Maria Clara Santos works is an accountant with her own accounting firm as well as teaching full time in a university. She earns an annual income of 2,679,000 from the operation of her firm. She is married with 4 children all minors. She also receives income of 58,900 per month in the university. She receives 13 th and 14 th month pay, and other benefits amounting to 246,099 (excluding 13 th and 14 th month pay). Compute for her annual tax return.

CONCEPTS IN FED.TAX.,2020-W/ACCESS
20th Edition
ISBN:9780357110362
Author:Murphy
Publisher:Murphy
Chapter13: Choice Of Business Entity—general Tax And Nontax Factors/formation
Section: Chapter Questions
Problem 47P
icon
Related questions
Question

Maria Clara Santos works is an accountant with her own accounting firm as well as
teaching full time in a university. She earns an annual income of 2,679,000 from
the operation of her firm. She is married with 4 children all minors. She also
receives income of 58,900 per month in the university. She receives 13 th and 14 th
month pay, and other benefits amounting to 246,099 (excluding 13 th and 14 th month
pay). Compute for her annual tax return.

Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Determination of Tax Liability
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
CONCEPTS IN FED.TAX., 2020-W/ACCESS
CONCEPTS IN FED.TAX., 2020-W/ACCESS
Accounting
ISBN:
9780357110362
Author:
Murphy
Publisher:
CENGAGE L
SWFT Essntl Tax Individ/Bus Entities 2020
SWFT Essntl Tax Individ/Bus Entities 2020
Accounting
ISBN:
9780357391266
Author:
Nellen
Publisher:
Cengage