How much interest income is subject to final tax?
Q: Define Effective tax rate.
A: Tax: Tax refers to a compulsory payment or a contribution to the state revenue, levied by the…
Q: Compute the taxable income subject to regular income tax
A: Taxable income: It implies to the income of the taxpayer that is charged or subjected to income tax…
Q: What effect do permanent differences have on deferred income taxes?
A:
Q: Explain how does the company’s effective tax rate calculated.
A: Effective interest rate: An effective interest rate is the real return on savings account or any…
Q: When does tax allocation within a period become necessary?How should this allocation be handled?
A:
Q: The additional tax on top of the standard tax?
A: Tax is a compulsory financial charge levied by government for finding the source of public…
Q: Define tax effect theory
A: Tax effect theory explains the impact of taxes on revenue or expense of a company. This theory is…
Q: What are the two types of income tax return
A: Answer: Income tax return is the return that is filed for purpose to file income tax due to be paid…
Q: What distinguishes an income tax from other taxes?
A: A tax is a governmental entity's required financial charge or other kind of levy put on a taxpayer…
Q: What are the objectives of accounting for income taxes?
A: FASB Summary of Statement No. 109 defines objectives of Accounting for Income Taxes.
Q: What is Income tax payable?
A:
Q: Define Income tax paid
A: Income tax paid is a charge or payment made to the government by the individual or the firms in a…
Q: What effect does intraperiod tax allocation have onreported net income?
A:
Q: What is meant by “tax allocation within a period”? What is the justification for such practice?
A: Tax: Tax refers to a compulsory payment or a contribution to the state revenue, levied by the…
Q: How do you calculate withholding taxes?
A: Federal income tax withholding: The amounts which the employer withheld from employees’ gross pay…
Q: What is the difference between tax reliefs and tax credits?
A: Taxes are mandatory payments placed on individuals or businesses by a government agency, whether…
Q: Distinguish the difference between Tax Structure and Tax Rates
A: Meaning of Tax Tax is a source of revenue to the Government. Different types of taxes are paid by…
Q: What is deferred tax?
A: Balance sheet is the statement that indicates the final position of an entity.
Q: What are the different type of income tax?
A: The answer for the question on the different types of income tax is discussed hereunder : Taxes are…
Q: What are the situs rules on income tax situs on sales of goods?
A: Income tax:A tax charged on the income earned by the individual or corporates by the central…
Q: What is a deferred tax asset and how is the value created?
A: Deferred tax asset: When Income Tax Expense account is more than the Income Tax Payable account,…
Q: What is the valuation allowance for deffered tax asset
A: Deferred tax asset(DTA) arises due to payment of higher tax in current year due to the variance…
Q: What are FUTA and SUTA taxes? Is there any possible reduction in the FUTA tax rate? If so, what is…
A: Introduction: Employer payroll taxes are paid by the employer from its own funds on the basis of…
Q: What are the Sources of Tax Laws?
A: Tax: It is a mandatory fee levied by the government on the individual and organization.
Q: What is Income tax receivables?
A: Other receivables: Other receivables are the receivables other than the accounts receivable, and the…
Q: How does the disposition effect impact investor tax?
A: Introduction: The disposition effect is coined by economists Hersh Shefrin and Meir Statman in a…
Q: HOW filing status affect the preparation income tax return
A: Tax return :- A tax return is a form or series of forms submitted to the Internal Revenue Service…
Q: What valuation allowance is used with respect to a deferred tax asset?
A: Deferred tax asset: A deferred tax asset refers to an asset that is recognized due to a temporary…
Q: What is the value for IHT and capital gain tax (CGT) purposes?
A: What is Inheritance Tax?Inheritance Tax (IHT) is a tax on the estate of someone who has died,…
Q: What are the benefits or advantages of filing a consolidated income tax return?
A: The consolidated tax return represents the single tax return of the affiliated group of companies.…
Q: Differentiate “normal tax “ from “final tax”.
A: Tax is the amount which is paid by the tax payer on the basis of the income earned by him during a…
Q: How to calculate Value-added tax
A: Value added tax is a type of tax that is charged by the central government on the sale of…
Q: What is the Net Income After Tax?
A:
Q: final tax and income tax
A: Tax is a form of compulsory payment made to the government of the country. The amount that is…
Q: what types of taxes are deductible in full or in part?
A: The tax-deductible expense helps the business to generate revenue by decreasing the tax liability.
Q: Distinguish between Tax Exemption and Tax Amnesty?
A:
Q: how is income tax expense calculated?
