15. Mr. Luca Pacioli operates a pet shop and at the same time, offers interior design services to his clients.The following data were provided by Pacioli for 2019 taxable year:Pet Shop:Gross salesR.A. No. 10963P 3,000,000Таx RateAnnual Income BracketCost of sales(2018 - 2022)1,115,000450,450Тах onTax on lowerOperating ExpensesLower LimitUpper Limitexcess overlimitlower limit250,000Interior design services:Gross receiptsCost of direct services250,000400,000800,000400,00020%800,000P 1,150,000650,65075,90030,000130,000490,0002,410,00025%2,000,00030%2,000,0008,000,00032%8,000,000Above35%Operating ExpensesHow much will be his income tax liability/tax due for the year?

Total taxable income = Income from Pet Shop +Income from Interior design

15. Mr. Luca Pacioli operates a pet shop and at the same time, offers interior design services to his clients. The following data were provided by Pacioli for 2019 taxable year. Pet Shop: Gross sales RA. No. 10963 P 3,000,000 Tax Rate Annual Income Bracket Cost of sales (2018 - 2022) 1,115,000 450,450 Тах on Operating Expenses Upper Limit Tax on lower Lower Limit excess over limit lower limit Interior design services: Gross receipts 250,000 400,000 800,000 2,000,000 8,000,000 Above 250,000 20% 400,000 30,000 25% P1,150,000 650,650 75,900 800,000 2,000,000 8,000,000 30% 32% 130,000 Cost of direct services 490,000 2,410,000 35% Operating Expenses How much will be his income tax liability/tax due for the year?

15. Mr. Luca Pacioli operates a pet shop and at the same time, offers interior design services to his clients. The following data were provided by Pacioli for 2019 taxable year. Pet Shop: Gross sales RA. No. 10963 P 3,000,000 Tax Rate Annual Income Bracket Cost of sales (2018 - 2022) 1,115,000 450,450 Тах on Operating Expenses Upper Limit Tax on lower Lower Limit excess over limit lower limit Interior design services: Gross receipts 250,000 400,000 800,000 2,000,000 8,000,000 Above 250,000 20% 400,000 30,000 25% P1,150,000 650,650 75,900 800,000 2,000,000 8,000,000 30% 32% 130,000 Cost of direct services 490,000 2,410,000 35% Operating Expenses How much will be his income tax liability/tax due for the year?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

1. Match each form name with its associated description. Form 1099-NEC Form 1096 Form W-9 Request for Taxpayer Identification Number and Certification Nonemployee Compensation Annual Summary and Transmittal of U.S. Information Returns 2. The SUTA taxes for an employee whose year-to-date earnings prior to the current period are $12,400, who earns $1,500 during the current period, who works in a state with a credit reduction of 1.5%, and whose state imposes a SUTA tax rate of 2.5% with an associated wage base of $12,600 would be$______ 3. Which of these states does NOT levy SUTA tax on employees as well as employers? Answer: A. New Jersey B. Alaska C. Pennsylvania D. Rhode Island
A wholesale business with a December 31 year-end purchased new equipment on November 25, 2021, for $41,000. Before 2021, the business owned no other equipment. Required: a. What are the tax consequences if the business sells the equipment in 2023 for (a) $16,000? (b) $24,000? (c) $47,000? (Use a minus sign (-) when entering numbers that reduce UCC.) 2021 purchase 2021 CCA 2021 UCC 2022 CCA $ 41,000 2022 UCC 2022 UCC Situation A Less disposal Proceeds Interim UCC Balance $ Ending UCC $ 0 2022 UCC Situation B Less disposal Proceeds Interim UCC Balance $ 0 Ending UCC $ 0 2022 UCC Situation C Less disposal Proceeds Interim UCC Balance $ 0 Ending UCC Capital Gain Taxable Capital gain $ 0
IMPORTANT: PLEASE SEE IMAGE, ANSWER PART B CORRECTLY AND ILL LIKE YOUR ANSWER. I attached part a for guidance THANK YOU! Bramble Company has the following two temporary differences between its income tax expense and income taxes payable. 2020 2021 2022 Pretax financial income $816,000 $925,000 $930,000 Excess depreciation expense on tax return (30,200 ) (40,900 ) (10,200 ) Excess warranty expense in financial income 20,800 9,700 8,000 Taxable income $806,600 $893,800 $927,800 The income tax rate for all years is 20%.
M
h
Bb.81.
The Snella Company reports 2023 Pre-tax Net Income of $10,000. The following items exist: Premiums Paid for Key Officer Life Insurance Accrued Revenues Unearned Revenues $ 200 $ 80 $ 50 The tax rate is 20%, Indicate the amounts for 2023 Income Tax Expense and 12/31/23 Income Tax Payable, respectively: Select one: a. $2,040, $2,034 b. $1,960, $1,934 Oc. $1,960, $1,986 d. $2,040, $1,986 e. $2,034, $2,034
nment Required information Problem 6-4A & 6-5A (Algo) [The following information applies to the questions displayed below.] Problem 6-4A (Algo) F2 Federal income tax withholding Social Security tax Medicare tax State income tax withholding Gerald Utsey earned $48,700 in 2021 for a company in Kentucky. He is single with one dependent under 17 and is paid weekly. The FUTA rate in Kentucky for 2021 is 0.6 percent on the first $7,000 of employee wages, and the SUTA rate is 5.4 percent with a wage base of $11,100. Use the percentage method in Appendix Cand the state information in Appendix D. Manual payroll system is used and Box 2 is not checked. 3 Required: Compute the following employee share of the taxes. (Do not round intermediate calculation. Round your final answers to 2 decimal places.) JUL 15 80 F3 $ 4 E R Q F4 % 5 DII F8 ( 9 A F9 U I O Help ) 0 Save & Exit F10 P Check my wom 4 F11 Sub { + [ F
Qw.3.
2022 tax rules
13. Pat generated self-employment income in 2019 of $76,000. The self-employment tax is: a. b. C. d. $0. $5,369.23. $10,738.46. $11,628.00.
Please answer it in good accounting form. Thankyou