. Tax due
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ABC Hospital, a private non-profit hospital, has gross receipts of P19,000,000,00 with a cost of P6,000,000,00 and allowable deductions of P3,250,000.00 from related activities, while for its unrelated activities, it incurred P5,000,000.00 and P2,000,000.00 as cost of sales and allowable deductions, respectively, with a gross receipts of P18,000,000,00, for Calendar Year 2021. Tax due is:
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- Accounting AA Corporation is a C corporation. In 2017, sales are $500,000; cost and expenses are $420,000, which includes charitable contribution of $10,000; 2016 NOL carry forward is $5,000; 2016 carry forward undeducted charitable contribution is $3,000. What is the deductible charitable contribution in 2017? What charitable contribution is carried forward to 2018? If in 2017 charitable contribution is $4,000, others are same, What is the deductible charitable contribution in 2017? What charitable contribution is carried forward to 2018?es ! Required information [The following information applies to the questions displayed below.]. a) Tax BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. Compute BMX's amounts for each of these four taxes as applied to the employee's gross earnings for September under each of three separate situations (a), (b), and (c). Note: Round your answers to 2 decimal places. FUTA SUTA b) Tax a. b. C. FICA-Social Security FICA-Medicare FUTA SUTA c) Tax Gross Pay through August 31 $ 5,300 2,800 132,200 FICA-Social Security FICA-Medicare FICA-Social Security FICA-Medicare FUTA SUTA Gross Pay for September $ 2,600 2,900 8,800 September Earnings Subject to Tax 2,600.00 2,600.00 $ September Earnings Subject to Tax 2,900.00 2,900.00 September Earnings Subject to Tax 8,800.00 Tax Rate 6.20% 1.45%…Qalvin, a large non-profit non-stock school has a gross income of P4,000,000, only 40% of which was contributed by related activities and total expenses of P 3,000,000, 50% of which was incurred in connection with non-related activities. Compute the income tax due assuming Qalvin is a private school. Qalvin Corporation, a MSME, reported the following in 2023: in 2022: Philippines Abroad Total Gross income P500,000 P200,000 P500,000 Direct Deductions 200,000 300,000 500,000 Common Expenses 150,000 Compute the income tax due if Qalvin is a non-resident foreign corporation
- ABC Pte Ltd incurred staff costs of $800,000 which comprise staff salaries of $500,200, transport allowances of $100,000, medical expenses of $22,300 and directors’ fees of $177,500. The company has implemented the portable or transferable medical schemes. What is the amount of deductible medical expenses for ABC Pte Ltd? Question 11 options: 1) $6,002 2) $16,000 3) $15,554 4) $12,004A local private not-for-profit health care entity (Rochester Medical) incurred the following transactions during the current year. The entity has one program service (health care) and two supporting services (fundraising and administrative). The board of governors for Rochester Medical (RM) announces that $160,000 in previously unrestricted cash will be used in the near future to acquire equipment. These funds are invested until the purchase eventually occurs. RM receives a donation of $80,000 in cash with the stipulation that the money be invested in U.S. government bonds. All subsequent income derived from this investment must be paid to supplement nursing salaries. RM spends $27,000 in cash to acquire medicines. RM had received this money during the previous year. The donor had specified that it had to be used for medicines. RM charges patients $2 million. These amounts are the responsibility of government programs and insurance companies. These third-party payors will receive…For 20X1, XYZ Corporation has a Gross Income of $ 1,000,000 and a total of Ordinary and Necessary Expenses of $ 600,000. Expenses include an item of $ 50,000 for Donations. All items are presented on a tax basis. The entity has not incurred net operating losses or received dividend income. Determine the amount of deductible donations for XYZ Corporation in 20X1. Select one: O a. S45,000 O b. S35,000 O c. SO O d. $50,000
- A Record the gross charges for patient services, all charged to Patient Accounts Receivable, amounting $1,675,000. B Record the estimated contractual adjustments for patient services with third-party payors amounting $405,000. C Record the hospital estimated implicit price concessions would total $35,000. D Charity services, not included in transaction 1, would amount to $66,000 had billings been made at gross amounts. E Other revenues received in cash were parking lot, $20,000; cafeteria, $35,000; gift shop, $5,000. F Record the cash gifts restricted by the donor for programs amounting $32,000 for the year. G Record the $50,000 technician salaries supporting the program. H Record the reclassification of assets in satisfaction of program restrictions. I Mortgage bond payments amounted to $50,000 for principal and $28,000 for interest. Assume unrestricted resources are used. J During the year, the hospital received, in cash, unrestricted…10. Porgy Co.'s retirement plan requires a P250,000 annual contribution to a fund held by a third party trustee. The fund is legally separate from Porgy Co. and is available solely for the payment of the retirement benefits of Porgy's employees. At the beginning 20x1, the fund balance is P2,800,000. In its December 31, 20x0 and December 31, 20x1 statements of financial position, Porgy reported accrued payable for retirement benefits of P30,000 and P80,000, respectively. Payments to retiring employees during 20x1 totaled P750,000. How much is the retirement benefits expense in 20x1? a. 250,000 b. 700,000 c. 750,000 d. 800,000Integrity Reconstructive is a private, not-for-profit hospital. The following information is available about the operations. Gross patient services charges totaled P4,500,000. Included in the above revenues are: charity services, P165,000; contractual adjustments, P400,000; and courtesy allowances, P14,000. Received marketable securities valued at P115,000 for the purchase of new diagnostic equipment. The marketable securities were sold for P124,000 and diagnostic equipment was purchased at a cost of P138,000. Revenue from the hospital gift shop was P31,000 and from the cafeteria revenues were P160,000. Incurred and paid nursing service costs of P1,000,000 and general service costs of P500,000. How much is the net patient service revenue?
- For 2020, Garden Corporation has 800.000 of gross profit from its sales and $410,000 of operating expenses. Garden makes $90,000 of cash charitable contributions during 2020 Inot inchuded in the other amounts). How much of these contributions can it deduct for 2020? (Note that this is for 2020, ie, 25%) O $75.000 O $97.500 $22.500 O $90.000In 2022, OCC Corporation made a charitable donation of $400,000 to the International Rescue Committee (a qualifying charity). For the year, OCC reported taxable income of $1,500,000 before deducting any charitable contributions, before deducting its $20,000 dividends-received deduction, and before deducting its $40,000 NOL carryover from last year. Required: a. What amount of the $400,000 donation is OCC, allowed to deduct for tax purposes in 2022, what is the carryover to 2023, and when does the carryover expire? b. Assume that in 2023, OCC did not make any charitable donations and that it is allowed to deduct its full charitable contribution carryover, if any, from 2022. What book-tax difference associated with the charitable contributions will OCC report in 2023? Is the difference favorable or unfavorable? Is it permanent or temporary? Complete this question by entering your answers in the tabs below. Required A Required B What amount of the $400,000 donation is OCC allowed to…City, Inc., an exempt organization, has included among other amounts the following in calculating net unrelated business income of $500,000. Dividend income $12,000 Interest income 6,000 Royalty income 15,000 Rent income from equipment 25,000 The only expenses incurred associated with these items are rental expenses (which includes depreciation of $10,000) of $15,000. Calculate City, Inc.’s UBTI. Need explanation as to why were adding/subtracting things, or why an item is not included for the computation of UBTI. It's not helpful otherwise. Thanks.
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