Single-Schedule XIf taxableincome is:Over-$ 0income is:Over-$0But notover-$ 11,000........10%11,00044,725 $ 1,100.00 +12%44,72595,3755,147.00 +22%95,375182,10016,290.00 +24%182,100231,25037,104.00+ 32%231,250578,125.52,832.00+ 35%578,125174,238.25 + 37%Married filing jointly or Qualifying widow(er)-Schedule Y-1If taxable22,00089,450190,750364,200462,500693,750.......But notover-The tax is:$ 22,00089,450190,750364,200462,500693,750The tax is:of theamountover-........10%$ 2,200.00 + 12%10,294.00 +22%32,580.00 + 24%74,208.00+ 32%105,664.00+ 35%186,601.50+ 37%$011,00044,72595,375182,100231,250578,125of theamountover-022,00089,450190,750364,200462,500693,750Head of household-Schedule ZIf taxableincome is:Over-$0If taxableincome is:Over-$0But notover-10%15,700$ 1,570.00+ 12%59,8506,868.00 +22%95,35014,678.00 +24%182,10035,498.00+ 32%231,25051,226.00+ 35%578,100172,623.50 + 37%Married filing separately-Schedule Y-211,00044,72595,375182,100231,250346,875$ 15,70059,85095,350182,100231,250578,100.........But notover-$ 11,00044,72595,375182,100231,250346,875The tax is:............The tax is:........10%$ 1,100.00 + 12%5,147.00 +22%16,290.00 + 24%37,104.00+ 32%52,832.00+ 35%93,300.75 +37%of theamountover-$015,70059,85095,350182,100231,250578,100of theamountover-$011,00044,72595,375182,100231,250346,875 Problem 3-46 (LO. 1, 3, 7) Paige, age 17, is a dependent of her parents. Herparents report taxable income of $120,000 on their joint return (no qualifieddividends or capital gains). During 2023, Paige earned $3,900 pet sitting and$4,500 in interest on a savings account. Click here to access the 2023 tax rateschedule. What are Paige's taxable income and tax liability for 2023? a. Paige'stotal taxable income is $ b. Paige's tax liability is $\table[[Single - Schedule X,Head of household - Schedule Z], [\table[[If taxable], [income is:], [Over-]], \

Tax refers to the charge imposed on the income of an individual or corporation that is paid to the…

Problem 3-46 (LO. 1, 3, 7) Paige, age 17, is a dependent of her parents. Her parents report taxable income of $120,000 on their joint return (no qualified dividends or capital gains). During 2023, Paige earned $3,900 pet sitting and $4,500 in interest on a savings account. Click here to access the 2023 tax rate schedule. What are Paige's taxable income and tax liability for 2023? a. Paige's total taxable income is $ b. Paige's tax liability is $ \table[[Single - Schedule X, Head of household - Schedule Z], [\table[[If taxable], [income is:], [Over-]], \

Problem 3-46 (LO. 1, 3, 7) Paige, age 17, is a dependent of her parents. Her parents report taxable income of $120,000 on their joint return (no qualified dividends or capital gains). During 2023, Paige earned $3,900 pet sitting and $4,500 in interest on a savings account. Click here to access the 2023 tax rate schedule. What are Paige's taxable income and tax liability for 2023? a. Paige's total taxable income is $ b. Paige's tax liability is $ \table[[Single - Schedule X, Head of household - Schedule Z], [\table[[If taxable], [income is:], [Over-]], \

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter16: Multijurisdictional Taxation

