If your taxable income is Over- But not Over- $0 $9,275 $9,275 $37,650 $37,650 $91,150 $91,150 $190,150 $190,150 $413,350 $413,350 ***** The tax is .........10% $927.50 +15% $5,183.75 +25% $18,558.75+28% $46,278.75 +33% $119,934.75 +35% Of the amount Over- $0 $9,275 $37,650 $91,150 $190,150 $413,350
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- LO.5 Beige Corporation has a fiscal year ending April 30. For the year ending April 30, 2018, Beige generated taxable income of 1,200,000. What is Beige Corporations tax liability for this period?Amount in excess of P490,000.00 taxable income is to be multiplied to_______to compute for the graduated tax due a. 30% b. 32% c. 35%If Your Taxable Income Is Up to $19,050 $19,050 $77,400 $77,400 $165,000 $165,000 $315,000 $315,000 - $400,000 $400,000 - $600,000 Over $600,000 2018 Individual Tax Rates Single Individuals If Your Taxable Income Is Up to $9,525 $9,525 $38,700 $38,700 $82,500 $82,500 $157,500 $157,500 $200,000 $200,000 $500,000 Over $500,000 Standard deduction for individual: $12,000 You Pay This Amount on the Base of the Bracket $ $0 952.50 4,453.50 14,089.50 32,089.50 45,689.50 150,689.50 Married Couples Filing Joint Returns Plus This Percentage on the Excess over the Base (Marginal Rate) 10.0% 12.0 22.0 24.0 32.0 35.0 37.0 You Pay This Amount on the Base of the Bracket Plus This Percentage on the Excess over the Base (Marginal Rate) 10.0% 12.0 22.0 24.0 32.0 35.0 37.0 $0 1,905.00 8,907.00 28,179.00 64,179.00 91,379.00 161,379.00 Average Tax Rate at Top of Bracket 10.0% 11.5 17.1 20.4 22.8 30.1 37.0 Average Tax Rate at Top of Bracket 10.0% 11.5 17.1 20.4 22.8 26.9 37.0 Standard deduction for married…
- Compute the taxable income. A. ZeroB. P4,000,000C. P5,000,000D. P29,000,0001. A VAT-registered business makes a sale of P10,000, inclusive of VAT. The VAT on the sale can be computed asa. P10,000 x 12%b. P10,000 12%.c. P10,000 x 12%/112%d. P10,000 -12%/112%2. A Non-VAT registered business makes total sales of P110.000 during a taxable period.The percentage tax can be computed asa. P110,000 x 3%.b. P110,000 3%.c. P110,000 x 3%/103%d. P110,000 3%/103%3. A VAT-registered business makes a sale of P34,500, inclusive of VAT. The amount of sale that was reported in the statement of comprehensive income can be computed asa. P34,500 x 112%.b. P34,500 112%.c. P34,500 x 12%/112%d. P34,500 12%/112%4. A VAT-registered business has total sales of P62,720 and total purchases of P25,088, both inclusive of VAT. How much is the net VAT payable to the BIR?a. 1,882 b. 4,032 c. 4,516 d. 5,2245. A Non-VAT business has total sales of P200,720. How much is the sales tax payable to the BIR?a. 2,007b. 4,015c. 4,516d. 6,022What amount should be reported as deferred tax liability? 1,200,000 1,350,000 1,050,000 4,000,000 What amount should be reported as deferred tax asset? 630,000 780,000 480,000 450,000
- Proposed Regressive Plan (Regressive Tax) Calculate the tax for $95,000 . For example, $10,000x40%=$4,000 in tax. Show your work!! 40% on income up to $25,000 30% on income between $25,000 and $34,000 25% on income between $34,000 and $44,000 20% on income between $44,000 and $80,000 10% on taxable income over $80,000 TOTAL TAX PAID (sum of all rows):Kent Inc.’s reconciliation between financial statement and taxable income for 20X1 follows: Pre-tax financial income $ 150,000 Permanent difference (12,000 ) 138,000 Temporary difference—depreciation (9,000 ) Taxable income $ 129,000 Additional Information: At December 31, 20X0 20X1 Cumulative temporary difference(future taxable amounts) $ 11,000 $ 20,000 The enacted tax rate is 21%. Required: In its 20X1 income statement, what amount should Kent report as the deferred portion of income tax expense?1. How much is the tax due on a taxable income of P150,000a. 0b. 1,250c. 50,000d. 30,0002. How much is the tax due on a taxable income of P900,000a. 127,000b. 160,000c. 175,000d. 181,0003. Mrs Angela earns a compensation income of P530,000 during a taxable year. How much is the tax due to Mrs Angela?a. 25,600b. 26,500c. 56,200d. 60,0004. Mr Mario earns a compensation income of P13,870,000 during 2019. How much is the tax due to Mr Mario?a. 4,464,500 b. 4,854,500 Week 5 ACTIVITIES 5 30 Fundamentals of Accountancy, Business and Management 2c. 5,914,000 d. 6,111,0005. The pay slip of Mr. Kier shows the following information:Basic salary 462,000SSS contribution 6,679PhilHealth contribution 5,520Pag-IBIG contribution 1,200How much is the tax due to Mr. B?a. 42,150b. 43,442c. 44,464d. 44,644
- Company N will receive $55,000 of taxable revenue from a client. Use Appendix A and Appendix B. Required: Compute the NPV of the $55,000 assuming that Company N will receive $27,500 now (year 0) and $27,500 in year 1. The company’s marginal tax rate is 30 percent, and it uses a 6 percent discount rate. Compute the NPV of the $55,000 assuming that Company N will receive $27,500 in year 1 and $27,500 in year 2. The company’s marginal tax rate is 40 percent, and it uses a 4 percent discount rate. Compute the NPV of the $55,000 assuming that Company N will receive $11,000 now (year 0) and $11,000 in years 1, 2, 3, and 4. The company’s marginal tax rate is 10 percent, and it uses a 9 percent discount rate.ver But not over Tax is: Of amount over: $0 $50,000 15% $0 $50,000 $75,000 $7,500 + 25% $50,000 $75,000 $ 100,000 $13,750 + 34% $75,000 $100,000 $335,000 $22,250 + 39% $100,000 $335,000 $10,000,000 $ 113,900+ 34% $335,000 $10,000,000 $15,000,000 $3,400,000 + 35% $10,000,000 $15,000,000 $18, 333, 333 $ 5,150,000 + 38% $15,000,000 $18,333,333 35% $0 Refer to the table above: A firm has $12, 000, 000 in taxable income. What is the firm's average tax rate?ABC Corporation has the following information for the taxable year 2022: Quarter RCIT MCIT CWT 1st P200,000 P160,000 P40,000 2nd 240,000 500,000 60,000 3Rd 500,000 150,000 80,000 4th 300,000 200,000 70,000 MCIT carry-over from prior year amounts to P60,000 and excess tax credits from prior year amounts to P20,000. How much was the income tax payable for the first quarter? How much was the income tax payable for the third quarter? How much was the annual income tax payable?
