Q: How much of the following is gross income subject to income tax? *
A: Answer: The gross income is the income which is subject to tax before any deductions.
Q: 2. Using the following Income Tax data, and given that your annual income is $ 85,000: a) Calculate…
A: ''Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: year before bonus and tax is P5,250,000. The income tax rate a bonus of 5% of the entity's earnings.…
A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for…
Q: Holly's Art Galleries recently reported $15.8 million of net income. Its EBIT was $25 million, and…
A: Here, Net Income is $15,800,000 EBIT is $25,000,000 Federal Tax Rate is 21%
Q: Use the following information for Taco Swell, Incorporated, (assume the tax rate is 21 percent):…
A: Income and balance sheet statements:
Q: The tax on a property with an assessed value of $70,000 is $1,100. What is the assessed value of a…
A: Property taxes are calculated using the value of the property. This includes both the land and the…
Q: Compute the pretax profit (income before income taxes) if the net income is $140,000 and the income…
A: Net income = $140,000 Income tax rate = 0.30 or 30% Pretax profit = ? Pretax profit is the profit…
Q: Calculate the amount of property tax due: (Round your answer to the nearest cent.) Tax rate…
A: Tax compliance is a mandatory financial charge or other type of levy imposed on a taxpayer by a…
Q: $10,000. Required: Compute the corporate tax for JJ's Hard
A: Step 1 A corporate tax is a tax on the profits of a corporation which are paid on a company's…
Q: 29. A VAT-taxpayer made the following sales during the year: P 100,000 Domestic Sales Export Sales…
A: 29. Amount subject to business tax is P220000
Q: 1. Assume that you have 100,000 TL annual income which is subject to a progressive taxation.…
A: Annual Income = 100,000 Tax Rates and calculations are provide below:
Q: Using the marginal tax rate below, calculate the tax liability for A.B.C Company when it has a…
A:
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: Sales, net of 20,000 returns 580,000.00 Cost of Sales 280,000.00 Receipts Cost of Service 430,000.00…
A: For tax purposes, itemized deduction includes: 1. Medical Expenses 2. Property, state and local…
Q: Output Tax due for the Month
A: Output tax is the tax which has been computed by the company on the sales or services which has been…
Q: You have some property which has an assessed value of $240,900. If the tax rate is 56.40 mills,…
A: Introduction The mill rate is based on mills which is derived from Latin word millesimal which…
Q: Use the following information for Taco Swell, Incorporated, (assume the tax rate is 24 percent):…
A: Cash flow statement is a cash flow statement which shows all cash inflows and cash outflows that are…
Q: base. The tax rate is 30 per cent. What is the goodwill arising on the purchase of Lamina Co? *
A: Goodwill is the amount which occurs when the purchasing company pays more than the company from whom…
Q: * 00 Oakdale Fashions, Inc. had $245,000 in 2018 taxable income. Using the tax schedule in Table 23…
A: Tax till $100,000 $22,250 $100,001 - $245,000 $145,000 x 39% = $56,550 Income Taxes $78,800
Q: some property which has an assessed value of $240,500. If the tax rate is 65.90 mills, calculate the…
A: There are taxes to be paid on the property according the prevailing tax rate and amount of tax due…
Q: Tax rate Assessed value Amount of property tax due $42.50 per $1,000 $ 105,000
A: Tax is a liability every individual has to pay to the government on the basis of their taxable…
Q: You have the following data: The net income after tax is 42000 OMR and income tax is 3000 OMR.…
A: Net income means the profit earned from sale of goods or services after deducting all expenses…
Q: 1. What is the tax due and payable amount in fiscal year 20x1? Fiscal year June 20, 20x1 (5th…
A: Tax is the amount that needs to be paid by the business and other taxpayers from their income…
Q: With the following data, compute the NET FUTA Tax. Gross FUTA Tax DUE $6,750 Credit against FUTA…
A: Formula: Net FUTA tax = Gross FUTA tax due - Credit against FUTA
Q: Calculate the amount of property tax due: Tax rate Assessed value Amount of property tax…
A: The formula used as follows: Amount of property tax due=Assessed value of property×Tax rate
Q: Compute the before-tax revenue if tax rate is 15% and after-tax revenue is 23,800
A: Formula: Revenue before tax= Revenue After Tax(1- Tax rate)
Q: With the following data, compute the NET FUTA Tax. Gross FUTA Tax DUE $ 6,750 Credit against FUTA…
A: Formula: Net FUTA tax = Gross FUTA tax due - Credit against FUTA
Q: Gorilla Movers has sales of S645,560, cost of gods sold of SsA25,890, depreciation of $32,450, and…
A: The times interest earned ratio is calculated as ratio of earnings before interest and taxes and the…
Q: XYZ Pawnshop Corp. reported the following information in preparation of its quarterly percentage tax…
A: Pawnshops generate money by lending money, reselling merchandise, and providing ancillary services…
Q: Consider gross earnings of $59,000. • The standard deduction is $12,000 and itemized deduction is…
A: An income tax is kind a type of tax that governments impose on income generated by businesses and…
Q: What is the annual real estate tax on a valued at $135,000 and assessed for tax purposE at $47,250…
A: Property value= $135000 Assessed value= $47250 equalization factor= 125% tax rate= 25 mills
Q: Assuming the following facts, calculate the total tax provision Sales…
A: Given that : Pre-tax book net income 75,000 Tax rate…
Q: Rent Income, net of 5% creditable withholding tax 500,000.00 Professional Fees, net of 10%…
A: Any income received by a domestic corporation is treated as a regular/ordinary income and therefore…
Q: EBIT is $12,000 and interest expense is $3,000. If the tax rate is 20%, what is the net income? O…
A: EBIT = $12000 Interest expenses = $3000 Tax rate = 20%
Q: A property is assessed at $135, 000. There is an equalization rate of 125%. The annual property tax…
A: The property tax is computed by the following formula Property tax= Assessed vale x Equalization…
Q: On Taxable Income... The Tax Rate Is... Up to €7,150 10% From €7,150 to €29,050 15% From €29,050 to…
A: Income Tax - It is an amount imposed by the government on individual or non individual in respect of…
Q: Duval Manufacturing recently reported the following information:Net income $600,000ROA 8%Interest…
A: Given that;Net income is $600000ROA is 8%Tax rate is 35%Interest expense is $225000
Q: Consider a tax system where the first $40,000 of income is tax free, the next $40,000 is taxed at…
A: Here discuss about the details of average tax rate, marginal tax rate and taxes which are involved…
Q: A company wants to earn an income of $60,000 after-taxes. If the tax rate is 32%, what must be the…
A: Formula: Net income after taxes = Pretax income - Tax amount.
