Help me fast Required informationComprehensive Problem 4-57 (LO 4-1, LO 4-2, LO 4-3) (Algo)[The following information applies to the questions displayed below.]Camille Sikorski was divorced in 2018. She currently provides a home for her 15-year-old daughter Kaly. Kaly lived inCamille's home for the entire year, and Camille paid for all the costs of maintaining the home. Camille received a salary of$82,500 and contributed $5,300 of it to a qualified retirement account (a for AGI deduction). She also received $11,500 ofalimony from her former husband (per divorce decree issued in 2018). Finally, Camille paid $16,400 of expenditures thatqualified as itemized deductions. (Use the tax rate schedules and 2020 rules.)Comprehensive Problem 4-57 Part-a (Algo)a. What is Camille's taxable income?DescriptionAr(1)Gross income(2) For AGI deductions(3) Adjusted gross income$(4) Standard deduction(5) Itemized deductions(6)Taxable income 2020 Tax Rate SchedulesIndividualsSchedule X-SingleIf taxable income is over: But not over:The tax is:$$ 9,875$ 40,125$ 85,525$163,300$207,350$518,400$ 9,875$ 40,125$ 85,525$163,300$207,350$518,40010% of taxable income$987.50 plus 12% of the excess over $9,875$4,617.50 plus 22% of the excess over $40,125$14,605.50 plus 24% of the excess over $85,525$33,271.50 plus 32% of the excess over $163,300$47,367.50 plus 35% of the excess over $207,350$156,235 plus 37% of the excess over $518,400Schedule Y-1-Married Filing Jointly or Qualifying Widow(er)If taxable income is over:But not over:The tax is:$$ 19,750$ 80,250$ 19,750$ 80,250$171,05010% of taxable income$1,975 plus 12% of the excess over $19,750$9,235 plus 22% of the excess over $80,250$29,211 plus 24% of the excess over $171,050$66,543 plus 32% of the excess over $326,600$171,050$326,600$414,700$326,600$414,700$622,050$94,735 plus 35% of the excess over $414,700$167,307.50 plus 37% of the excess over $622,050$622,050Schedule Z-Head of HouseholdIf taxable income is over:But not over:$ 14,100$ 53,700$ 85,500$163,300$207,350$518,400The tax is:10% of taxable income$ 14,100$ 53,700$ 85,500$163,300$207,350$518,400$1,410 plus 12% of the excess over $14,100$6,162 plus 22% of the excess over $53,700$13,158 plus 24% of the excess over $85,500$31,830 plus 32% of the excess over $163,300$45,926 plus 35% of the excess over $207,350$154,793.50 plus 37% of the excess over $518,400Schedule Y-2-Married Filing SeparatelyIf taxable income is over: But not over:The tax is:$$ 9,875$ 40,125$ 85,525$163,300$207,350$311,025$ 9,875$ 40,125$ 85,525$163,300$207,35010% of taxable income$987.50 plus 12% of the excess over $9,875$4,617.50 plus 22% of the excess over $40,125$14,605.50 plus 24% of the excess over $85,525$33,271.50 plus 32% of the excess over $163,300$47,367.50 plus 35% of the excess over $207,350$83,653.75 plus 37% of the excess over $311,025$311,025

The amount of deduction from Adjusted gross income is higher of : Standard deduction of $ 18650…

Camille Sikorski was divorced in 2018. She currently provides a home for her 15-year-old daughter Kaly. Kaly lived in Camille's home for the entire year, and Camille paid for all the costs of maintaining the home. Camille received a salary of $82,500 and contributed $5,300 of it to a qualified retirement account (a for AGI deduction). She also received $11,500 of alimony from her former husband (per divorce decree issued in 2018). Finally, Camille paid $16,400 of expenditures that qualified as itemized deductions. (Use the tax rate schedules and 2020 rules.) Comprehensive Problem 4-57 Part-a (Algo) a. What is Camille's taxable income?

Camille Sikorski was divorced in 2018. She currently provides a home for her 15-year-old daughter Kaly. Kaly lived in Camille's home for the entire year, and Camille paid for all the costs of maintaining the home. Camille received a salary of $82,500 and contributed $5,300 of it to a qualified retirement account (a for AGI deduction). She also received $11,500 of alimony from her former husband (per divorce decree issued in 2018). Finally, Camille paid $16,400 of expenditures that qualified as itemized deductions. (Use the tax rate schedules and 2020 rules.) Comprehensive Problem 4-57 Part-a (Algo) a. What is Camille's taxable income?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter18: Accounting For Income Taxes

Section: Chapter Questions

Problem 8E: Incomc Taxes Then Company has been in operation for several years. It has both a deductible and a...

