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- Activity 5Answer the following questions below using the graduated tax table. Write your answer on the space provided after every questions.a. How much is the tax due on a taxable income of P150,000?Answer:b. How much is the tax due on a taxable income of P290,000?Answer:c. Ms. Carol earns compensation income of P3,230,000 during a taxable year. How much is the tax due of Ms. Carol? Answer:d. Mrs. Emily married earns compensation income of P460,000 during 2019. How much 1s the tax due of Mrs. Emily? Answer: Week 5 ACTIVITIES 5 29 Fundamentals of Accountancy, Business and Management 2e. The payslip of Mr. Budoy shows the following information:Basic salary P348,000SSS contribution 6,976PhilHealth contribution 4,500Pag-IBIG contribution 1,210How much is the tax due to Mr. Budoy?Answer:Question content area top Part 1 Determine how much the following individual will save in taxes with the specified tax credits or deductions. Rosa is in the 28% tax bracket and claims the standard deduction. How much will her tax bill be reduced if she makes a $500 contribution to charity?15.Which of the following are deductions from AGI? (select all that apply). One-half self-employment tax Self-employed health insurance Post-tax health insurance Donations to a school Supplies for a taxpayer's K-12 classroom Moving expenses for military members on Permanent Change of Station orders Student loan interest Mortgage interest
- I sent below two questions separate emails and received the answers yesterday. (Problem 10-36 & Problem 10-38) However, both answers were wrong. (the system only shows correct or incorrect.) Would you please review these questions and send me both correct answes? Problem 10-36 (LO. 6, 8) In December of each year, Eleanor Young contributes 10% of her gross income to the United Way (a 50% organization). Eleanor, who is in the 24% marginal tax bracket, is considering the following alternatives for satisfying the contribution. Fair Market Value (1) Cash donation $23,000 (2) Unimproved land held for six years ($3,000 basis) $23,000 (3) Blue Corporation stock held for eight months ($3,000 basis) $23,000 (4) Gold Corporation stock held for two years ($28,000 basis) $23,000 Eleanor has asked you to help her decide which of the potential contributions listed above will be most advantageous tax-wise. Evaluate the four alternatives and complete a letter to Eleanor.…Carla Morrison (SIN: 805 125 127); was born on May 2, 1999. She is single and lives at 10 Tucker Court, Toronto Ontario A4B CXD. Carla approached you and asked your help to prepare her Individual T-1 tax return for 2020. Carla provided you with additional information for the period ending December 31, 2020 as given below: A. Last year (2020) Carla finished high school and started working on sales at a local start-up company (Fresh Flowers Co) owned by a family friend. She excels at sales and was prepared to forgo school to help her family friend. (Please refer to the T4 Slip for details). B. Throughout the year, Carla contributed $10,000 to a registered retirement savings plan (RRSP) at a local bank. Over the years she had accumulated RRSP room and it stood at $25,000. Carla has determined that she has the RRSP deduction limit to claim the full amount on her tax return. To complete this return, the following information slip received for 2020 is provided herewith: See below excerpt…Need these answered asap! 1) Taking home used office printers when the company purchases new equipment would increase your gross income. True or False 2) A taxpayer filing Married Jointly has an AGI of $120,250. They have one qualifying child under age 17. How much could they potentially recieev in a child tax credit? Phase out begins at $400,000. 500, 1400, 0, 600, or 2000? 3) You pay $9,000 for an annuity. The annuity will pay $1,000 for 12 years. How much of the annuity cash payments will be considered as a taxable income? 750, 0, 1000, or 250? 4) We discussed several divorce payments. Which category will be included on the recipient's tax return as gross income if the divorce happened after 2018? Alimony, Property Settlements, Child Support, All of the Above, or None of the Above 5) Normally, for a taxable item to be considered realized there must have been an ownership transfer and the transaction involves a secondary party. True or False
- Hello I’m using Cengage chapter 11 What is the social tax deduction on a gross pay of 720 dolars. Also do you provide entire answer keys ?Instructions: 1. Download BIR Forms 1701 Version 2018 at www.bir.gov.ph. 2. Compute the income tax payable, if any for taxable year 2021. YOU are engaged in the merchandising business and at the same time employed by PA-MINE Corp. as an Accountant for the TY 2021. In compliance with the existing rules in doing business, you applied for your TIN where your home BIR RDO (select the BIR which has jurisdiction over the place of your residence) assigned you Taxpayer Identification No. 123-456-789-0000. Additional information: You chose graduated tax rate You opted for itemized deduction Your financial records showed the following: Gross Sales – Php 4,000,000 Cost of Sales – Php 2,000,000 Expenses – Salaries and wages of staff – Php 360,000 Depreciation of car used in delivery – Php 100,000 Representation expense – Php 10,000 Office Rent expense – Php 360,000 Rent expense on your condominium – Php – 240,000 Utilities in office – Php 120,000 Electricity expenses in condominium – Php…Please do not provide answer in image formate thank you. Qualified Business Income (QBI) Jim and Jane (married) own a carpet cleaning business. Jim and Jane both work full time in the business. The business had ordinary income of $180,000 in 2022. The couple earns $1,800 in interest income during the year. Their Standard Deduction for purposes of their tax return is $24,800. What is the QBI deduction in 2022?
- Herschel needed form 8863 Education Credits is shown below,Assuming they meet all the requirements , what amount can Jake and Nicole claim for the American opportunity tax credit when they file their 2021 return They're gross income is 47,000 amount of tax report online 1618 other form 10 AveThey're gross income is 47,000 amount of tax report online 1618 other form 1040 is $2233. No additional taxesQuestion A Determining a Refund or Taxes Owed. Based on the following data, will Ann Wilton receive a federal tax refund or owe additional taxes in2019? LO2Net income, $48,190Deductions to determine net income, $11,420Federal income tax withheld, $6,784Total non-refundable tax credit amounts, excluding medical expenses, $12,069Medical expenses, $2,300 Don't work in Excel Full explainthe this question very fast solution sent me step by step Don't ignore any part all part work u Text typing work only not allow paper workG15. Adela and James are married and file tax returns jointly. Last year Adela earned $45,500 and James earned $44,700 in wages.A dditional tax information for the year is as follows: Interest earned: $1,200, State and local income taxes paid: $4,230, mortgage interest: $6,200, contributions to charity: $1,400, contributions to retirement plans: $3,350.F rom this information, calculate their taxable income (in $).