Q: Hydroflask reported profit after tax of ₱42,000. Hydro’s income tax rate is 30%. Operating expenses…
A: Profit before tax = profit after tax / (1 - tax rate) = ₱42,000 / (1 - 0.30) = ₱60,000
Q: Use the 2016 marginal tax rates to compute the tax owed by the following person. A single man with a…
A: A tax credit seems to be a sum of cash that can be deducted from the total amount of tax due and…
Q: bon. The company S20 million at a rate of 6% compounded yearly. Determine the before tax cost of…
A: WACC refers to the joint cost of company's capital from all the sources of the company. It includes…
Q: Required Determine the following (show key computations): a. The present sales volume in dollars. b.…
A: Solution: Break even Point is the point where company is at zero profit i.e., No loss-No profit…
Q: Following is the partial financial information of Candy Company. K120,000 K100,000 K800,000 К40 Net…
A: The Break-even point is that of sales at which the operating fixed cost of the company equals to the…
Q: Calculate (A) actual sales and (B) sales tax liability: Total sales: $23,152.81 (includes a 5% tax.)…
A: Actual sales = Total sales / (1 + Sales tax rate) Sales tax liability = Actual sales x Sales tax…
Q: Income Tax rates will be changed to the following Marginal Tax Rates given by: T(I) = 40*I2/ I2+1000…
A: Income Tax is a form of indirect tax payable by a taxpayer to the tax authorities of a country. It…
Q: EBIT is $12,000 and interest expense is $3,000. If the tax rate is 20%, what is the net income? O…
A: Income taxes is the amount of taxes which needs to be paid by the individual or business to the…
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- Calculate the amount of property tax due: (Round your answer to the nearest cent.) Tax rate Assessed value Amount of property tax due $8.75 per $100 $125,000Compute the pretax profit (income before income taxes) if the net income is $140,000 and the income tax rate is 30 percent.For income tax purposes, what is the amount of gross income given the following amounts? Gross sales 4,000,000.00 Sales discounts, returns and allowances 100,000.00 Cost of sales 1,500,000.00 Itemized deductions 800,000.00 Group of answer choices P3,900,000.00 P1,600,000.00 P2,400,000.00 P1,700,000.00
- Given the following information :sales R10 000 000,calculated gross profit R7 000 000 ,operating expenses R3 200 000,Interest income R60 000,Interest expense R250 000 and income tax 28% of profit before tax . Net profit after tax is ?Given the following information, calculate the effective tax rate expressed in mills: market value of property: $170,000; assessed value of property: 40% of the market value: exemptions: $1,000; annual tax liability: $3,575.10.What is the amount of Taxes Owed for the period if the tax rate is 30%, if Earnings Before Taxes ( a.k.a. EBT, or pre-tax earnings) is 250,000?
- A company has profit before interest and tax of £66000Interest payable is £6000Tax is payable at 25% What is the profit after Tax? £Use the table and find the income tax for an income of 279,000A VAT-taxpayer made the following sales during the year:Domestic Sales P100,000Export Sales P120,0001. What is the amount subject to business tax?2. Compute the Output VAT.
- 2. Sohar Company had a 40 percent tax rate. Given the following pre-tax amounts, what would be the income tax expense reported on the face of the income statement ?............................................................................ Sales $ 100,000 Depreciation expense11,000 Cost of goods sold60,000 Dividend revenue9,000 Salary expense8,000 Utilities expense1,000 Extraordinary loss10,000 Interest expense2,000Byron Brock’s inc recently reported $13 million of net income. It’s EBIT was $20375000, and it’s tax rate was 35%. What was urs interest expenseSuppose your annual income is $29182 and there are two tax brackets: 10% for $0-$20,000 and 30% for everything above $20,000. What percentage of your income will you pay in taxes? Enter your answer in decimal.