GE 10:13 O O O01:57:18 RemainingMultiple ChoiceIn 2021, Z earned P620,000compensation income butincurred P280,000 net loss in herbusiness. What is her incometax due/payable assuming sheincurred personal expenses ofP160,000.ZEROP18,000P45,000P85,00034 of 60

Income tax refers to the percentile tax obligation implied by the authoritative government over the…

Answered: 2021, Z earned P620,00 mpensation…

Business

Accounting

2021, Z earned P620,00 mpensation income but

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Cramer Corporation, a calendar year, accrual basis corporation, reported $1.60 million of net income…

A: Income tax is a tax on total income computed as per the provision of Internal revenue…

Q: Exercise 13-20 (Algorithmic) (LO. 4, 8) Ava and her husband, Leo, file a joint return and are in the…

A: Federal Income Tax - The U.S. government's main source of money is the federal income tax. The…

Q: HONEY had an NOL in 2022 that it elected to carryforward to 2023 in the following scenario. What is…

A: An NOL (Net Operating Loss) occurs when a company's deductions are more than its taxable income for…

Q: On January 1, 2021, Leo paid $15,000 for 5 percent of the stock in BLS, an S corporation. In…

A: Any profits your business makes from regular business activities are considered ordinary business…

Q: Use the 2016 FICA tax rates, shown below, to answer the following question. If a taxpayer is not…

Q: Miray Demir Çelik Anonim Şirketi's 2019 commercial profit is 400.000 TL. Its tax-exempt income is…

A: Tax Base: It is total amount of assets or income on which government( Taxing authority) charge…

Q: 13. Taxpayers get a choice to use their standard or itemized deduction, whichever one is higher.…

A: Step 5 shall be Taxable income = Adjusted gross income - standard deduction , since it lowers your…

Q: I have a Becker review question is part of my homework. I can't find any solutions that match my…

A: Particulars 1 2 Taxable Income 40,000 80,000 Future Deductible amount 5000 10,000 Deferred tax…

Q: Richard eami $42,250 perycao. what i8 hi8 annual Income tax-2

A: Income tax is the tax that is paid by the individuals and the businesses to the government on the…

Q: our intermediate calculations to the nearest whole dollar amount.

A: Social Security tax is calculated on earned income upto $147,000 =147000* 12.40% a) Medicare is…

Q: 1. Pepe is a Manager working at Ayala Malls Legazpi for Taxable year 2020. He had the following…

A: In the context of the given question, we are going to compute the final tax to be withheld by the…

Q: Steven has an RRSP contribution limit of $17,120 in 2022. In February he contributes $10,000 and…

A: Registered Retirement Savings Plan is also referred to as RRSP is a kind of government-registered…

Q: IDK had an NOL in 2022 that it elected to carryforward to 2023 in the following scenarios Income…

A: An NOL (Net Operating Loss) occurs when a company's deductions are more than its taxable income for…

Q: 15. If you're single and your 2022 income is going to be $60,000 and you take the standard…

A: As per IRS for 2022 the federal tax rate schedule for a single filer are as below: If taxable…

Q: in 2020 state tax expense was overpaid by 7000 and in 2021 the 1041 return for federal added back…

A: A tax refund is an amount of money that the government reimburses taxpayers who pay more than they…

Q: 43-Azzan's monthly salary is £2,000. During the month of August 2019, he received a payment of…

A: Taxes are the amount of dues that is being payable to the government by the citizens of the country…

Q: Thirteenth month pay is exempt from income taxation? Group of answer choices No, only the excess to…

A: Solution: As per Philipines tax laws, "The 13th month pay is exempt from tax, up to a limit of P…

Q: For 2022, the maximum base for the Social Security portion a. $137,700 Ob.$57,000 Oc. $141,900 d.…

A: Making sure that every covered worker has an equal opportunity to accrue sufficient credits to be…

Q: he employer provided the accommodation to its employee costing £ 80,000 with annual value of £1,000…

A: Tax on accommodations - Accommodations provided by the employer is consider a perquisite in the…

Q: As a self-employed worker you pay FICA taxes at the rate of 15.3% of your earnings. You earned…

A: FICA: It implies to the federal payroll tax that is paid in U.S by the taxpayer to the U.S…

Q: 2. During 2020, Yigritte receives the following interest payments: $700 from Home Depot bond, $440…

A: Answer State of California bond and Guam bond are exempt so interest received shall not be consider…

Q: Mr. Alpha, is an employee of ABC Company. He is not engaged in business nor has any other source of…

A: The portion of your gross income known as "taxable income" is used to determine your tax liability…

Q: During 2022, Ash had the following cash receipts: Wages Interest income from U.S. Treasury bonds…

A: Gross income is comprised of your salary, dividends, capital gains, business revenue, retirement…

Q: net operating loss carryovers or carrybacks). $ (90,000) (40,000) 70,000 170,000 2017 2018 2019 2020…

A: Permanent differences do not change in subsequent periods, leaving a gap between financial…

Q: Compute the effective income tax rate for 2020. (Round answer to 2 decimal places, eg 25.51%.)…

A: Effective Tax Rate = Tax liability / Financial Income Tax Liability = Taxabe Income * Tax rate

Q: dependen les as Singie lax year Answer: А. S2,500 В. $5,000 C. S7,500 D. $10,000 B.

