schedular tax on taxable income.
Q: A taxpayer made available the following financial information: Gross sales - Php 10,000,000 Cost of…
A: Income tax due is the amount of tax which is due on income taxable during the year.
Q: alex leases a building to a client. During the year, he received the following remittance from the…
A: Calculation of Gross Income: Rental : Gross amount will be included in gross income Real Property…
Q: What is the taxable income if the taxpayer had chosen itemized deduction? A citizen who is married,…
A: Calculation of taxable Income
Q: Calculate the following taxpayers’ tax liabilities using 2021 tax rate A single taxpayer had…
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Q: A taxpayer made available the following financial information: Gross receipts - Php…
A: Allowable deduction = Cost of service + Transportation and travel + Salaries and wages +…
Q: A taxpayer made available the following financial information: Gross receipts - Php 10,000,000 Cost…
A: Income Tax in philipines: Income tax of domestic corporations is based on their gross income less…
Q: Jorge and Anita, married taxpayers, earn $157,000 in taxable income and $47,000 in interest from an…
A: Marginal tax rate: It is the rate at which assessee 's incremental dollar in taxable earnings is…
Q: The taxpayer is a resident citizen and the taxable period is the 2nd quarter.…
A: On an accrual basis, An expense is charged in the profit and loss account that is incurred in the…
Q: A taxpayer made available the following financial information: Gross receipts - Php…
A: Gross Receipts Php 10000000 Less: Cost Of Service Php 6000000 Salaries…
Q: The taxpayer is a resident citizen and the taxable period is the 2nd quarter.…
A: Cash basis accounting: In cash basis accounting, revenue is recognized when payment is received and…
Q: What is the taxable income if the taxpayer had chosen optional standard deduction? A citizen who is…
A: In the context of the given question, we need to compute the taxable income of a married individual…
Q: Tom Cruiser is buying a single-family residence in Oakvile, Ontario, for $805,000. According to the…
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Q: Jeremy is a calendar-year taxpayer who sometimes leases his business equipment to local…
A: Solution In accrual accounting concept, transactions are recorded when they are incurred rather than…
Q: Lenj leases a building to a client. During the year, he received the following remittance from the…
A: Gross income involves all the income which is received that is not exempt explicitly from tax within…
Q: Lenj leases a building to a client. During the year, he received the following remittance from the…
A: Given that, Rental, net of 5% creditable withholding tax = P1,900,000 Rental excluding tax =…
Q: The taxpayer is a resident citizen and the taxable period is the 2nd quarter.…
A: Cash basis accounting: In cash basis accounting , revenue are recognized when payment is received…
Q: A taxpayer registered in 2010 made available the following financial information for TY2021: Balance…
A: The tax rate for domestic corporation under CREATE law is 25%, if income of the corporation is more…
Q: How much is the taxable income if the taxpayer is an ordinary partnership and opted for OSD? Group…
A:
Q: An unmarried individual in California with a taxable income of about $75,000 has a federal…
A: Combined incremental tax rate means the sum of federal incremental tax rate and state incremental…
Q: Jeremy is a calendar-year taxpayer who sometimes leases his business equipment to local…
A: Income under cash method is recognised when income is received whether such income related to the…
Q: A taxpayer made available the following financial information: Gross receipts - Php…
A: Total allowable deduction if the taxpayer is a resident citizen = Cost of service + Depreciation…
Q: Chuck, a single taxpayer, earns $75,000 in taxable income and $10,000 in interest from an investment…
A: Marginal Tax Rate = Change in Tax LiabilityChange in Taxable Income
Q: The taxpayer is a resident citizen and the taxable period is the 2nd quarter.…
A: Cash basis accounting: In cash basis accounting , revenue are recognized when payment is received…
Q: A taxpayer made available the following financial information: Gross receipts - Php…
A: Answer: Gross receipts - Php 10,000,000 Minus: Cost of service – Php 6,000,000 Gross Income –…
Q: During the current year, Mr. and Mrs. West paid the following taxes: Property taxes on residence…
A: Taxes are the charges levied by the state and central government on total income generate by an…
Q: Mr. L is a taxpayer with VAT and Non-VAT business. He had the following data, VAT not included, in a…
A: given information VAT business P 3.000,000 Sales, non-VAT business Purchases of goods, from…
Q: A taxpayer made available the following financial information: Gross receipts - Php 10,000,000…
A: Taxable income refers to the AGI (Adjusted Gross Income) less the itemized deductions that the…
Q: [First Item] The following statements are correct relative to a non-VAT registered taxpayer with a…
A: The non-VAT registered taxpayer is subject to 3% percentage tax is the correct statement. This…
Q: Under the TRAIN law, if monthly rental does not exceed Php 15,000.00 and the total gross receipts…
A: TRAIN law refers to the Tax Reform for Acceleration and Inclusion. This law is a part of the…
Q: Ms. Gleason, an unmarried taxpayer, had the following income items: $ 40,000 3,200 Salary Net income…
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Q: A taxpayer with $3,000 in unreimbursed employee expenses and an AGI of $50,000 will have what…
