36. The following interest payments were made by an individual income taxpayer in 2022:Sua12/8TUCKTueboey Tudor:TDGETOLva1 ne gosInterest on loan from BDO used to financea businessInterest on loan from Pag-Ibig to buildresidenceA. 80,000B. 82,500C. 175,000D. 221, 500Interest on loan obtained from brotherand used in businessInterest on loan from BPI used to buycomputer equipment in the officeInterest for late payment of value-addedtaxInterest on purchase price of residentiallot bought on installmentsInterest payment on a debt which hasprescribedThe deductible amount of interest isOP 50,000100,00025,00030,0002,5002,00012,000

Deductible interest expense refers to the interest payments that an individual or business can…

36. The following interest payments were made by an individual income taxpayer in 2022: Interest on loan from BDO used to finance a business Interest on loan from Pag-Ibig to build residence B: Broder Tuce T TUS otro 10737 11 IC Ro Interest on loan obtained from brother and used in business A. 80,000 B. 82,500 C. 175,000 D. 221, 500 Interest on loan from BPI used to buy computer equipment in the office Interest for late payment of value-added tax Interest on purchase price of residential lot bought on installments Interest payment on a debt which has prescribed The deductible amount of interest is O P 50,000 100,000 25,000 30,000 2,500 2,000 12,000

36. The following interest payments were made by an individual income taxpayer in 2022: Interest on loan from BDO used to finance a business Interest on loan from Pag-Ibig to build residence B: Broder Tuce T TUS otro 10737 11 IC Ro Interest on loan obtained from brother and used in business A. 80,000 B. 82,500 C. 175,000 D. 221, 500 Interest on loan from BPI used to buy computer equipment in the office Interest for late payment of value-added tax Interest on purchase price of residential lot bought on installments Interest payment on a debt which has prescribed The deductible amount of interest is O P 50,000 100,000 25,000 30,000 2,500 2,000 12,000

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

min.6
6
1. Determine whether each statement is true or false. If the statement is false, make the necessary change(s) to produce a true statement A. You spent 1% of your $50,000-per-year salary on gifts, so you spent $5000 on gifts for the year. B. Federal income tax is a percentage of your gross income. C. Collision coverage pays for damage to another car if you cause an accident. D. Over the life of an installment loan, the interest portion increases and the portion applied to pay off the principal decreases with each successive payment. E. After depositing $1500 in an account at a rate of 4%, my balance at the end of the first year was $(1500)(0.04). 2. Under what circumstances should taxpayers itemize deductions? Explain. 3. Write the difference between debit cards and credit cards. 4. Describe the difference between simple and compound interest. 5. Define the terms: mortgage and down payment? 6. In what circumstance we use formula A = Pert to calculate the future value from compound…
MN.38. Levi brings in four Forms 1098 with mortgage interest for the following properties: First mortgage on his home: $157,350 balance with interest paid of $6,294. Equity debt on his home: highest balance for year of $47,000 (all used for home improvements) with interest paid of $1,880. Mortgage on his vacation home: $99,000 balance with interest of paid of $4,455. Mortgage on his rental property: $142,300 balance with interest paid of $6,403. How much is he able to deduct on Schedule A (Form 1040), Itemized Deductions, for interest reported on these forms? $8,174 $10,749 $12,629 $19,032 please don't choose 8,174 wrong
Hardev
M8
Problem 2: Determine AGI During 2021 Carl Spackler, a single taxpayer with no dependents, reported the following information: Receipts Wages from his job as a groundskeeper Payments from Lacey Underhall Cash Received from Rolling Hills Country Club, Ltd Expenditures Investment Interest Real Estate Taxes Contribution to a Health Savings Account Purchase of Xbox ● 150,000 Required: Determine Carl's AGI for 2021. 20,000 80,000 3,000 2,000 1,000 ADDITIONAL INFORMATION • Carl is an investor in a partnership - Rolling Hills Country Club, Ltd. His ownership percentage is 15% and during the year the partnership generated total profits of $2,000,000. Lacey is Carl's ex-wife. They were divorced in 2015 and the payments will cease when Carl dies. Any item you determine is an allowable deduction you can assume that the whole amount is deductible. 5,000
H5.
13.E J owns some property that has an assessed value of $415,920. Calculate the tax due if the tax rate is 33.25 mills. (Round your answer to the nearest cent.) a.$13,725.36 b.$13,829.34 c.$16,636.80 d.$17,988.54
A taxpayer pulled out $85,000 from their retirement plan to cover living expenses in TY2020 due to loss of income related to the COVID-19 pandemic. Assuming that they did not opt to tax all income in TY2020; What is the amount of the retirement income they will report in TY2021? Select one: a. $42,500 b. $28,333 c. $21,250 d. $0