What is the income tax due to John Wick in his quarterly income tax?

Q: Macey, married with two dependent children, had the following income and expenses for 2019: Salary,…

A: Income tax payable is the amount which is yet to be paid to the government for the current year. It…

Q: ployment tax? B. Compute Wilma’s 2021 self-employment tax, assuming Wilma has no other earned…

A: Individuals are subject to self-employment taxes for security and medical expenses. It is charged at…

Q: A VAT-registered business taxpayer had no inventories at the beginning and end of the quarter.…

A: Here discuss about the details of registered VAT and non registered VAT difference in the payment of…

Q: May Yaman is engaged in a VAT-business and a non-VAT business.  Her records show the following data,…

A: Value Added Tax Value added Tax  is the tax system which was imposed by the government authority to…

Q: Ms.Ana,failed to signify her intention to be taxed at 8% income tax rate on gross sales in her…

A: Normally if she failed to signify her intention tobe  taxed at 8%…

Q: Monte Lion and Ella Funt are a married couple with two children. Wages totaled $141,600 with…

A: The following calculations are done in the records of Monte lion and Ella Funt to consider the…

Q: Susan, a single taxpayer, owns and operates a bakery (as a sole proprietorship). The business is not…

A: Taxable income:-It is an income that is liable for tax payment as per the slab rate prescribed in…

Q: Previously not paying the value-added tax because his sales in any year never exceeded P3,000,000,…

A: Transitional input vat is the input vat credit given to those taxpayers once in a lifetime when the…

Q: ll be on June 30, 2022. 4) Harjot received a $1,000 non-eligible dividend in 2021. 5) Harjot's…

A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: How much is the VAT payable as at January 31, 2020?

A: Vat payable amount is the amount which requires to be paid to the government or tax authority which…

Q: Sven operates a shop. During the 2020 tax year, he had on hand: $70,000 of trading stock on 1 July…

A: The profitability status of the company can be arrived from the income statement prepared by the…

Q: XYZ, Inc. is an accrual basis taxpayer with a calendar year end. XYZ received $72,000 cash on August…

A: Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: Calculate Hoang’s taxable income for the 2018/19 tax year.

A: Introduction: Taxable income: Taxable income can be defined as the income on which the tax is…

Q: Mr. Bakhtawar, a Individual Person, has following information for the Tax Year 2020. His Annual Tax…

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…

Q: Corporation, a cash basis taxpayer, received $10,000 from a customer in 2019. In that year, the…

A: Whenever the taxes you had already paid exceed your entire tax burden, the government reimburses you…

Q: During the taxation year, Dan Workman earned $29,000 in employment income and $38,000 in rental…

A: The taxable income would be considered as the income eligible for tax purpose. The income for which…

Q: ynette is the CEO of publicly traded TTT Corporation and earns a salary of $272,500 in the current…

A: Marginal tax rate is the amount of additional tax paid on every extra dollar earned.

Q: Based on this information, determine the income tax consequences to Azure Company and to  Sasha…

A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

Q: The owner of a business which is a single member LLC is also a single taxpayer. In 2018, the LLC had…

A: In 2018, the threshold limit defined by IRS for a single taxpayer is $250,000.

Q: In the current year, Azure Company has $350,000 of net operating income before deducting any…

A: Net operating income of the company = $350,000 Marginal tax rate = 37.00% There will no federal…

Q: What is her tax due liability in her 1st quarter return?

A: 1. An individual who has an income source purely from self-employment and their turnover of gross…

Q: what they need to do to take the deduction. You ask them if they are talking about the qualified…

A: The earnings generated from doing regular business operation is known as business income. As per the…

Q: John Wick operates books stores and renders services as a professional broker. In 2018, his gross…

A: Given: Sales amounted = P800,000 Services as a broker received = P300,000 Tax = 8% Cost of sales =…

Q: Paul is self-employed as a dentist. He practices under the name "Paul J. Vance, DDS." Paul's gross…

A: Particulars              Amount 1.Gross receipts  $111000 2.- Business…

Q: axpayer runs a greenhouse as a sole proprietorship using the accrual method. At the end of the…

A: The question is based on the concept of Taxation.