A: The correct answer is option (d)$10000

Q: RRSP Marsha had the following income in 2020and 2021 Employment income Business income Interest…

A: The RRSP deduction limit is determined with respect to the lower of 18% of total income or the…

Q: NEED HELP ON PART B PLEASE For 2021, Sherri has a short-term loss of $2,250 and a long-term loss…

A: The gain or loss from the sale of a qualifying investment that has been owned for more than 12…

Q: Assuming ABC is a resident citizen with two dependents including her senior citizen mother, how much…

A: Taxable Income:- It is an income that is liable to pay tax to the government bodies as per the rules…

Q: Part V. Self-Employment Tax Computation 2019 Net Schedule-C income (from page 2): 184880___…

A: Self Employment Tax Internal Revenue Service (IRS) imposed to collect the taxable amount whether the…

Q: Required A Required B Required C Wilfred, attempting to evade his taxes, did not file a tax return…

A: Introduction A taxpayer is anybody who owes taxes to the national, state, or local governments,…

Q: how did you calculate the 1,1159 for the PPE Net for 2019

A: PPE = Beginning PPE 2019+ CAPEX 2019- Depreciation 2019

Q: Calculate the total Social Security and Medicare tax burden on a sole proprietorship earning 2022…

A: ANSWER:- Total tax=$ 26,955.90 =$ 26,956 (nearest value)

Q: In 2021, Miranda records net earnings from self-employment of $244,400. She has no other gross…

A: Tax Liability - Tax liability is the sum of money that a person, company, or other entity owes to a…

Q: The FICA Tax (LO 9.2) Lamden Company paid its employee, William, wages of $263,000 in 2022.…

A: Withheld from William wages Income/wage limit for social Security in 2022 = $147,000

Q: -As per UK tax laws, the adjusted net income of an induvial is more than £125,000. The personal…

A: Personal Allowance: Personal allowances are deducted from the taxable income. A person who is…

Q: In 2022, which of the following miscellaneous deductions are not subject to the 2 percent of AGI…

A: Miscellaneous deductions refer to eligible expenses incurred by taxpayers that don't fit into…

Q: Senior citizens earning P300,000 a year from compensation income are exempted from income taxation.…

Q: 1. How much is the Interest Revenue to be recognized in 2021?

A: Given in the question: Total Initial Franchise Fee ₱20,00,000 Break-Down Cash…

Q: In 2022, Miranda records net earnings from self-employment of $164,400. She has no other income.…

A: The term self employment tax comprises of the social security as well as medicare taxes and it is…

Q: An employee has a gross compensation income of P350,000 in 2019. His employer deducted P3,000 SSS,…

A: Computation of gross taxable compensation income: Amount Gross compensation income P350,000…

Q: During the year ended 30 Jun 2020, Ms Ria,, a resident of Australia, has received rents of $41879…

A: Taxable income is an amount of a person's or entity's total income that is subject to government…

Q: In December 2023, GrabCo withholds from an employee's pay: $100FICA; $200 FITW; $50 SIT, and a $40…

A: 941 - Tax Liability: The 941 tax liability includes all the income taxes, medicare care taxes on…

Q: WhyRU Company usually depreciates its equipment using straight line method for accounting purposes,…

A: Depreciation Using SLM method of Accounting = Cost Of asset- Residual Salvage Value/ useful life of…

Q: 10. What is the capital gain inclusion rate for 2021? a) $0, capital gains are not taxable b) 75% of…

A: A capital gain occurs when there is an increase in the value of capital assets and the gain is…

Q: Which one of the following amounts represents the maximum amount that you may deduct for moving…

A: Moving expenses: These are the expenses associated related to your moving your household’s goods and…

Q: The income tax due is P1,000. What is the compromise penalty on filing of an income tax return with…

A: It is very significant to file the income tax return with correct Revenue District Officer to avoid…

Q: Trey has two dependents, his daughters, ages 14 and 18, at year-end. Trey files a joint return with…

A: Tax liability is the amount of money you owe to tax authorities such as your local , state and…

Question

GE 10:13 O O O
01:57:18 Remaining
Multiple Choice
In 2021, Z earned P620,000
compensation income but
incurred P280,000 net loss in her
business. What is her income
tax due/payable assuming she
incurred personal expenses of
P160,000.
ZERO
P18,000
P45,000
P85,000
34 of 60

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

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

Exercise 19-14 (Algorithmic) (LO. 5) Zack, a sole proprietor, has earned income of $36,145 in 2022 (after the deduction for one-half of self-employment tax). What is the maximum contribution Zack may make to a defined contribution Keogh plan? 58,000 X
2022 Taxable Income and Income tax liability (before any credits)
Dog
How about these questions: 1. how much is the Net Income (Loss) in 2021? 2. assuming the collectability of the note is uncertain, how much is the Franchise Revenue to be recognized in 2021?
X derived the following income in 2020, shade A if the income is subject to regular income tax, B if it is subject to final tax, C if it subject to capital gains tax and D if it is exempt
A3
M2.
37. True or False. As per TRAIN Law, the excess de minimis benefits received may be added as part of non-taxable 13th-month pay and other benefits if the latter does not exceed P82,000.
SM2
Qw.3.
S7).
I have two similar Becker review questions that are part of my homework. I can't find any solutions that match my options to check my work. The two checks are Two independent situations are described below. Each situation has future deductibel and/or future taxable amounts producted by temporary differences. Situation 1 2 Taxable Income 40,000 80,000 Amounts at year-end Future Deductible amt 5,000 10,000 Future at Beg of year 0.0 5,000 Bal at Beg of year Deferred tax asset 1,000 4,000 Deferred tax liab 0.0 1,000 Enacted state and Federal tax rate is 25%. Determine the change in the deferred tax asset balance for the year. options are a 5,000 and 10,000 b 250 and 1,500 c 1,250 and 2,500 d 0 and 0 I chose answer b Are you able to confirm if I am correct or if I…