Section: Chapter Questions

Problem 1BCRQ

See similar textbooks

Similar questions

Compute the taxable income. A. ZeroB. P4,000,000C. P5,000,000D. P29,000,000
Amount in excess of P490,000.00 taxable income is to be multiplied to_______to compute for the graduated tax due a. 30% b. 32% c. 35%
Taxable Income (income tax brackets) Tax rates 15% on the first $50,197 of taxable income, plus20.5% on the next $50,195 of taxable income (on the portion of taxable income over 50,197 up to $100,392), plus 26% on the next $55,233 of taxable income (on the portion of taxable income over $100,392 up to $155,625), plus 29% on the next $66,083 of taxable income (on the portion of taxable income over 155,625 up to $221,708), plus 33% of taxable income over $221,708 a) Danny had a taxable income of $126,500. How much federal income tax should he report? (assuming tax rates remain the same) b) Danny expects his taxable income to increase by 25%. How much federal tax should he expect to pay the following year (assuming tax rates remain the same).
taxale interest =$3,665, Other income from schedule 1, line 10=$134,655. wages =$76,925.04, Itemized deductions=$39,655. Calculate the Taxable income?
Kent Inc.’s reconciliation between financial statement and taxable income for 20X1 follows: Pre-tax financial income $ 150,000 Permanent difference (12,000 ) 138,000 Temporary difference—depreciation (9,000 ) Taxable income $ 129,000 Additional Information: At December 31, 20X0 20X1 Cumulative temporary difference(future taxable amounts) $ 11,000 $ 20,000 The enacted tax rate is 21%. Required: In its 20X1 income statement, what amount should Kent report as the deferred portion of income tax expense?
E18-4 Single Temporary Difference: Multiple Rates At the end of 2019, Fulhage Company reported taxable income of $9,000 and pretax financial income of $10,600. The difference is due to depreciation for tax purposes in excess of depreciation for financial reporting purposes. The income tax rate for the current year is 40%, but Congress has enacted tax rates of 35% for 2020 and 30% for 2021 and beyond. Fulhage has calculated the excess of its financial depreciation over its tax depreciation for future years as follows: 2020, $600; 2021, $700; and 2022, $300. Prior to 2019, the company had no deferred tax liability or asset. Required: Prepare Fulhage’s income tax journal entry at the end of 2019.
Two independent situations are described below. Each involves future deductible amounts and/or future taxable amounts produced by temporary differences: SITUATION 1 2 Taxable income $ 48,000 $ 88,000 Amounts at year-end: Future deductible amounts 5,800 10,800 Future taxable amounts 0 5,800 Balances at beginning of year, dr (cr): Deferred tax asset $ 1,000 $ 3,240 Deferred tax liability 0 1,000 The enacted tax rate is 30% for both situations. Required:For each situation determine the: Situation 1 and 2 a. income tax payable currently b. deferred tax asset - balance at year-end c. deferred tax asset change dr or cr for the year d. deferred tax liability - balance at year-end e. deferred tax liability change dr or cr for the year f. income tax expense for the year.
ParentCo and SubCo report the following items of income and deduction for the current year Item PC Taxable income SC taxable income income (loss) from operations $ 100,000.00 $ 10,000.00 Section 1231 loss $ (10,000.00) capital gain $ 12,000.00 Charitable contribution $ 20,000.00 $ 1,000.00 compute ParentCo and SubCo's 2022 taxable income or loss computed on a separate basis ParentCo SubCo a $ 81,000.00 $ 22,000.00 b $ 81,000.00 $ 21,000.00 c $ 70,000.00 $ 22,000.00 d $ 70,000.00 $ 21,000.00
Fact pattern for the three items (true or false) An item of PPE with carrying amount of 120K is revaluated to its fair value of 200K. _____ the resulting revaluation surplus, gross f tax, is P80K _______ All the other items within the class of PPE to which the revalued item belongs shall be revaluated. ________ The P80k revaluation gain is recognized in profit or loss. ______ A PPE with a carrying amount of P200K is sold for P180K. Disposal costs of P10K were incurred. The loss on the disposal is P20K
1. A VAT-registered business makes a sale of P10,000, inclusive of VAT. The VAT on the sale can be computed asa. P10,000 x 12%b. P10,000 12%.c. P10,000 x 12%/112%d. P10,000 -12%/112%2. A Non-VAT registered business makes total sales of P110.000 during a taxable period.The percentage tax can be computed asa. P110,000 x 3%.b. P110,000 3%.c. P110,000 x 3%/103%d. P110,000 3%/103%3. A VAT-registered business makes a sale of P34,500, inclusive of VAT. The amount of sale that was reported in the statement of comprehensive income can be computed asa. P34,500 x 112%.b. P34,500 112%.c. P34,500 x 12%/112%d. P34,500 12%/112%4. A VAT-registered business has total sales of P62,720 and total purchases of P25,088, both inclusive of VAT. How much is the net VAT payable to the BIR?a. 1,882 b. 4,032 c. 4,516 d. 5,2245. A Non-VAT business has total sales of P200,720. How much is the sales tax payable to the BIR?a. 2,007b. 4,015c. 4,516d. 6,022
*see attached What amount of permanent difference between accounting income and taxable income existed at year-end?a. P 520,000b. P 360,000c. P 800,000d. P 280,000
Beckett Corporation has nexus with States A and B. Apportionable income for the year totals $1,190,000 . Beckett's apportionment factors for the year use the following data. Compute Beckett's B taxable income for the year; B uses a three-factor apportionment formula with a double-weighted sales factor. State AState BTotalSales$1,428,000$856,800$2,284,800Property$238,000$0 $238,000Payroll$357,000$0 $357,000