A resident citizen has the following data on income and expenses in 2018:             Gross compensation income         ₱ 200,000             Gross sales                                          900,000             Cost of sales                                        500,000             Business expenses                            200,000   He avails himself of the Optional Standard Deduction. How much is the OSD? a. ₱80,000 b. ₱160,000 c. ₱200,000 d. ₱360,000 ANSWER:

Q: 1. Tax Administration in Malaysia •Specific Income that is exempted from tax • Basis year and…

A: Hey, since there are multiple questions posted, we will answer first question. If you want any…

Q: Rex, a Filipino residing in Laguna, has the following income for 2021: Compute the income subject…

A: To determine the income of REX which will be subject to regular tax, the very first step is to…

Q: Badges of trade are used to determine A. if an individual is UK resident or not B. whether or not a…

A: The first part of the question is asking what the purpose of 'badges of trade' is in the context of…

Q: The Palestinian income tax system 2020 is as follow:   Annual Income (sheqle) Tax Rate 1 – 30,000…

A: Khalil: Total tax liability = 30000 * 0% + (65000 -30000) * 6% + (150000 - 65000) * 12% + (200000 -…

Q: Business Income-Philippines 1,000,000.00 Business Income-Abroad 500,000.00 Rent Income on property…

A: The taxability of income in Philippines is based on the following rules:- Source of Income…

Q: Compute the income tax due for 2021

A: Tax is the amount which is calculated on the taxable income of a taxpayer. The tax rate is specified…

Q: Individual H received eligible dividends totaling $15,000 in the current year. What is the amount of…

A: The Federal Dividend Tax Credit is designed to reduce the amount of taxes an individual pays on a…

Q: A Single Taxpayer In US Has The Following Information: Item US$ Gross Income 500,000 Exclusions…

A: Calculation of taxable income.  Taxable Income = Gross Income - Exclusions - Deductions for Gross…

Q: Problem Solving 1A, non-resident alien not engaged in business in the Philippines, has the following…

A:

Q: Allowable Deducti Taxable Income Option Income Tax Due Gross Income Taxpayer Philadelphia 100,000…

A: As per our protocol we provide solution to the first three sub-parts but you have provided multiple…

Q: 1) 2) PTS 3) The taxable income of Goblin is : Goblin's total final taxes on his passive income is…

A: Tax accounting Tax accounting is the practice of generating tax liabilities and assets in an…

Q: The donor's tax due, including increments

A: Taxable Amount: The fair market value of the house and lot (P500,000) is used as the taxable…

Q: Mr. C, married, is a citizen and resident of the Philippines. He had the following data on income…

A: Individuals and businesses pay income taxes based on their earnings or profits. In most…

Q: Badges of trade are used to determine A. if an individual is UK resident or not B. whether or not a…

A: The objective of the first part of the question is to understand the purpose of 'badges of trade' in…

Q: Tax credit for income tax paid or incurred to a foreign country

A: A resident citizen may be subject to foreign taxes under two possible circumstances: (1) he has…

Q: What is the maximum amount of adoption tax credit available for an individual? $10,000 $13,190 10…

A: According to the question given, we need to select the correct option from the given…

Q: Solve for the tax due on the given taxable income, Use A. Graduated Income Tax table. And B. OSD…

A: OSD is an abbreviation for the optional standard deduction, which is a deduction from gross taxable…

Q: Ms. Delta has a P800,000 net taxable income, what is her tax rate? A. 20% of the excess over…

A: Income tax:   Income tax is the tax that an individual is responsible for on their earned income. It…

Q: K Andy Palermo is a commission salesperson with a base salary of $98,000. In 2023, he earns…

A: To calculate K Andy Palermo's maximum deduction for expenses in determining his 2,023 employment…

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: 6. A kind of tax paid once a person receive an amount of money from a living relative abroad. O…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: A, resident citizen, had the following data for 2018: Ordinary Taxable Income Gain from sale of…

A: The financial position of the company can be arrived from the income statement prepared by the…

Q: the total surcharges (exclusive of interest) is

A: As per Philippians Law the surcharge excluding interest is 25% of tax due.

Q: Business Income-Philippines 1,000,000.00 Business Income-Abroad 500,000.00 Rent Income on property…

A: Particulars  Amount  Amount Income from Business           Business income- Philippines…

Q: What is Mohamed's taxable income for 2019, note that the personal allowance is £10,600,

A: The final amount of income over which the tax rate is charged for the tax liability is known as…

Q: What is the basic income tax payable for a foreign resident individual with taxable Australian…

A: Introduction:The basic tax rates for Australian Residents Individual prevailing for the year 2022-23…

Q: ,000 and a net income from business of P700,000 for a year. Compute for the total income subject to…

A: Income is the sum value of money collected by an entity through multiple sources in a particular…

Q: How much was the taxable income assuming the taxpayer was a: a. non-resident citizen engaged in…

A: Taxable income is the income on which the tax amount is computed. There are certain deductions and…

Q: User During the 2023 income year, Lance McGuinness (a non-resident taxpayer) received the following…

A: In Australia, the taxation of non-residents is governed by the Australian Taxation Office (ATO).…

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: VAT taxpayer purchased goods for P900,000 and paid input VAT of P108,000 for the same. He sold the…

A: VAT means the value added tax which is levied on sale and purchase . Vat paid on purchases is booked…

Q: INSTRUCTIONS:   Read carefully, analyze and understand the problem.   For your answers,  provide…

A: In the case of a resident taxpayer, all of his income will be taxable in India, regardless of…

Q: A Russian programmer received P1,200,000 compensation income for his services rendered in Makati and…

A: Answer: Compensation Income for services rendered in Makati = P 1,200,000      = Taxable Rental…

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: Bill has the following income and expense statement: Income Salary Bonuses Rental income Capital…

A: Taxable income is the income which is subject to taxation. In order to arrive at the taxable income,…

Q: Susan Cain is employed at Quiet Inc. and is paid a monthly salary of ₱70,000. How much is her net…

A: Monthly Salary = ₱70,000 Mandatory Deductions from Salary are: 1. Social Security System (SSS):…

Q: 20. A resident citizen has a compensation income of P1,250,000 within the Philippines and P150,000…

A: Taxable income is the income on which the individual, resident of the country require to pay the…

Q: QUESTION 10 Maria is employed by a major defense contractor and earns $156,000 in 2016. She…

A: Social Security tax is the tax levied on each employer and personnel to fund the Social Security…

Q: Assuming that the taxpayer is a resident citizen, the taxable income (subject to ordinary income…

A: Taxable incomes which are chargeable at the rates of the ordinary income taxes is the income only…

Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.