Compute for the Income Tax for the below data: MRS. MR. Gross Sales of the Business P4,000,000 Cost of Sales and expenses of the business 1,900,000 Gross Receipts from profession P300,000 Cost and Expenses in the practice of profession 120,000
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- Compute for the Income Tax for the below data:
|
|
MRS. |
MR. |
|
Gross Sales of the Business |
|
P4,000,000 |
|
Cost of Sales and expenses of the business |
|
1,900,000 |
|
Gross Receipts from profession |
P300,000 |
|
|
Cost and Expenses in the practice of profession |
120,000 |
|
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- A derived its income from its self-operated talpakan business. The details of his business for 2021 are as follows: Gross Receipts - P100,000.00 Operating Expenses - P50,000.00 Income taxes withheld in general - P10,000.00 Question: Assuming that the tax rate is 25%, what is the income tax payable of A? Group of answer choices P2,500.00 P12,500.00 P25,000.00 P15,000.00A business registered as a barangay micro business enterprise received P400,000 in gross income from sales, domestic dividend income of P9,000 and interest income on deposits of P6,800. Compute the total inclusions in gross income subject to final income tax. P 0 P15,800 P6,800 P9,000A Non-VAT business reported the following:Sales P2,500,000Cost of Sales P1,000,000Purchases, inclusive of VAT P560,000How much is the amount of business tax payable?
- You are provided with the following amounts for Janet Mattera for the current year: • Net employment income = $6,600 • Business A: Gross income = $21,000 • Business B: Gross income = $118,000 • Business A: Expenses (for income tax purposes) = $32,000 • Business B: Expenses (for income tax purposes) = $28,000 • Interest income = $1,500 • Taxable amount of dividends = $2,640 Based on the above, the total amount reported pursuant to ITA paragraph 3(a) in the computation of Janet Mattera's net income is:A mixed income earner realized P920,000 from compensation, P2,000,000 in sales, P100,000 other income subject to tax and incurred P480,000 in expenses. A. What is the total compensation income subject to income tax? B. What is the income tax due from compensation? C. What is the total income from Business subject to income tax?Here is another question: From here what should I put as the total income on a 1040 line 6 where it says, "total income, add lines 1 through 5. Add any amount from Schedule 1, line 22___________? Gross Income $325,000 Business Expenses $201,000 Records related to Sarah’s employment provide the following information. Salary $145,000 Unreimbursed travel expenses (including $200 of meals) $1600 Other pertinent information for the tax year includes the following. Capital gain/losses spot: Proceeds from sale of stock acquired on July 15, 2018 (cost of $12,000) and sold on August 1, 2018 $9,800 Proceeds from sale of stock acquired on September 18, 2017 (cost of $5,000), sold on October5, 2018 $3,800 Wages paid to full-time domestic worker for housekeeping and child supervision $10,000 Interest income received $7,000 Total itemized deductions (not including any potential deductions above) $27,900 Federal income tax withheld $31,850 Estimated payments of Federal income tax $20,000…
- A business registered as a barangay micro business enterprise received P400,000 in gross income from sales, domestic dividend income of P9,000 and interest income on deposits of P6,800. Compute the total exclusion in gross income for purposes of computing regular income tax. P400,000 P415,800 P15,800 P 0A 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.Ecare Berhad has the following income statement items for 2021: Revenue/Sales RM4,801,139 Finance costs/Interest expense RM293,938 Other items of income RM38,552 Cost of sales (COGS) RM3,917,144 Income tax expenses 35% of taxable income Dividend payment 40% of net profit What is the amount of the firm's earning before tax? Select one: a. RM628,609 b. RM590,057 c. RM408,596 d. RM883,995
- Aling Nena is a sari-sari store owner. She is covered by the percentage tax provision. Her store had the following data: Sales P550,000; Cost of sales P200,000; Operating Expenses P150,000. Compute the business tax. * P10,500 P6,000 P16,500 0 *1. Faye Faye Corporation's statement of financial performance for the year ended December 31, 20X2, shows pretax income of P 1,000,000. The following items are treated differently on the tax return and in the accounting records. Tax Return Accounting Records Rent income P 70,000 P 120,000 Depreciation Expense 280,000 220,000 Premiums on officers' life insurance 90,000 Faye Faye's rate for 20X2 is 30%. How much is the current tax expense for 20X2?Calculate the taxpayer's qualifying business income deduction for a qualified trade or business: Filing status: SingleTaxable income: $100,000Net capital gains: $0Qualified business income (QBI): $30,000W–2 wages: $10,000