Ms. Kirsten provided information to the BIR leading to the recovery of P8,000,000 unpaid taxes. Compute for a. Final withholding tax b. Net amount to be released to the tax informer

Q: According to Tax Accounting rules, which of the following expenses have been incurred (and thus…

A: Tax is the charge levied by the central or state government on the income, capital gain or sale…

Q: Compute BBI’s tax expense for financial statement purposes.                 Compute BBI’s…

A: Tax expenses: Tax expenses can be defined as the liability owed by the corporations and the…

Q: The Request for Taxpayer Identification Number and Certification is also known as Form _____.…

A: Since the questions asked are different,As per our guidelines ,we are allowed to answer only first…

Q: Bain co. had the following tax information. In 2018 Bain co. suffered a net operating loss of 48,000…

A: Loss carrybacks are similar to loss carry forward, except that companies apply their net operating…

Q: A certain taxpayer paid the following bill from a VAT-registered supplier of office supplies. The…

A: A VAT registered tax payer shall be eligible to claim Input Tax Credit paid on purchases which is…

Q: May Yaman is engaged in a VAT-business and a non-VAT business.  Her records show the following data,…

A: Value Added Tax Value added Tax  is the tax system which was imposed by the government authority to…

Q: Mike Inc. is switching from a cash to an accrual method for tax purposes effective 1/1/X2. Mike…

A: Taxable income: It can be defined as an income that is used or considered while calculating the tax…

Q: Ms.Ana,failed to signify her intention to be taxed at 8% income tax rate on gross sales in her…

A: Normally if she failed to signify her intention tobe  taxed at 8%…

Q: Required: Assuming a tax rate of 21%, what will be Yebo’s net income? What will Yebo report in the…

A:

Q: CASE IV JKL Company provided the following information to its accountant to determine the tax due…

A: Note : Adjustments while computing taxable income 1)Accounting depreciation will be added back and…

Q: Integrity Company computed a pre-tax financial income of P2,200,000 for its first year of operations…

A: According to the given question, we are required to compute the total income tax expense in 2021.…

Q: Johnson’s Hardware, a registered taxpayer, during the month of December purchased $100 000 of…

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…

Q: JKL Company provided the following information to its accountant to determine the tax due for the…

A: Accounting depreciation is based on the useful life of the asset and…

Q: The reported pretax financial income of Mechado Company is P1,800,000 and current income tax rate is…

A: Taxable income =  pretax financial income + Fines paid for late payment of taxes +  Impairment loss…

Q: Joy, a purely self-employed individual, signified his intention to be taxed at the 8% tax rate. He…

A: Tax payable: It implies to the tax liability that is still left to be settled in cash. It includes…

Q: OBTUSE DULL Co. is involved in a tax dispute. OBTUSE has wrongfully paid taxes and is claiming for…

A: Accounting is done on an accrual basis, If a tax refund is expected, then likely there is tax…

Q: As a tax consultant, you receive tax forms and financial reports from various companies. Following…

A: Deferred tax is a notional asset or liability which arises when there is a difference between pre…

Q: XYZ’s financial income is P1,800,000 before provision of income tax. The following differences have…

A: Taxable income = financial income before tax  + Excess of warranty expense  + Premiums paid on life…

Q: a combined income of 68,500if 29% of their salary is withheld for various taxes, how much money is…

A: Gross income (i.e. income prior to taxes) = 68,500Proportion of salary withheld for various taxes, T…

Q: Rich Goma Corporation failed to file its income tax return for the fiscal year ending August 31,…

A: In Philippines interest for late filing of income tax return is levy at 12% per year from the date…

Q: Mrs. Smith, the legal wife of Mr. Smith who is the city treasurer of Baguio, provided an information…

A: The person who discloses tax recoveries to the BIR is eligible for a reward if the information is…

Q: 1.Ms. Evelyn is tax comiance officer at the breau of internal revenue earning monthly salary of…

A: Take home pay in corporate terms is mentioned as "Net Pay"which an salaried person receives after…

Q: The CFO of Pfizer Antivirus Ltd has provided you the following data:   Accounting profit (loss)…

A: The calculation of income for income tax purposes is different as compared to while calculating…

Q: A concerned citizen furnished the BIR a statement detailing the improper tax practices of a…

A: Solution : Given : A concerned citizen furnished the BIR a statement detailing the improper tax…

