Compute the ca
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Q: A taxpayer made available the following financial information: Gross receipts - Php…
A: Gross Receipts Php 10000000 Less: Cost Of Service Php 6000000 Salaries…
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Q: Tom Cruiser is buying a single-family residence in Oakvile, Ontario, for $805,000. According to the…
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Q: Harold is a resident Citizen,vat tax payer. taxable period:2020 Gross sales php 5,000,000 other…
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A: Cash basis accounting: In cash basis accounting , revenue are recognized when payment is received…
Q: A taxpayer made available the following financial information: Gross receipts - Php…
A: Total allowable deduction if the taxpayer is a domestic corporation = Cost of service +…
Q: Chuck, a single taxpayer, earns $75,000 in taxable income and $10,000 in interest from an investment…
A: Note: 2021 federal income tax brackets are used in answering this question as the year was not…
Q: How much is the taxable income if the taxpayer is an ordinary partnership and opted for OSD? Group…
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Q: A taxpayer made available the following financial information: Gross sales - Php 10,000,000…
A: Taxable income is the foundation income on which taxes are levied. It includes some or all of the…
Q: A taxpayer made available the following financial information: Gross receipts - Php…
A: SOLUTION- CALCULATION OF INCOME FROM BUSINESS- GROSS RECEIPTS 10000000 LESS- COST OF…
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A: Total allowable deduction if the taxpayer is a resident citizen = Cost of service + Depreciation…
Q: schedular tax on taxable income.
A: Correct Answer :- C The schedular tax on taxable income.
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Q: A property placed on tax rolls at $10,000 by the tax assessor in a region where the government…
A: Property Tax = Property Tax rate(Mill rate)*Taxable value
Q: Chuck, a single taxpayer, earns $75,000 in taxable income and $10,000 in interest from an investment…
A: Marginal Tax Rate = Change in Tax LiabilityChange in Taxable Income
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A: Cash basis accounting: In cash basis accounting , revenue are recognized when payment is received…
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Q: Brittany purchased an industrial lot in Sudbury for $1,100,000 and it was assessed at 65% of its…
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Q: Charlotte has an effective tax rate of 22%. This year she reported the following: salary of…
A: The income that is earned by the individual are taxable by the tax authorities. The Internal Revenue…
Q: Balance Sheet: Asset – Php 500,000 Liability – Php 100,000 Stockholders' Equity – Php 400,000…
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Q: An individual, who is a real estate dealer, sold a residential lot in Quezon City at a gain of…
A: The question is related to taxation
Q: A taxpayer made available the following financial information: Gross receipts - Php 10,000,000…
A: Taxable income refers to the AGI (Adjusted Gross Income) less the itemized deductions that the…
Q: A taxpayer made available the following financial information: Gross receipts - Php…
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Q: Floyd (self-employed) is a non-vat registered taxpayer who operates a convenience store. The…
A: Taxes are the amount of dues or liabilities that is being payable by the individual to government on…
Q: The taxpayer is a resident citizen and the taxable period is the 2nd quarter.…
A: Taxable income using cash basis in the 2nd quarter = Collections for services rendered in 2nd…
Q: A taxpayer made available the following financial information: Gross sales - Php 10,000,000 Cost…
A: According to the Phillipines taxation, Optional standard deduction is available to individual tax…
Q: In its first tax year, the Vasquez Estate generated $50,000 of taxable interest income and $30,000…
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Q: Lisa Manoban, operates a pet shop at the same time, offers interior design services to her clients.…
A: Taxable income: It can be defined as the income earned by an individual or an entity that is…
Q: The real property tax of Ms. Ere would be?
A: As per our protocol we provide solution to the one question only but as you have asked two multiple…
Q: Bill Shass pays a property tax of $3,200. In his community, the tax rate is 50 mills. What is Bill’s…
A: Data Given: Property tax = $3,200 tax rate =50 mills Note: Mill rate is the amount per $1000 of the…
Q: Identify which taxes apply to the following situations and state whether the tax is direct or…
A: “Since you have posted a question with many sub-parts, we will solve three sub-parts for you. To get…
The taxpayer is a sole proprietor owner of a merchandising business. He sells an idle lot located in Baguio City at 10% above cost. Records show the cost of P1,000,000. The zonal value per BIR list is P1,200,000 and the value per local assessor’s office is P800,000. Compute the
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- How much taxable income should each of the following taxpayers report? a. Kimo builds custom surfboards. During the current year, his total revenues are 90,000, and he incurs 30,000 in expenses. Included in the 30,000 is a 10,000 payment to Kimos five-year-old son for services as an assistant. b. Manu gives hula lessons at a local bar. During the current year, she receives 9,000 in salary and 8,000 in tips. In addition, she engages in illegal behavior, for which she receives 10,000.Sheila, a single taxpayer, is a retired computer executive with a taxable income of 100,000 in the current year. She receives 30,000 per year in tax-exempt municipal bond interest. Adam and Tanya are married and have no children. Adam and Tanyas 100,000 taxable income is comprised solely of wages they earn from their jobs. Calculate and compare the amount of tax Sheila pays with Adam and Tanyas tax. How well does the ability-to-pay concept work in this situation?Eagle Life Insurance Company pays its employees 0.30 per mile for driving their personal automobiles to and from work. The company reimburses each employee who rides the bus 100 a month for the cost of a pass. Tom collected 100 for his automobile mileage, and Mason received 100 as reimbursement for the cost of a bus pass. a. What are the effects of the above on Toms and Masons gross income? b. Assume that Tom and Mason are in the 24% marginal tax bracket and the actual before-tax cost for Tom to drive to and from work is 0.30 per mile. What are Toms and Masons after-tax costs of commuting to and from work?