Q: aeRo Yi is an employee of Danbam Corp. with a taxable income of P220,000. At the same time, he has a…

A: Preferential taxation is an optional taxation scheme in Philippines to tax the total of gross sales…

Q: In the current year, Azure Company has $350,000 of net operating income before deducting any…

A: C Corporation: It is a type of corporation which different from an S corporation that has limited…

Q: Sonia, an executive of Ang Probinsyano Promotions, earned in 2018 P1,200,000 compensation income,…

A: Sonia earned in 2018  Compensation income = P1200000  inclusive of 13th month pay which is of…

Q: First Metro Pacific was able to persuade Francis to join the company as its Assistant Vice President…

A: Francis joined the company as Assistant Vice President for Finance. Company included the car plan in…

Q: Gross sales, P240,000 Purchases from VAT registered suppliers, P156,980 How much is the percentage…

A: Percentage tax is the amount of tax which is paid by non VAT registered suppliers. It is indirect…

Q: red Stone is an employee of Henrock Company. During the first part of the year, Stone earned $4,340…

A: The federal government and state governments fetched unemployment taxes. The federal government…

Q: Sookie, a single taxpayer has business net income totaling $ 200,000 from owning 100% of a S…

A: Sookie, a single taxpayer has a business net income totaling $ 200,000 from owning 100% of an S…

Q: Ms. Venus is the owner of Bebe Party Favors store She also works as a party host The following…

A: First scenario( when 8% income tax rate is intended) Taxable income Gross sales  from stores…

Q: Mr. Siegfried, a resident citizen, received P100,000 dividend income from Vodka, Inc., a domestic…

A: Dividend income is kind of revenue or reward which is received by a shareholder or an individual…

Q: Mr. Bakhtawar, a Individual Person, has following information for the Tax Year 2020. His Annual Tax…

A: Answer and calculations are given below

Q: Last year, Aleshia identified $2,200 as a nonbusiness bad debt. In that tax year before considering…

A: Alisha has received $1,848 in the current year which was considered as bad debt. Therefore, the…

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 VAT registered person engages in both VAT and VAT exempt business. During the year total sales…

A: Input tax refers to the central tax (CGST), state tax (SGST), integrated tax (IGST), or union…

Q: Mr. A is in the trading business. On June 2, 20A, he purchased an office equipment with a useful…

A: Tax is paid to the government calculated by the income eared by the company or an individual.

Q: 1. Ms. X operates a convenience store while she offers bookkeeping services to her clients. In 2020,…

A: Hi student Since there are multiple questions, we will answer only first question.

Q: ged in a VAT-business and a non-VAT business.  Her records show the following data, no tax included,…

A: Value Added Tax Value added Tax  is the tax system which was imposed by the government authority to…

Q: K, a purely self-employed non-VAT taxpayer operating a merchandising business, had the following…

A: Purely self employed individual whose Gross Receipts and other non operating income do not exceed P…

Q: Bluedragon is engaged in the following business activities for the year 2021: buying and selling of…

A: Tax is a charge which a tax has to pay to the government. The 3% percent tax rate is on the gross…

Q: Bluedragon is engaged in the following business activities for the year 2021: buying and selling of…

A: 8% Income Tax Rate:  Avail of 8% income tax rate should be signified by individual tax payer in his…

Q: Floyd (self-employed) is a non-vat registered taxpayer who operates a convenience store. The…

A: Taxes are the amount of dues or liabilities that is being payable by the individual to government on…

Q: What is the taxable income of Mr. Pamplona subject to regular income tax?

A: Tax is the amount which the taxpayer has to pay on the taxable income and which is determined as per…

Q: Sonia, an executive of Ang Probinsyano Promotions, earned in 2018 P1,200,000 compensation income,…

A: Computation of the Taxable Income in her employment :           Computation of Taxable Income in…

Q: Harvey Nicastro has current year net employment income of $45,000. In addition, he has the following…

A: Minimum Net Income:-Net income refers to a decrease in the amount of money we have leftover after…