What is the total tax due?
Q: Define Effective tax rate.
A: Tax: Tax refers to a compulsory payment or a contribution to the state revenue, levied by the…
Q: Compute the tax due assuming
A: Tax due is the amount which has to be paid to the government and the same has been computed on the…
Q: Explain how does the company’s effective tax rate calculated.
A: Effective interest rate: An effective interest rate is the real return on savings account or any…
Q: When does tax allocation within a period become necessary?How should this allocation be handled?
A:
Q: what is tax accounting?
A:
Q: what is the possible tax implication?
A: Corporate tax rate = 25% Allowable deductions = P150,000 for November Allowable deductions =…
Q: What distinguishes an income tax from other taxes?
A: A tax is a governmental entity's required financial charge or other kind of levy put on a taxpayer…
Q: What is intraperiod tax allocation?
A:
Q: What is the tax shield of interest?
A: Interest tax shields: It alludes to the assessment obligation decrease because of the interest…
Q: Write a short reflection on taxes, who should carry the burden and who benefits from it?
A: Taxes Taxes which are considered to be one of the important source of revenues for the government…
Q: How much interest income is subject to final tax?
A: Answer: Interest income subject to final tax= 1. Interest Income on loans to online sellers =…
Q: What are all type of taxes we need to pay
A: As individuals and as entities we need to pay various direct taxes as well as indirect taxes in our…
Q: What is Income tax payable?
A:
Q: What is DONNER's current tax expense?
A: Current tax expense refers to the tax payable by the Company relating to the current year.
Q: Explain various types of taxes
A: taxes A tax may be a obligatory fee or monetary charge levied by any government on a private or a…
Q: what are the two components of income tax expense
A: PLEASE LIKE THE ANSWER Firstly, income tax expense means an amount of tax expense incurred on the…
Q: Which of the following is a local tax? *
A: Option a is wrong because value added tax is an indirect tax imposed on the value of goods and…
Q: what are the characteristics of a good tax system?
A: Tax system is designed by the government of every country which is imposed on the individual’s…
Q: What is the difference between tax reliefs and tax credits?
A: Taxes are mandatory payments placed on individuals or businesses by a government agency, whether…
Q: What is the appropriate level of taxation?
A: Market efficiency and inefficiency depends on various factors like consumer demand, supply, rate of…
Q: What is deferred tax?
A: Balance sheet is the statement that indicates the final position of an entity.
Q: What are the different type of income tax?
A: The answer for the question on the different types of income tax is discussed hereunder : Taxes are…
Q: Define average tax rate
A: The taxes are the government source of income from the general public. The tax rate are the…
Q: What are the situs rules on income tax situs on sales of goods?
A: Income tax:A tax charged on the income earned by the individual or corporates by the central…
Q: What is Income tax receivables?
A: Other receivables: Other receivables are the receivables other than the accounts receivable, and the…
Q: Define Income before taxes.
A:
Q: Average tax rate? (
A: Tax payable is calculated on the income falling within the respective slabs The formula to…
Q: What are the three different kinds of income tax systems? (Explain each)
A: Income tax is a direct tax which is levied on the income. Taxes are the fees which are charged by…
Q: How to calculate Value-added tax
A: Value added tax is a type of tax that is charged by the central government on the sale of…
Q: What is a tax return? brief explain
A: Tax return in a form designed by designated tax authorities which helps taxpayers to disclose their…
Q: What are the features of final income tax?
A: Introduction:- Final tax is one of the exemptions to the extent of the regular income tax. An…
Q: What is the Net Income After Tax?
A:
Q: final tax and income tax
A: Tax is a form of compulsory payment made to the government of the country. The amount that is…
Q: What is excise tax and give examples?
A: Excise Tax: An excise tax is an indirect tax, usually paid by the manufacturer or merchandiser of…
Q: What are the aspects of Taxation?
A: Taxation Taxation is important for the country which can be generate revenue to the government to…
Q: What is the Effect on Deferred Income Taxes?
A: Tax: Tax refers to a compulsory payment or a contribution to the state revenue, levied by the…
Q: how is income tax expense calculated?
A: Income tax expense is form of direct tax which needs to be paid by individual or business…
Q: What is meant by an effective tax rate? What does it measure?
A: The effective tax rate is the percent of individual or a corporation’s income that they pays in…
Q: How does income taxation differs from transfer and business tax?
A: Income tax is a direct tax that governments impose on income generated by individuals and business…
Q: What is the burden of the tax? Explain the key factors that determine the incidence of the tax.
A:
Q: What is tax due?
