 $ 15,500 $ 15,500 Accounting income Temporary differences: Income statement first Expense Revenue Expense Tax return first: Revenue Expense Taxable income $ 22,500 $ 22,500 $ Required: For each situation, determine the taxable income assuming pretax accounting income is $100,000. Note: Amounts to be deducted should be indicated by a minus sign. (1) Revenue $ 22,500 Tax Return. 0 $ (2) Expense 0 $ $ 10,500 (3) 0 $ 0
you sent the percentage but i need the Approximate state income tax $ Approximate federal tex $ Combined effective income tax rate $ and the ATCF for the year 2109 $
Use the graduated tax table below if applicable: GRADUATED TAX TABLE UNDER TRAIN LAW (January 1, 2018 to December 31, 2022) Over But not over The tax shall be Plus Of excess over 250,000 0 0 - P 250,000 400,000 0 20% P 250,000 400,000 800,000 30,000 25% 400,000 800,000 2,000,000 130,000 30% 800,000 2,000,000 8,000,000 490,000 32% 2,000,000 8,000,000 2,410,000 35% 8,000,000 A taxpayer made available the following financial information: Gross receipts - Php 10,000,000 Cost of service – Php 6,000,000 Expenses: Depreciation expense – Php 200,000 Miscellaneous expenses – Php 10,000 Office supplies – Php 20,000 Rental - Php 240,000 Representation expense – Php 100,000…
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A taxpayer is itemizing their return and they're trying to calculate the deductible amount of state income taxes paid. They have $4,000 from their Form(s) W-2 and they paid an outstanding balance in the current year for the prior year's balance of $2,500. What is the total amount of Line 5 income taxes that they can itemize? (Do not consider SALT limitations for this question) 2500 4000 6500
please help me find the write answer for rhe ones that are wrong (red boxes) thank you
Four independent situations are described below. Each involves future deductible amounts and/or future taxable amounts produced by temporary differences: Taxable income Future deductible amounts Future taxable amounts Balance(s) at beginning of the year: Deferred tax asset Deferred tax liability. The enacted tax rate is 25%. a. Income tax payable currently. b. Deferred tax asset-ending balance. c. Deferred tax asset-change. d. Deferred tax liability-ending balance. e. Deferred tax liability-change. f. Income tax expense. 1 ¹ 1 2 ³ $132 $264 $292 16 | ($ in thousands) Situation 2 16 2 8 Required: For each situation, determine the following: (Enter your answers in thousands rounded to one decimal place (i.e. 1,200 should be entered as 1.2). Negative amounts should be indicated by a minus sign. Leave no cell blank, enter "0" wherever applicable.) Situation 20 16 3 21 2 4| $404 20 76 4 4
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