deposits P1,000,000 ompounded annually, but the Philippine Tax Code mposes 20% tax payment from such interest ncome. Find the balance in the account after 1 year. Eros which рays 6%
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- Lime Co. incurs a $4,000 note with equal principal installment payments due for the next eight years. What is the amount of the current portion of the noncurrent note payable due in the second year? A. $800 B. $1,000 C. $500 D. nothing, since this is a noncurrent note payableLemur Corp. is going to pay three employees a year-end bonus. The amount of the year-end bonus and the amount of federal income tax withholding are as follows. Lemurs payroll deductions include FICA Social Security at 6.2%, FICA Medicare at 1.45%, FUTA at 0.6%, SUTA at 5.4%, federal income tax as previously shown, state income tax at 5% of gross pay, and 401(k) employee contributions at 2% of gross pay. Record the entry for the employee payroll on December 31.Marathon Peanuts converts a $130,000 account payable into a short-term note payable, with an annual interest rate of 6%, and payable in four months. How much interest will Marathon Peanuts owe at the end of four months? A. $2,600 B. $7,800 C. $137,800 D. $132,600
- In 2021. ABC Corp. borrowed money from the bank in the amount of Php 1 Million with an interest rate of 10%. ABC Corp. has interest income from bank deposits in the amount of Php 50,000.00 from which final tax was withheld. Assume ABC Corp's tax rate is 25% How much is the allowable interest expense?On January 1, 2014, Mr. Albuera invested P2,000,000 in the six-year time deposit of Sulu Unibank which pays 10% annual interest. Compute the final tax to be withheld by Sulu Unibank on December 31, 2014. P 0 P100,000 P200,000 P250,000Rico deposited P85,000.00 in a bank account at 7.5% compounded semi-annually for 10 years. If the inflation rate of 7% per year continuous for this period. Will this effectively protect the purchasing power of the original principal?
- During the year ended 30 June 2015 Barry Ltd, pays quarterly tax installments as follows: $4000 on 28 October 2014 $11 000 on 28 February 2015 $12 000 on 28 April 2015 On 30 June 2015, Barry Ltd determines its total current tax liability for the year to be $33 000. The final tax installment for the year will be: Question 15Answer a. a payment of $12 000 b. a payment of $6000 c. a refund of $2000 d. a payment of $33 000Use the net FUTA tax rate of 0.6% on the first $7,000 of taxable wages. Faruga Company had FUTA taxable payrolls for the four quarters of $38,400; $29,600; $16,500; and $8,900, respectively. What was the amount of Faruga’s first required deposit of FUTA taxes? Round your answer to two decimal places.A man deposit ₱100,000.00 for one year which pay an annual interest of 6%. The income is taxable and the bank charges a withholding tax of 20% tax rate. Compute the after tax rate of return in his deposit. Ans. 4.8%
- Sicora Inc. reported installment sales totaling $670,000 in its income statement for Year 1, its first year of operations. Sicora is not required to report installment sales income on its tax return until the cash is collected. Sicora will make the collections on these installment sales as follows: Year 1 $ 70,000 Year 2 130,000 Year 3 140,000 Year 4 160,000 Year 5 170,000 Total $ 670,000 The enacted tax rate is 30% in each of these years. What is the ending balance in the deferred tax liability account related to these installment sales at the end of Year 1? deferred tax liability: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?Mr. Kuri made a money market placement of ₱1M for 45 days at 7.5%. If the withholding tax is 20%, how much is the net interest that he will receive at the end of the period? Compute for the actual interest rate after tax.