See similar textbooks

Similar questions

Single Temporary Difference: Multiple Rates At the end of 2019, Fulhage Company reported taxable income of 9,000 and pretax financial income of 10,600. The difference is due to depreciation for tax purposes in excess of depreciation for financial reporting purposes. The income tax rate for the current year is 40%, but Congress has enacted tax rates of 35% for 2020 and 30% for 2021 and beyond. Fulhage has calculated the excess of its financial depreciation over its tax depreciation for future years as follows: 2020, 600; 2021, 700; and 2022, 300. Prior to 2019, the company had no deferred tax liability or asset. Required: Prepare Fulhages income tax journal entry at the end of 2019.
LO.2 Oak Corporation has the following general business credit carryovers. If the general business credit generated by activities during 2019 equals 36,000 and the total credit allowed during the current year is 60,000 (based on tax liability), what amounts of the current general business credit and carryovers are utilized against the 2019 income tax liability? What is the amount of unused credit carried forward to 2020?
Incomc Taxes Then Company has been in operation for several years. It has both a deductible and a taxable temporary difference. At the beginning of 2019, its deferred tax asset was 690, and its deferred tax liability was 750. The company expects its lutine deductible amount to be deductible in 2020 and its Inline taxable amount to 1 taxable in 2021. In 2018, Congress enacted income tax rates for future years as follows: 2019, 30%; 2020, 34%; and 2021, 35%. At the end of 2019, Then reported income taxes payable of 25,800, an increase in its deferred tax liability of 300, and an ending balance in its deferred tax asset of 860. Thun has prepared the following schedule of items related to its income taxes for 2019. Required: Fill in the blanks in the preceding schedule. Show your calculations.
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 Nicanor, a Filipino Citizen residing in Manila, had the following data for the taxable year 2021: Gross income from rent of commercial spaces,net of P 60,000 withholding tax                                                                                   P 1,140,000 Dividend income               From domestic corporation                                                                                    50,000               From resident foreign corporation 60,000               From non-resident…
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 Nicanor, a Filipino Citizen residing in Manila, had the following data for the taxable year 2021: Gross income from rent of commercial spaces,net of P 60,000 withholding tax                                                                                   P 1,140,000 Dividend income               From domestic corporation                                                                                    50,000               From resident foreign corporation 60,000               From non-resident…
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 Nicanor, a Filipino Citizen residing in Manila, had the following data for the taxable year 2021: Gross income from rent of commercial spaces,net of P 60,000 withholding tax                                                                                   P 1,140,000 Dividend income               From domestic corporation                                                                                    50,000               From resident foreign corporation 60,000               From non-resident…
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 Nicanor, a Filipino Citizen residing in Manila, had the following data for the taxable year 2021: Gross income from rent of commercial spaces,net of P 60,000 withholding tax                                                                                   P 1,140,000 Dividend income               From domestic corporation                                                                                    50,000               From resident foreign corporation 60,000               From non-resident…
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 Nicanor, a Filipino Citizen residing in Manila, had the following data for the taxable year 2021: Gross income from rent of commercial spaces,net of P 60,000 withholding tax                                                                                   P 1,140,000 Dividend income               From domestic corporation                                                                                    50,000               From resident foreign corporation 60,000               From non-resident…
13. Instructions 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 registered in 2020 made available the following financial information for TY2021: Balance Sheet: Asset - Php 500,000 Liability - Php 100,000 Stockholders' Equity - Php 400,000 Income Statement: Gross sales - Php 10,000,000 Cost of sales – Php 8,000,000 Operating Expenses - Php 5,000,000    How much is the income tax due under CREATE Law if the taxpayer is a domestic corporation?    Group of answer choices Php 300,000 Php 600,000 Php 200,000…
20. Instructions 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 sales      - Php 10,000,000 Cost of sales – Php 6,000,000 Expenses:             Salaries and wages – Php 1,000,000             Transportation and travel – Php 20,000             Rental - Php 240,000             Representation expense – Php 200,000             Depreciation expense – Php 200,000             Office supplies – Php 20,000             Miscellaneous expenses – Php 10,000…
18. Instructions 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 Nicanor, a businessman engaged in selling goods and services, reported gross sales of Php 1 Million and gross receipts of Php 2 Million. The company spent Php 150,000 for representation expenses. How much is the non-deductible representation expense? Group of answer choices Php 125,000 Php 105,000 Php 150,000 Php 25,000
14. Instructions 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 Nicanor was employed by ABC Corp. from April 1, 2020. He receives basic pay of Php 20,000 per month as compensation. During annualization of compensation in November, it was determined that he will also receive the following: Additional compensation allowance – Php 5,000 Cash gift – Php 5,000 Christmas bonus – Php 5,000 Loyalty award – Php 5,000 Performance bonus/productivity incentive – Php 10,000    How much is the 13th month pay? Group of answer…