John has the following sources of income and deductions: Employment income $35,000 Interest income 5,000 Taxable dividend income 7,000 Taxable capital gain 5,000 Allowable capital loss 12,000 Subdivisione deductions 2.000

Q: Mrs. Sanchez Mira had a gross taxable compensation income ofP400,000. She also earned an additional…

A: Taxable income is described as that income which is chargeable to income tax. This amount is…

Q: His total home office expenses are: His net business income based on notes 4 to 6 above is : 7. Paul…

A: 6. Total office expenses = 25% of personal residence  Total cost associated with Paul's home is as…

Q: Clara had a business net income of P300,000. She also earned P5,000 commission from selling cellular…

A:

Q: Michelle Puxton has the fallowing sources of income and payroll deductions: Employment income…

A: Capital gain is the amount which is earned through sale of capital assets at profit. Taxpayer is…

Q: 3) Ron is single and in 2020 has a taxable income of $480,000. This taxable income includes the…

A: Tax is the payment made to the government on the income earned.

Q: ual to $320,000. Tiptop had interest expenses of $80,000 and depreciation expenses of $75,000 durin…

A: Explanation of concept  Tax:- A tax is the compulsory payment which is imposed by the government on…

Q: Mike Mitchell had the following capital transaction during the current tax year:   Short-term…

A: Step 1 As per provisions of taxation, the  short term capital  loss shall be set off  against both…

Q: Mr. Allan derived the following income in 2019: Business income Compensation income Interest income…

A: Tax refers to a charge which is imposed on income of individual or organization. Tax levied on…

Q: b. Ef sells capital assets to EFG for a $45,000 loss. What type of loss is it and how much of this…

A: When a loss is incurred due to the selling of a capital asset, it is known as a capital asset. It is…

Q: Jared Goff, of LA, determined the following tax information: Gross Salary: $170,000 Interest Earned:…

A: Taxable Income = Gross Salary + Interest Earned - IRA contribution -Standard Deduction

Q: laxpayer has the following data • Wages $250,000 • Dividends $50,000 • Investrment Interest $5,000 •…

A: Individuals, estates, and trust with income over the legal threshold amounts are liable to the…

Q: Calculate the taxable income and federal taxes paid for each of the following: (a) Single filer; AGI…

A: Taxable Income  is the amount of gross income of a person that is subject to tax. Taxable Income is…

Q: a single taxpayer, has taxable income before the QBI deduction of $197,000. Thad, a CPA, operates an…

A: QBI: The full form of QBI is Qualified Business Income which means the net income after adding up…

Q: Tim. a single taxpayer receives $500 of qualified dividends from Exxon in the current year.  his…

A: Introduction: Dividends: Dividends are given to share holders of the company as a return on their…

Q: 5.Pedro earned and incurred the following income and expenses: Compensation (exclusive of mandatory…

A: Graduated tax rates in Philippines is applied to the business taxable income , the individuals who…

Q: Dave Scott's total income is $52,000, but his taxable income is only $39,625. Therefore, his tax…

A: Average tax rate is total tax paid by the individual divided by its total taxable income.

Q: Alex ea

A: we know that tax on 13th month pay and other bonuses will not be taxed up to 90000. as per the…

Q: 4. Mr. Monreal earned a gross compensation income of P200,000, exclusive of P20,000 non-taxable…

A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…

Q: a) A (45 years), a salaried private sector employee, wants to know the amount of tax liability in…

A: Since, nothing is mentioned regarding Tax Regime. It is assumed that Mr. A has not opted for New tax…

Q: 1. In 2015, Ms. Maya earned P450,000 compensation income but incurred P120,000 net loss in her…

A: Solution:- Calculation of taxable income as follows under:- Introduction:- Maya earned P450,000…

Q: What is her Qualified Business Income deduction? O $0 O $95,000 $60,000 $70,000 O $140,000

A: The qualified business income deduction (QBI) is a tax deduction that allows eligible self-employed…

Q: d. f. Pre-tax financial profit is P10,000,000 and income tax rate is 30% for the current and future…

A: "Since you have posted a question with multiple subparts, we will solve the first three subparts for…

Q: Ms. Delta has a P800,000 net taxable income, what is her tax rate? A. 20% of the excess over…

A: Income tax:   Income tax is the tax that an individual is responsible for on their earned income. It…

Q: Carding earns income from both employment and business. He earned P350,000 taxable compensation,…

A: Taxable Income Here given the details of the calculation of taxable income in Philippines for the…

Q: Sally received $71,200 of compensation from her employer and she received $410 of interest from a…

A: Introduction: Salary: Salary is given to employees for their time contribution with the company.…

Q: What is the amount of gross taxable compensation income subject to normal tax?