A: Income tax expense is form of direct tax which needs to be paid by individual or business…
Q: d Tax (VAT
A: Value Added Tax (VAT) is a broad tax that is levied on practically all products and services sold.…
Q: Define tax savings due to interest (TSt )
A: Tax savings are the amount saved in form of tax payable to the government. Tax savings due to…
Q: What is adjusted gross income and what influence does it have on other elements in the tax return…
A: Adjusted gross income is calculated by deducting the specific deduction from the total gross income.…
Q: What are capital gains and losses, and how are they taxed?
A: A capital gain is the amount of profit you receive when you sell a capital asset or is realized when…
Q: What is meant by an effective tax rate? What does it measure?
A: The effective tax rate is the percent of individual or a corporation’s income that they pays in…
Q: What type of tax is sales tax
A: There are two types of tax. These are: Direct tax: Direct taxes are the taxes that are paid by the…
Q: What is tax due?
A: Tax Due: Tax due is the tax liability that is payable by any individual person or a corporate body…
Q: What is marginal tax rate?
A:
Q: What are the special features of regular income taxation?
A: Income Tax It is a tax placed on an individual. It is deducted from a person's total income. It is a…
Q: How is the federal estate tax computed?
A: Federal estates tax is the tax collected on the transfer of a person’s assets to its beneficiaries…
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- Heather borrowed $4700 on her credit card to purchase new furniture. Find the monthly interest charges, which are 1.8% per month on the unpaid balance. Find the interest charges if she moves the debt to a credit card charging 0.7% per month on the unpaid balance. What are the interest charges at 1.8% a month? What are the interest charges at 0.7% a month? What are the savings that using the 0.7% card brings over the 1.8% card?On June 1, Mia deposited $3,800 in an MMDA that pays 4% interest. On October 31, Mia invested $2,700 in a three-month CD that pays 6%. At the end of the year, how much interest will Mia have earned, assuming she hasn't taken anything out of the money market deposit account? Assuming she hasn't taken anything out of the money market deposit account, the amount of interest Mia will have earned is? (Round to the nearest cent)Mr. Rizki is a private employee who is currently planning to buy a car to support mobility in his work. Currently Mr. Rizki has a savings of Rp. 80,000,000 and intends to buy a car for Rp. 216,168,000. Savings owned by Mr. Rizki will be used as a down payment in the purchase of the car and the rest will be paid on credit in the amount of Rp. 4,000,000 with an installment period of 48 months. What is the nominal and effective interest rate on the credit interest?
- Maria is a graduate student; she borrows some money to buy a new car at the beginning of her graduation year. The car dealership allows her to defer payments for 12 months. Then Maria makes 48 end-of month payments thereafter. If the original note (loan) is for $30,000 and interest in 2% per month on the unpaid balance, how much will Maria’s payment be? Please Include equations used and cashflow diagramTo pay for a $22,300 truck, Jina made a down payment of $4900 and took out a loan for the rest. On the loan, she paid monthly payments of $312.67 for 5 years. (a) What was the total amount Jina ended up paying for the truck (including the down payment and monthly payments)? $ (b) How much interest did Jina pay on the loan?Gregorio bought a car with funds borrowed from a commercial bank. He intends to repay the note with its income of P750,000 to be paid in 270 days. Given a 12% discount, find the proceeds.
- Ms. Ligaya wants to buy her dream car. However, she does not have enough money to pay for ₱5,000,000 full price of the car. She negotiated with the sales agent and paid a down payment of ₱2,000,000 and borrowed ₱3,000,000 from Pure Gold Bank and signed a 4-year note payable stating the interest rate was 4% compounded annually. Ms. Ligaya will make payments of ₱826,470.14 at the end of each year. How much will be the principal amortization on the 2nd payment? (Provide solution/ explanation)a. ₱706,470 b. ₱724,118 c. ₱734,729 d. ₱754,683As Kate borrowed an amount of 15,000 Php from a lending company that charges a simple interest rate of 11%. What is the rate of interest? and What is the initial or principal amount?a mother earned $15000.00 from royalties on her cookbook. She set aside 20% of this for a down payment for a new home. The balance will be used for her son's future education. She invested a portion of the money in a bank certificate of a deposit (cd account) that earns 4% and the remainder in a savings bond that earns 7%. IF the total interest earned after one year is $720.00, how much money was invested at each rate?
- Betty borrowed $200,000 at an interest rate of 10% p.a. from XYZ bank to purchase the goodwill, premises, equipment and stock of a cookware shop. As security for the loan, she was required to mortgage her holiday home. Please discuss whether the interest would be deductibleso Cardi borrowed $13,000 at 29% interest. if making $400 payments, how much will she pay back in total. including interest, for those purchases?LaTisha owed $65,000 when she graduated from college. Suppose her 10-year loan had an APR of 4.5% with monthly payments of $673.65. How much will she spend on interest over the life of the loan? Round your answer to the nearest cent. Use the spreadsheet to solve.