Real Estate Tax Property Tax Purchase Price Market Value A. $6,720 C. $7,440 2.4% $280,000 $310,000 How much money will the owner of the home shown in the table have to pay in A property taxes per year? B. $74,400 D. $67,200
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- ABC 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?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 $ 21,000.00Henry and Jane, MFJ (taxable income is $305,000 before considering any of the items below), sold the following assets during the year: Asset Sale Price Tax Basis Gain or Loss Holding Period ABC Stock $ 51,000 $ 25,500 $ 25,500 More than One Year XYZ Stock $ 13,000 $ 9,750 $ 3,250 Less than One Year Stamp Collection $ 11,000 $ 5,500 $ 5,500 More than One Year RST Stock $ 14,000 $ 20,000 $ (6,000) Less than One Year Rental Home $ 101,000 $ 50,500* $ 50,500 More than One Year *$25,250 of the gain is a 25 percent gain. The remaining gain is 0% or 15% or 20%. Henry also has $5,000 of dividends which are not included in the $305,000. What is Henry’s total tax liability?
- Land purchased for 60000 in 2000 and used in the taxpayers bsuiness is sold in the current year for 67000. The sale of the land results in: A. 7000 short term capital gain. B. 7000 long term capital gain. C. 7000 of ordinary income. D. 7000 of section 1231 gain. E. None of the aboveNCF practice a) What is the ncf from the sale of this asset - purchased for $250,000, 7-year property, sold at end of year 6 for $50,000, tax rate = 21%? basis = MACRS depreciation (as decimal) * sale price step 1: sales price - basis = gain/loss step 2: gain * loss tax rate = tax step 3: sales price - tax = ncfAssume that TDW Corporation ( calendar year-end) has 2022 taxable income of 654,000 for purposes of computing the expense. The company acquired the following assets during 2022MACRS and Computer equipownt In September 12 February 10 2 2,270,400 263,650 3,415,000 a What is the maximum amount of 179 expense may deduct for 20227
- Anderson disposes a vacant lot for P3,000,000. The lot has an Assessor's fair value of P2,800,000, a zonal value of P3,200,000, and an appraisal value of P3,500,000. What is the capital gains tax? P 0 P180,000 P192,000 P210,000A 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: What is A's taxable income? Group of answer choices P40,000.00 P50,000.00 P90,000.00 P100,000.00Megha 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