A: As per our protocol we provide solution to the one question only but as you have asked two questions…

Q: If Sheena generates 600,000 profit for this period and incurs expenses amounting to 505,000, how…

A: Given information, Profit = 600,000 Expenses =505,000   Profit is the amount of earnings that exceed…

Q: Mr Jacob Johnson has net employment income of $41300 (after the deduction of $8600 in RPP…

A: Net income + RPP deduction + income from business + taxable dividend - support payment  from former…

Q: Macron, an LLC, earns $160,000 in 202X. Herbie and Garry are 50/50 owners of Macron LLC. In 202X,…

A: Partnership firms all profit and laibilties are shared equally among partners.

Q: In the current year, Estes has net short-term capital losses of $3,000, a net long-term capital loss…

A: Given that: Short term capital losses = $3000 Long term capital losses = $45000 Taxable wages =…

Q: Calculate the taxpayer's 2019 qualifying business income deduction for a qualified trade or…

A: The qualified business deduction  deducted from taxable income. That reduces the tax liability of…

Q: The following four Cases make different assumptions with respect to the amounts of income and…

A: Net Income is the total exact income after necessary deductions like expenses, such as taxes and…

Q: pens Ition, 5,000 qualified dividend from a 10% owned domestic corpor tributes all of the after-tax…

A: There are different slabs of tax and tax is to paid according to the income tax slab and this is…

Q: In the current year, Eva has net short-term capital losses of $3,000, a net long-term capital loss…

A: Taxation-Taxation means imposing a tax on individuals and different types of organizations. Which…

Q: Gabrielle has the following gains and losses for the current year: Short-term capital loss $(8,000)…

A: Given: - Short-term capital loss=$8,000 Long-term capital gain=$5,000

Q: Mr. Sanchez, a sole proprietor, shows the following: Sales P800,000 Interest income, net of final…

A:

Q: hat is this individual's gross personal cash flow available for debt service if an individual's…

A: Given that: Wages and Salaries = $80000 Non taxable amount of retirement distribution = $4000…

Q: Calculate Jared's taxable income and tax liabiity filing single according to the following tax…

A: Taxable income is the measurement of income which is used to calculate the amount of tax that needs…

Q: George operates a business that has $240,000 of business interest expense and adjusted taxable…

A: Hi student Since there are multiple questions, we will answer only first question.

Q: An unmarried taxpayer reports $17,000 of capital losses and $8,000 of capital gains Which amount…

A: Many countries have different rule is case of deduction of capital loss, some countries are allowing…

Q: edro, single received the following during the taxable year:   Proceeds of his life insurance paid…

A: Answer: Given Proceeds of his life insurance paid at an annual premium of P15,000 within 25 years -…

Q: MY has earned the following income in 2022 Salary as a professor, net of withholding tax of P50, 000…

A: Working Notes :-…

Q: 8. During the year, Coleen received compensation income of P455,000 after P15,000 withholding tax on…

A: Taxable income:- It is income that is taxable and levies on gross income which one earns within the…

Q: A resident citizen has the following data for a taxable year: Ordinary income P300,000 Ordinary loss…

A: Short term capital loss can be set off only against capital gain( firstly towards short term capital…

Q: -4) Mrs. Reena earns a salary of $58,500 in a year. P.AY.E deducted at source was $2100.00.…

A: Tax payable/(Refund) = Total Tax Due - P.A.Y.E deducted at source

Q: Discussion question 1.   Aiden is married and has salary income of $80,000 and total itemized…

A: The financial charge that a government imposes on a person or a company’s income is known as a tax.…

Q: Gregory Carson is a 25% income beneficiary of the John Carson trust. This year the trust reported…

A: If a person is the income beneficiary of any business, he has to report his interest to the schedule…