A: Unreimbursed Employee Expenses:-These are those expenses for which employers do not pay back or…
Q: Jeremy is a calendar-year taxpayer who sometimes leases his business equipment to local…
A: Income under cash method is:::$2100 Since income is recognised when cash is received..... Since…
Q: Aram's taxable income before considering capital gains and losses is $82,000 Determine Aram's…
A: +/- Particulars Amount (in $) + Taxable income before capital gains and losses 82000 + Capital…
Q: Assume that Congress changes the tax code to allow single-family rental income to be taxed at a…
A: Introduction A capitalization rate is a metric for comparing the market prices of different real…
Q: An investor has a taxable income of $125997. He has an investment property which earns $21780 in…
A: The rental income is passive incomes and are charged specifically at a rate of 30% on the gross…
Q: eason. You find that you paid $3,296.44 in Federal Taxes. Using your taxable income and the tax…
A: Answer You receive a tax refund of $280.44 because you paid more taxes last year than you should…
Q: Jerry, a cash basis taxpayer, rents office space for his business. He pays $12,000 on September 1 of…
A: Under the cash method, expenses are allowed to be deducted when cash is paid for the expense…
Q: The taxpayer is a resident citizen and the taxable period is 2021. Compute for the GROSS income…
A: Gross income: It implies to the income before deducting for any operating expenses incurred by the…
Q: Marc, a single taxpayer, earns $64,200 in taxable income and $ 5,420 in interest from an investment…
A: The tax liability is calculated on the taxable income, therefore interest is ignored. The U.S…
Q: The taxpayer is a resident citizen and the taxable period is the 2nd quarter.…
A: Taxable income using cash basis in the 2nd quarter = Collections for services rendered in 2nd…
Q: A taxpayer made available the following financial information: Gross sales - Php 10,000,000 Cost…
A: According to the Phillipines taxation, Optional standard deduction is available to individual tax…
Q: Chuck, a single taxpayer, earns $75,000 in taxable income and $10,000 in interest from an investment…
A: Given that's Taxable Income = $75000 Interest from Investments = $10000
Q: Veronica Marie has an income that places her in the 24% federal and 6.5% state incremental tax…
A: Income Tax Expenses: The expenses which are related to the taxable income of the individuals and…
Q: chuck a single taxpayer, earns $78,300 in taxable income and $13, 600 in interest from an investment…
A: The sum of incremental tax paid for each extra dollar of income received is known as the marginal…
Q: The taxpayer is a resident citizen and the taxable period is the 2nd quarter.…
A: Cash basis accounting: In cash basis accounting, revenue is recognized when payment is received and…
Q: A resident citizen obtains P9,500 each from the following sources, net of final tax. Under which of…
A:
An individual resident citizen taxpayer who owns a ten (10)-door apartment with a monthly rental of P15,000.00 for each residential unit, sold this property to another individual taxpayer. The sale shall be subject to *
a presumed
a percentage tax.
the schedular tax on taxable income.
an excise tax.
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- B Corporation, a calendar year-end, accrual basis taxpayer, is owned 75 percent by Bonnie, a cash basis taxpayer. On December 31,2019, the corporation accrues interest of $4,000 on a loan from Bonnie and also accrues a $15,000 bonus to Bonnie. The bonus is paid to Bonnie on February 1,2020; the interest is not paid until 2021 . How much can B Corporation deduct on its 2019 tax return for these two expenses? $0 $4,000 $15,000 $19,000 $12,000Determine the taxpayers gross income for tax purposes in each of the following situations: a. Deb, a cash basis taxpayer, traded a corporate bond with accrued interest of 300 for corporate stock with a fair market value of 12,000 at the time of the exchange. Debs cost of the bond was 10,000. The value of the stock had decreased to 11,000 by the end of the year. b. Deb needed 10,000 to make a down payment on her house. She instructed her broker to sell some stock to raise the 10,000. Debs cost of the stock was 3,000. Based on her brokers advice, instead of selling the stock, she borrowed the 10,000 using the stock as collateral for the debt. c. Debs boss gave her two tickets to the Rabid Rabbits rock concert because she met her sales quota. At the time she received the tickets, each ticket had a face price of 200 and was selling on eBay for 300. On the date of the concert, the tickets were selling for 250 each. Deb and her son attended the concert.How do the all events and economic performance requirements apply to the following transactions by an accrual basis taxpayer? a. The company guarantees its products for six months. At the end of 2019, customers had made valid claims for 600,000 that were not paid until 2020. Also, the company estimates that another 400,000 in claims from 2019 sales will be filed and paid in 2020. b. The accrual basis taxpayer reported 200,000 in corporate taxable income for 2019. The state income tax rate was 6%. The corporation paid 7,000 in estimated state income taxes in 2019 and paid 2,000 on 2018 state income taxes when it filed its 2018 state income tax return in March 2019. The company filed its 2019 state income tax return in March 2020 and paid the remaining 5,000 of its 2019 state income tax liability. c. An employee was involved in an accident while making a sales call. The company paid the injured victim 15,000 in 2019 and agreed to pay the victim 15,000 a year for the next nine years.
