Europa Inc lent its manager P1,000,000 at a lower rate of 3% interest per annum. What is the fringe benefit tax assuming the manager is a resident citizen? 10,000 16,153.85 30,000 O 48,461.54
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- Suppose that Blake Companys total pretax difference from a change to FIFO was 100,000 and the company pays a bonus of 5% of its income before income taxes and bonus to employees. If Blake pays an additional bonus | based on the change in income, would it recognize any expense? If so, when and how much?A company, based in the Midwest, requires an 8.000% after tax rate of return. The state tax rate is 5% and the company is in the 21% federal tax bracket.Using the combined incremental tax rate equation on p. 433 of the textbook and the after-tax rate of return equation on p. 439, what is the estimate of the before-tax rate ofreturn required.Give rate of return in percent to 3 decimal places like 10.134% or 9.765%Based on the withholding tax table above solve the following problems: I am receiving monthly compensation in the amount of P65,000. From my paycheck, ABC Inc., deducted the following : SSS contribution P1,500; Philhealth Contribution P500.00 and Pag-ibig Contribution P1,000.00. My voluntary deduction on my loan is P3,500.00; and a deduction of P800.00 for my tardiness. 1. What is my gross paycheck for the month? 2. Calculate my total mandatory deductions. 3. How much would be my taxable income?
- Bernie Bird Corporation provides a bonus equal to 10% of Bernie’s income in excess of P100,000 before deducting income tax but after deducting bonus. If income before income tax and bonus is P320,000 and the effective tax rate is 40%, the amount of the bonus should be a. P20,000 b. P22,000 c. P32,000 d. P44,000Phil Corporation gave Manager A, a resident citizen grocery allowance worth P 39,000 How much is the Fringe benefit tax?Assume that The Bell Company operates in an industry for which NOL carryback is allowed. The Bell Company had the following operating results: Year Income (loss) Tax rate Income tax 2018 40,000 25 % 10,000 2019 40,000 25 % 10,000 2020 50,000 30 % 15,000 2021 (130,000 ) 30 % 0 What is the income tax refund receivable? A) $27,000. B) $24,000. C) $25,000 D) $21,000.
- choose the letter of the correct answer Yana Corp. has a profit before tax of P90 million. If the company's times interest covered ratio is 4, what is the total interest charge? a. P15Mb. P30Mc. P40Md. P50Me. P60MEntity A has an incentive compensation plan under which the sales manager receives a bonus equal to 10percent of the company's income after deductions for bonus and income taxes. Income before bonus and incometaxes is P500,000. The effective income tax rate is 30 percent. How much is the amount of bonus (rounded to the nearest peso)?a. 32,710 b. 60,748 c. 30,974 d. 37,210 How much is the amount of income tax?a. 131,776 b. 140,708 c. 138,837 d. 140,187The manager of Pharoah is given a bonus based on net income before taxes. The net income after taxes is $75980 for FIFO and $64500 for LIFO. The tax rate is 30%. The bonus rate is 20%. How much higher is the manager's bonus if FIFO is adopted instead of LIFO?
- The following information pertains to XYZ Inc.: Year Taxable Income (Loss) Tax Rate Taxes Paid 2019 $100,000 25% $25,000 2020 $250,000 30% $75,000 2021 $360,000 22% $79,200 2022 $400,000 26% $104,000 2023 $500,000 24% $120,000 2024 $(600,000) 25% - Assuming that XYZ has a policy of tax refund maximization, how much would the company be able to recover in taxes through the use of its 2024 tax loss? Multiple Choice $141,600 $152,000 $133,000 $145,000 Verena Inc. earned income in 20x4 and suffered a loss for tax purposes in 20x5. Assume that even after carrying back and recovering taxes previously paid, there is still some loss remaining to carry forward. The journal entry related to the recognition of any benefit from carry-forward will be recognized as follows (assume the realization is probable) Multiple Choice Dr. income tax payable; cr. deferred tax asset. Dr. income tax expense; Cr. deferred tax asset. Dr. deferred tax asset;…Given the following information, how much is the total income tax credit available for deduction from the regular corporate income tax due? Quarterly income tax payments P320,000.00 Creditable withholding taxes withheld by customers P 80,000.00 Net operating loss carry-over from 2021 P150,000.00 MCIT excess credits from 2020 P 50,000.00 Group of answer choices P50,000.00 P600,000.00 P450,000.00 P400,000.00A company has accounts receivable of $300 000 and an associated doubtful debts allowance of $60 000. The revenue associated with the accounts receivable of $300 000 has already been included in taxable profit. The doubtful debts will be deductible when the amount is actually written off as bad with a related deduction to accounts receivable. REQUIRED a) Assuming that the tax rate is 30 percent, what is the amount of the temporary difference? b) Does this give rise to a deferred tax asset or a deferred tax liability, and what is the amount of the deferred tax asset/liability Please donot provide solution in image format provide solution in step by step format and asap