A: Tax Due: Tax due is the tax liability that is payable by any individual person or a corporate body…
Q: What is marginal tax rate?
A:
Q: What are direct taxes?
A: The financial position of the company can be arrived from the income statement prepared by the…
Q: What are the special features of regular income taxation?
A: Income Tax It is a tax placed on an individual. It is deducted from a person's total income. It is a…
Q: What is Percentage Tax?
A: Tax:- A tax is the compulsory payment which is imposed by the government on income and capital gain…
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- Compute the 2019 standard deduction for the following taxpayers. a. Ellie is 15 and claimed as a dependent by her parents. She has 800 in dividends income and 1,400 in wages from a part-time job. b. Ruby and Woody are married and file a joint tax return. Ruby is age 66, and Woody is 69. Their taxable retirement income is 10,000. c. Shonda is age 68 and single. She is claimed by her daughter as a dependent. Her earned income is 500, and her interest income is 125. d. Frazier, age 55, is married but is filing a separate return. His wife itemizes her deductions.Compute the 2019 AMT exemption for the following taxpayers. a. Bristol, who is single, reports AMTI of 650,000. b. Marley and Naila are married and file a joint tax return. Their AMTI is 1,528,000.Emily, who is single, sustains an NOL of 7,800 in 2019. The loss is carried forward to 2020. For 2020, Emilys income tax information before taking into account the 2019 NOL is as follows: The 2019 single standard deduction is 12,200; Emilys itemized deductions will exceed the 2020 single standard deduction (after adjustment for Inflation). The medical expense AGI floor is 10% In 2019. How much of the NOL carryforward can Emily use in 2020, and what is her adjusted gross income and her taxable income?
- Calculate the 2019 tax liability and the tax or refund due for each situation: a. Mark is single with no dependents and has a taxable income of 60,000. He has 9,200 withheld from his salary for the year. b. Harry and Linda are married and have taxable income of 60,000. Harry has 4,250 withheld from his salary. Linda makes estimated tax payments totaling 3,000. c. Aspra is single. His 20-year-old son, Calvin, lives with him throughout the year. Calvin pays for less than one-half of his support and his earned income for the year is 3,000. Aspra pays all costs of maintaining the household. His taxable income is 60,000. Aspras withholdings total 7,800. d. Randy and Raina are married. Because of marital discord, they are not living together at the end of the year, although they are not legally separated or divorced. Randys taxable income is 25,000, and Rainas is 60,000. Randy makes estimated tax payments of 3,500, and Raina has 7,500 in tax withheld from her salary.During the 2019 tax year, Brian, a single taxpayer, received $ 7,400 in Social Security benefits. His adjusted gross income for the year was $14,500 (not including the Social Security benefits) and he received $ 30,000 in tax-exempt interest income and has no for-AGI deductions, Calculate the amount of the Social Security benefits that Brian must include in his gross income for 2019. SIMPIFIED TAXABLE SOCIAL SECURITY WORKSHEET (FOR MOST PEOPLE) 1. Enter the total amount of Social Security income. 2. Enter one-half of line 1 3. Enter the total of taxable income items on Form 1040 except Social Security income. 4. Enter the amount of tax-exempt interest income. 5. Add lines 2,3, and 4 6. Enter all adjustments for AGl except for student loan interest, the domestic production activities deduction, and the tuition and fees deduction. 7. Subtract line 6 from line 5 . If zero or less, stop here, none of the Social Security benefits are taxable. 8. Enter $ 25,0001 $ 32,000 if married filing jointly; 0 if married filing separately and living with spouse at any time during the year) 9. Subtract line 8 from line 7 . If zero or less, enter -0 - Note: If line 9 is zero or less, stop here; none of your benefits are faxable. Otherwise, go on to line 10 10. Enter $ 9,0001 $12,000 if married filing jointly; 0 if married filing separately and living with spouse at any time during the year) 11. Subtract line 10 from line 9. If zero or less, enter -0 -. 12. Enter the smaller of line 9 or line 10 . 13. Enter one-half of line 12 14. Enter the smaller of line 2 or line 13 . 15. Multiply line 11 by 85 (. 85 ). If line 11 is zero, enter -0 -. 16. Add lines 14 and 15 17. Multiply line 1 by 85(.85) 18. Taxable benefits. Enter the smaller of line 16 or line 17 . 1.____________ 2.____________ 3.____________ 4.____________ 5.____________ 6.____________ 7.____________ 8.____________ 9.____________ 10.____________ 11.____________ 12.____________ 13.____________ 14.____________ 15.____________ 16.____________ 17.____________ 18.____________