Real Estate Tax Property Tax Purchase Price $220,000 Market Value $250,000 A. $2,500 C. $2,200 1% How much money will the owner of the home shown in the table have to pay in property taxes per year? B. $22,000 D. $25,000
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Property taxes apply to all real estate, whether it is owned by an individual, a company, or another type of legal body. The most prevalent kind of property tax is real estate ad-valorem, which is seen as a regressive tax. It is calculated by the local government in the area where the property is located, and the owner is responsible for paying it.
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- A taxpayer registered in 2020 made available the following financial information for TY2021: Balance Sheet:Asset – Php 500,000Liability – Php 100,000Stockholders' Equity – Php 400,000 Income Statement:Gross sales – Php 10,000,000Cost of sales – Php 3,000,000Operating Expenses – Php 1,000,000 How much is the income tax due under CREATE Law if? the taxpayer is a domestic corporationa. 1,200,000b. 70,000c. 1,800,000d. 1,500,000A taxpayer registered in 2010 made available the following financial information for TY2021 Balance Sheet:Asset – Php 50,000,000Liability – Php 30,000,000Stockholders' Equity – Php 20,000.000 Income StatementGross sales – Php 100,000,000Cost of sales – Php 60,000,000 Operating Expenses – Php 50,000,000 How much is the income tax payable under CREATE Law if the taxpayer is a domestic corporation?a. 800,000b. 400,000c. 2,500,000d. 0Megha Nhon Corp., a vat registered taxpayer made the following acquisition of equipment from vat registered suppliers (net of vat) during 2021 and 2022: Date Purchase price Useful life (yrs) Oct. 1, 2021 2,000,000 6 Apr. 1, 2022 2,500,000 2 The equipment acquired on Oct. 2021 was sold on Apr. 2022. How much is the creditable input vat on Apr. 2022? P216,000 P324,000 P516,000 P300,000
- what is the income tax due if Sandbox is a private proprietary educational institution? P7,000 P3,500 P70,000 P35,000IMPORTANT: PLEASE SEE IMAGE, ANSWER PART B CORRECTLY AND ILL LIKE YOUR ANSWER. I attached part a for guidance THANK YOU! Bramble Company has the following two temporary differences between its income tax expense and income taxes payable. 2020 2021 2022 Pretax financial income $816,000 $925,000 $930,000 Excess depreciation expense on tax return (30,200 ) (40,900 ) (10,200 ) Excess warranty expense in financial income 20,800 9,700 8,000 Taxable income $806,600 $893,800 $927,800 The income tax rate for all years is 20%.NOPAT 8250000 EBITDA 17725000 Net Income 5050000 Capital Expenditures 6820000 After tax capital costs 6820000 Tax rate 40%Calculate the interest expense and EVA
- 1.Whatare the conditions under Income Tax Act, ACT 896 forexpenditure to be allowed as a deduction when computingbusiness, employment or investment income?2.List5 allowable deductions from the assessable income3.Assumethat the written down value of assets in the pool 2 isGH 100 000 and the repairs and improvements is GH 20 000What will be the tax allowable expenses?4.Giventhat the assessable income for the company isGH 140 000 the finance cost is GH 90 000 and there is nocorresponding finance gain, what is the allowable expense?15 ABC Corp. registered in 2010 made available the following financial information for TY2021: Balance Sheet: Asset - Php 50,000,000 Liability - Php 30,000,000 Stockholders' Equity - Php 20,000,000 Income Statement: Gross sales - Php 100,000,000 Cost of sales – Php 60,000,000 Operating Expenses - Php 50,000,000 How much is the income tax payable under CREATE if the taxpayer is a domestic corporation? Group of answer choices Php 0 Php 2,500,000 Php 800,000 Php 400,000The following information is for Swifty Real Estate: SwiftyReal EstateBalance SheetDecember 31, 2020 Cash $ 25500 Accounts Payable $ 60500 Prepaid Insurance 29700 Salaries and Wages Payable 15100 Accounts Receivable 50600 Mortgage Payable 84500 Inventory 68600 Total Liabilities 160100 Land Held for Investment 83500 Land 120600 Buildings $98100 Less Accumulated Depreciation Owner's Capital 366400 (19600) 78500 Trademark 69500 Total Liabilities and Owner’s Equity Total Assets $526500 $526500 The total dollar amount of liabilities to be classified as current liabilities is $160100. $15100. $60500. $75600.
- A taxpayer registered in 2020 made available the following financial information for TY2021 : Balance Sheet: Asset - Php 500.000 Liability - Php 100.000 Stockholders' Equity - Php 400,000 Income Statement : Gross sales - Php 10.000.000 Cost of sales - Php 8.000.000 Operating Expenses - Php 5,000,000 How much is the income tax due under CREATE Law if the taxpayer is a domestic corporation ? Php 300.000 Php0 Php 600,000 Php 200.00019 A taxpayer registered in 2010 made available the following financial information for TY2021: Balance Sheet: Asset - Php 50,000,000 Liability - Php 30,000,000 Stockholders' Equity - Php 20,000,000 Income Statement: Gross sales - Php 10,000,000 Cost of sales – Php 6,000,000 Operating Expenses - Php 2,000,000 How much is the income tax due under CREATE Law if the taxpayer is a domestic corporation and uses itemized deduction as method of deduction? Group of answer choices Php 600,000 Php 500,000 Php 480,000 Php 400,000ABC Corporation has the following information for the taxable year 2022: Quarter RCIT MCIT CWT 1st P200,000 P160,000 P40,000 2nd 240,000 500,000 60,000 3Rd 500,000 150,000 80,000 4th 300,000 200,000 70,000 MCIT carry-over from prior year amounts to P60,000 and excess tax credits from prior year amounts to P20,000. How much was the income tax payable for the first quarter? How much was the income tax payable for the third quarter? How much was the annual income tax payable?