Answered: Part II: Complete the following table… | bartleby

SWFT Essntl Tax Individ/Bus Entities 2020

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter3: Taxes On The Financial Statements

Section: Chapter Questions

Problem 44P

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Part II: Complete the following table with the information provided
Net income
Medical care
Social
Employee with
Other
Gross
Income Tax
deductions allowed
income
Security
contribution
deductions
Contribution
(1.45%)
(6.20%)
$735
$25
(12%)
Arroyo (0)
$12
Bravo (1)
$675
(11%)
Colón (2)
$895
(10%)
10
-0-
Diaz (3)
$580
$5
(9%)
11
$610
Figueroa (4)
(7%)
12
-0-
Determine:
• Social Security Contribution (FICA)
Medical care contribution (Medicare - FICA)
Income Tax
Net income

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Compute for the tax due of the following individuals using the RA 10963 tax table. Show computations. 1. A business has net income before tax of P790,000
*see attached What amount of income tax payable should be reported?a. P 385,000b. P 498,000c. P 425,000d. P 305,000
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Determine the amount of average income tax liability per tax return, for each income range provided, using the information in the below table. Taxable Income and Total Tax Liability are in thousands. Note: Enter your answers in whole dollars and not in thousands. Round the final answers to the nearest dollar value. Ranges of Adjusted Gross Income Item Under $15,000 $15,000 to under $30,000 $30,000 to under $50,000 $50,000 to under $100,000 $100,000 to under $200,000 $200,000 or more Number of returns 30,714,103 27,409,921 28,925,796 37,546,954 24,179,726 11,615,632 Taxable income $ 5,378,125 $ 189,335,926 $ 639,279,718 $ 1,912,915,663 $ 2,687,808,279 $ 6,249,255,422 Total tax liability $ 534,617 $ 15,640,244 $ 56,577,985 $ 216,089,667 $ 386,158,662 $ 1,592,115,179 Average tax rate*Footnote asterisk 9.94% 8.26% 8.85% 11.30% 14.37% 25.48% *Footnote asteriskThe average tax rate is total tax liability divided by taxable income.
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A derived its income from its self-operated talpakan business. The details of his business for 2021 are as follows: Gross Receipts - P100,000.00 Operating Expenses - P50,000.00 Income taxes withheld in general - P10,000.00 Question: Where is the income taxes withheld be credited? Group of answer choices Tax payable Tax credit None of the above Taxable income
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