Q: Bernabe reports the following business transactions: Gross sales Sales discounts Cost of sales…

A:

Q: For each of the following situations, indicate the nature and amount of the penalty that could be…

A: Penalty:Penalty refers to the punishment imposed on a person or company for breaking the rule and…

Q: o. computed a pre-tax financial income of 15,000,000 for the year ended Dec. 31, 201X. In preparing…

A: Explanation of Concept Deferred Tax Assets / Deferred tax Liability : are to be calculated when…

Q: A derived its income from its self-operated talpakan business. The details of his business for 2021…

A: Income taxes payable is calculated as income tax liability on net income less any taxes withheld

Q: Petroleum, Inc. is in need of tax consulting services and wants to engage an accounting firm to…

A: Here talking about the contractual agreement in between the petroleum Inc and Brick Water House…

Q: Curandang submitted a sworn statement regarding the alleged tax evasion practices of Chitie…

A: Tax Evasion:- It means when an individual intensionally does not pay taxes and file return to the…

Q: 2. For the year ended December 31, 20x1, Mont Co.'s books showed income of P600,000 before provision…

A: Tax is the charge on the taxable income of a person that person is known as taxpayer. Taxable income…

Q: A summary of the transactions of Ramsgate, who is registered for sales tax at 17.5%, shows the…

A: We have the following information: Registered sales tax rate: 17.5% Outputs (Sales): $60,000…

Q: Shear Co.'s Year 1 financial statements included profit from an installment sale of $2,600 that was…

A: Answer -  “Deferred Tax Expense” is created due to the difference in the timing of book profit and…

Q: Rich Goma Corporation failed to file its income tax return for the fiscal year ending August 31,…

A: In Philippines interest for late filing of income tax return is levy at 12% per year from the date…

Q: You were asked by your audit client Panga Inc., to assist them in preparing its income tax return…

A: First of All Calculate Gross Total Income Pre Tax income = 10000000 Add : Provision for the Loss…

Q: 2. For the year ended December 31, 20x1, Mont Co.’s books showed income of P600,000 before provision…

A: Solution:- Calculation of the amount should Mont report at December 31, 20x1 as its income tax…

Q: Alvis Corporation reports pretax accounting income of $300,000, but due to a single temporary…

A: Since taxable income is less than pre tax income, a future taxable amount will occur once the…

Q: The chief financial officer of Laurent Ltd has asked you to calculate the taxable income and prepare…

A: Calculation of taxable income Particular Case 1 Case 2 Case 3 Case 4 Pre - tax accounting…

Q: The reported pretax financial income of Mechado Company is P1,800,000 and current income tax rate is…

A: Taxable income =  pretax financial income + Fines paid for late payment of taxes +  Impairment loss…

Q: the amortisation of goodwill arising from the acquisition of a business two years earlier. A…

A: While Computing the Taxable income, Following adjustments are to be done : a) $ 30000 are not to be…

Q: A domestic corporation, in its third year of operations, had: Gross Income…

A: Answer: In case of domestic corporation, either they can claim itemized deductions or standard…

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: Mr. Curandang submitted a sworn statement regarding the alleged tax evasion practices of Chitie…

A: The reward is a sum equivalent to 10% of the surcharges, revenues, or fees recovered and/or fine or…

Q: A concerned government employee furnished the BIR a statement detailing the improper tax practices…

A: Improper Tax Practice:- It means when an individual intentionally does not pay taxes or not properly…

Q: A taxpayer is itemizing their return and they're trying to calculate the deductible amount of state…

A: Itemized deductions: It the amount of deduction that can be deducted from the adjusted gross income…

Q: Red, Incorporated has book income of $500,000 before federal income tax expense which includes…

A: The deferred tax asset would arise on difference between book income qnd taxable income of $10000…

Q: 1. A person had $3545 withheld for federal income taxes and had a tax liability of $3400. Would this…

A: Formula to calculate refund amount: Refund amount = Tax already paid or deposited or witheld…

Q: Leinart Company had taxable wages (SUTA and FUTA) totaling $175,000. During the year, the company…

A: Calculate gross FUTA tax:

Q: As a tax consultant, you receive tax forms and financial reports from various companies. Following…

A: The deferral tax occurs due to the time gap between accrued tax and tax paid. Deferred tax liability…