On October 1, 2021, C company purchased a P1,800,000 car and designated it for the use of its non-resident alien executive. Compute the fringe benefit tax.
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- 38. What is the total tax expense? A. P750,000 B. P600,000 C. P2,550,000 D. P300,000[8:50 PM, 2/23/2022] Veron Walker Uwi: Grace Corporation's pretax financial income is $600,000 and taxable income is $550,000 for year 2020.Its beginning deferred tax liability account has a balance of $75,000. Its cumulative temporarydifferences for year-end 2020 is equal to $300,000 and will reverse and result in taxable amounts as follows: Year Taxable Amount2021 $100,0002022 $ 75,0002023 $125,000The tax rate is 30% for all years.[8:50 PM, 2/23/2022] Veron Walker Uwi: Required:(i) Calculate the taxes payable for the year 2020(ii) Calculate the deferred tax liability for the year 2020(iii) Calculate the total tax expense for 2020(iv) Prepare the journal entry to record the tax expense for 2020(v) Prepare the income statement presentation of the tax amounRequired information Problem 8-50 (LO 8-1) (Static) [The following information applies to the questions displayed below.] Lacy is a single taxpayer. In 2021, her taxable income is $42,000. What is her tax liability in each of the following alternative situations? Use Tax Rate Schedule, Dividends and Capital Gains Tax Rates for reference. (Do not round intermediate calculations. Round your answer to 2 decimal places.) c. Her $42,000 of taxable income includes $5,000 of qualified dividends.
- Ma3. All final answers, unless otherwise indicated, have been rounded to the nearest $10. Also, assume that each question is independent of any other question. please answer questions using tax rules in effect for the year 2021, but ignoring temporary Covid-10 related changes. 8. During the year, Dan Davis, a single taxpayer, pays $2,200 of interest on a qualified student loan. Assume that Dan has adjusted gross income of $65,000. What student loan interest deduction may Dan claim on his Form 1040 for the year? A. $2,500 B. 2,200 C. 1,100 D. 0 E. None of the above 9. A contribution made to which of the listed entities is not deductible? A. Boy Scouts of America B. Oxford University, England C. Virginia Commonwealth University D. Society for the Prevention of Cruelty to Animals E. All of the above are deductible54. In relation to transaction #1, How much is the capital gains tax due, if any? A. PO C. P300,000 B. P360,000. D. P450,000The FICA Tax (LO 9.3) (COVID provisions) Lamden Company paid its employee Trudy, wages of $61,500 in 2020. Of this amount, $2,400 was allocated to sick pay for two weeks due to Trudy’s spouse contracting COVID and Trudy being quarantined. Trudy spent another 10 weeks at home caring for their children that were unable to attend school. Lamden allocated $10,000 in wages to family leave. Lamden allocated $6,000 of Trudy’s wages to the employee retention credit (5 weeks). The allocation of health care costs is $200 per week. Compute Lamden’s: Round your answers to two decimal places. 1. Credit for sick pay $ 2. Credit for family leave $ 3. Employee retention credit $
- Question 11.1 Siyanda is the owner of Bunga Limited. Bunga Limited purchased a delivery vehicle on 01 June 2017 for an amount of R292 000. Bunga Limited was entitled to a S11 (e) allowance of 20% on the delivery vehicle.The delivery vehicle was sold on 30 November 2021 for an amount of R270 000.Use the above information to calculate both the tax value and the recoupment for the year ended 28 February 2022Kk.97. A company that withholds $1,500 in Canadian Income Tax (CIT), $330 in Employment Insurance (EI), and $180 in Canada Pension Plan (CPP) from an employee in a given pay period must also remit on its own behalf: A) $330 for EI and $180 for CPP B) Income Tax of $3,000 and EI of $400 C) $462 for EI and $180 for CPP D) $330 for EI and $252 for CPPThe FICA Tax (LO 9.3) (COVID provisions) Yeet Inc. has 14 employees in 2020. Yeet’s 2020 second quarter business was 70 percent lower than 2019 due to COVID-related impacts. Yeet was able to stay in business and kept ten of the fourteen employees working and paid each of them $8,000 in the quarter. In a effort to show solidarity, Yeet paid the four nonworking employees the same amount also. Yeet did not take a PPP loan. Yeet will take an employee retention credit for: a.70 percent of the wages paid to all fourteen employees. b.50 percent of the wages paid to all fourteen employees, whether working or not. c.100 percent of the wages paid to the four nonworking employees. d.50 percent of the wages paid to the four nonworking employees. e.70 percent of the ten working employees.
- Hw.56. PLEASE SHOW WORK! Using the tax formula calculate the taxpayer’s AGI for 2021. The taxpayer is single. Wages $50,000 Scholarship from the University of Akron (used for tuition) $18,000 Expenses paid for knitting hobby $1,500 State income taxes paid $10,500 Compensatory damages from auto accident (suffered broken leg) $10,000 Punitive damages from the same accident $5,000 Cash charitable contribution $4,000 Legal expenses paid to reduce alimony $7,000 Loss on sale of investment property sold to daughter $2,000 IRA contribution $6,000 Student loan interest paid $800Question 12 Ching Chong, Chinese, died in 2019. If Ching Chong was a resident of old China town in Manila (Binondo), how much is the deductible standard deduction? Group of answer choices P 500,000 P 1,000,000 Zero or NIL P 5,000,000Hw.67. X corporation, an accrual basis taxpayer wishes to adopt the cash basis method for 2022. At the endof 2021, X has accounts receivable of 10,000 and accrued expenses of 8,000. Assume these amountssettle (are paid) in 2022. Assuming the IRS grants consent, what amounts are reflected on X’s taxreturns for 2021 and 2022 based on just these facts?
