30. Julian Tan owns a store specializing in rare trinkets which is her only source of income. She signified her intention to be taxed at 8% of gross sales in her 1" Quarterly ITR of the taxable year. Her sales, cost of sales, operating expenses, and non-operating income for the 4 quarters are as follows: Ist Quarter 2nd Quarter 3rd Quarter 4th Quarter 3,500,000 (800,000) 2,700,000 Sales 400,000 600,000 2,000,000 Cost of sales (100,000) (200,000) 400,000 (600,000) 1,400,000 Gross income 300,000 (170,000) (190,000) 210,000 (500,000) (820,000) Operating expenses Income from operations Non-operating income Net income 130,000 900,000 1,880,000 35,000 165,000 65,000 275,000 50,000 950,000 75,000 1,955,000
30. Julian Tan owns a store specializing in rare trinkets which is her only source of income. She signified her intention to be taxed at 8% of gross sales in her 1" Quarterly ITR of the taxable year. Her sales, cost of sales, operating expenses, and non-operating income for the 4 quarters are as follows: Ist Quarter 2nd Quarter 3rd Quarter 4th Quarter 3,500,000 (800,000) 2,700,000 Sales 400,000 600,000 2,000,000 Cost of sales (100,000) (200,000) 400,000 (600,000) 1,400,000 Gross income 300,000 (170,000) (190,000) 210,000 (500,000) (820,000) Operating expenses Income from operations Non-operating income Net income 130,000 900,000 1,880,000 35,000 165,000 65,000 275,000 50,000 950,000 75,000 1,955,000
Chapter5: Unemployment Compensation Taxes
Section: Chapter Questions
Problem 5PA
Related questions
Question
Compute her income tax payable in her Annual ITR?
a. 613,400
b. 638,400
c. 920,400
d. 628,200
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
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.Recommended textbooks for you
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781305084087
Author:
Cathy J. Scott
Publisher:
Cengage Learning