- That the tax base falls within 0- first layer B- second layer O 0- last layer d- all lavers
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- *see attached What amount of current tax expense should be reported?a. P 565,000b. P 678,000c. P 505,000d. P 325,000What would be the answer to problem (11) if a consolidated tax return were filed?a. –0–b. $300c. $1,500d. $7,500*see attached What amount of income tax payable should be reported?a. P 385,000b. P 498,000c. P 425,000d. P 305,000
- I. Compensation and business income are returnable income that are subject to final income tax. II. When a taxable income is subjected to final tax, that income shall be excluded in the computation of taxable net income subject to basic income tax under the graduated tax rate. a. TT b. FF c. TF d. FTIn T1 General Tax Form, Total Income is reported on Line??Read Section 1374 for built-in-gain tax 1. When does the tax apply?
- 1.Determine the business tax applicable for the following independent assumptions. Put a check mark on the applicable law. Put the applicable tax rate. Situation OLD LAW TRAIN LAW CREATE LAW GS/GR does not exceedP1,919,500 and the taxpayer isVAT-registered GS/GR exceed P1,919,500 andthe taxpayer is VAT-registered GS/GR exceed P1,919,500 and the taxpayer is not VAT-registered GS/GR does not exceedP3,000,000 and the taxpayer isVAT-registered GS/GR exceed P3,000,000 andthe taxpayer is VAT-registered GS/GR exceed P3,000,000 and the taxpayer is not VAT-registered GS/GR does not exceedP3,000,000 and the taxpayer isnot VAT-registered; taxpayeropted to use 8% preferentialincome tax on individuals Cooperatives Self-Employed andProfessionals with AnnualGross Sales/Gross Receipts notexceeding P500,0001Which of the following can be delegated outside the legislative branch? * Determining the purpose of tax Determining the kind of tax to be imposed Computation of the amount of tax to be paid by the taxpayer Determining the articles to be the subject of tax 2Which of the following identifies the correct situs of taxation? * Property tax – where the owner resides Community tax – where the taxpayer resides VAT – where the seller resides All of the aboveGST is called as consumption based tax. Discuss and verify this statement with the help of a relevant example. Also, elaborate on the different categories of GST. (Please answer in minimum 400 words)
- 1) Class, what are transfer taxes? What is the purpose? When and how might they apply? 2) Share your thoughts on the processes and fairness associated with federal estate taxes.Please answer asap. The net capital gain and/or qualified dividend income (QDI) may be made up of various tax layers. Please indicate the correct order for how the layers are taxed: The 0% portion of the 0/15/20% gain and/or QDI The 15% portion of the 0/15/20% gain and/or QDI Any 28% gain Any 25% gain Ordinary income The 20% portion of the 0/15/20% gain and/or QDI For each layer, the ordinary rate and the alternative rate should be compared, and the lower of the two generally applies. True False. What is the 'low income tax offset' (LITO)? What is the maximum LITO amount payable toeligible taxpayers? PLEASE PUT 3 REFERENCES
