A sole proprietor  who earned a net profit from their  business  may be eligible  for whichbof the following  tax benefits

Q: S1 - Individual taxpayers can be entitled to 1% (old rate 3%) percentage tax if their registration…

A: Correct option: B

Q: The purpose of schedule M-1 is to reconcile net income per tax return with net income per books

A: As per our guidelines we provide solution to one question only but you have asked four multiple…

Q: Jamie is an employee of LMN Corporation. He also sits on the board of directors of the organization.…

A: The directors seem to be the individuals appointed by the stockholders to lead, control, administer,…

Q: For the person​ below, calculate the FICA tax and income tax to obtain the total tax owed. Then find…

A: FICA Tax: FICA stands for Federal insurance contribution act. It is mandatory as per U.S law in…

Q: Requirements a. What is Sigma Corporation's income tax liability assuming its taxable income is (a)…

A: Income tax liability is the amount of tax that an individual or entity owes to the government based…

Q: Compute the taxable income subject to regular income tax

A: Taxable income: It implies to the income of the taxpayer that is charged or subjected to income tax…

Q: What is the minimum tax that Pedro should pay to make the tax structure vertically equitable based…

A: The Vertically Equity tax structure is the most widely used structure in order to calculate and…

Q: Given the following tax structure: Salary $ 21,500 $ 43,000 $ 21,500 Taxpayer Mae Pedro Venita Total…

A: Horizontal Equitable :— Horizontal Equitable States that If there is a Same Level of Income of Two…

Q: Regarding the federal income tax withholding tables, the amount of each employee's earnings withheld…

A: The amount you withhold for each of your employees is likely to vary since the total federal income…

Q: Winnings are generally a. exempt from any tax. O b. subject to regular tax. C. subject to 20% final…

A: Solution: As per taxation laws, Prizes and winnings are generally tax at full rate of 20%"

Q: Complete this question by entering your answers in the tabs below. Required A Required B How would…

A: The highest combined federal, state, and local income tax rates that are applicable to residents of…

Q: 5. Which of the following best describes the direct materials purchase budget? Select one: a. It…

A: Option a: This option  incorrect because  It is not the beginning point in the budget process. First…

Q: Given the following information, would it be better for Illinois $52,400 Federal taxable income…

A: Itemized deductions are expenditures on eligible products, services or adjusted gross income to…

Q: of an individual taxpayer for the current taxable period: s sales of sales discounts granted (for…

A: Standard deduction from Taxable Income:  It is the amount which deducted from the taxable income of…

Q: Compute for the tax due of the following individuals using the RA 10963 tax table. Show…

A: As per the RA 10963 tax table, the Tax rate structure for individuals having an only business income…

Q: is a tax on the net income or the ertire income reali s allowed by law. ee eaming purely…

A: (1) The given statement is true as there is progressive tax rate in Phillippines, income of resident…

Q: Which of the following statements regarding political contributions made by a corporation is…

A: Option a is incorrect because  Political contributions are not allowed as a deduction in the…

Q: Hayabusa is a resident citizen earning compensation and business income for 2021 as follows:

A: working note tax computation. 250,000 tax rate 0% 250,000 to 400,000 tax rate 20% 400,000 to…

Q: Schedule M-1 of Form 1120 is used to reconcile financial net income with taxable income. reported on…

A: M-1 of Form 1120 is used to reconcile financial net income with taxable income reported on the…

Q: Determine the amount of final withholding tax (include the ordinary income) assuming the individual…

A: Withholding tax is the money that an employer deducts from an employee's gross wage and sends…

Q: which has the highest marginal tax rate, an individual or a C corporation?

A: The marginal tax rate represents the percentage of tax applied to an individual's or entity's next…

Q: What is the final tax rate of dividend income earned by a domestic corporation from another domestic…

A: Correct option is D. None    final tax rate of dividend income earned by a domestic corporation from…

Q: Ross Martin arrived at the following tax information: Gross salary, $56,145 Interest earnings,…

A: 1) Ross report as taxable income = Gross salary + Interest earnings + Dividend income - Adjustments…

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

A: The tax payer is not self employed. He will therefore be governed by the employee's tax rates.Income…

Q: Pyri Flours, a sole proprietorship, owes $9,741 in taxes on taxable income of $61,509. If the firm…

A: Average rate of tax =

Q: Which of the following should not be claimed as deductions from gross income?   A. Interest payment…

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

Q: 51) Self-employed individuals are subject to the self-employment tax if their net earnings are more…

A: If an individual is self employed then that person is liable to self-employment tax if that…

Q: Calculate Anaheim Corporation's excess net passive income tax in each of the following alternative…

A: Step by step explanationExplanation:To calculate Anaheim Corporation's excess net passive income…

Q: Statement 1: The fringe benefit tax shall be treated as a final income tax on the employee which…

A: In the given question, two statements are given related to fringe benefit tax and four options. We…

Q: please answer this thank you

A: In this question, we have to find out the taxable income of Kagura under different circumstances.

Q: Given the following information, what is the corporation's federal tax obligation? Use the federal…

A: Tax on $7,000:Tax = $7,000 * 15%Tax = $1,050Tax on $67,000:Tax = $50,000 * 15% + ($67,000 - $50,000)…

Q: If the taxpayer is not subject to phaseouts, the qualified business income deduction is the smaller…

A: Correct answer is C. Taxable income.

Q: Farmers and ranchers must pay all of the following taxes on their annual business profits except: O…

A: Farmers and ranchers must pay all of the following taxes on their annual business profits except:a.…

Q: A resident Filipino engaged in business has a cost ratio to sales of 50%. All expenses are supported…

A: Here discuss about the details of the tax deduction which are available for business which was using…

Q: 1. What is the regular corporate income tax, if the corporation has a total allowable deduction of…

A: As per our rules, in case of multiple questions we are only allowed to solve the first question if…

Q: 1. What is taxable income? 2. What is the total tax expense on the financial statement? 3. What is…

A: 1. Taxable Income:   Taxable Income = Book Income - M&E Disallowance + Excess Tax Depreciation…

Q: What is the tax liability for a single person with taxable income of $27,880? What is the tax…

A: Tax liability for a single person with taxable income of $27,880 Taxable Income = $27,880   Tax…

Q: Kagura is a resident citizen, earning purely business income for the taxable year: Gross sales…

A: A percentage tax is a form of tax imposed on business carried on by individuals or entities under…

Q: A sole proprietorship firm has taxable income of $128,200. Assume this is the sole source of income…

A: Answer Taxable amount = $128,200

Q: Paloma Company has four employees. FICA Social Security taxes are 6.2% of the first $137,700 paid to…

A: Payroll taxes is the amount that is held by the employer from the employees' earnings and pay it to…

Q: 1. For the recent tax table, all individual tax payers are granted a personal exemption of 50,000…

A: As per our protocol we provide solution to the one question only but you have asked multiple…

Q: What is the amount of self-employment tax that would be paid by Andy for the year assuming he earned…

A: Self Employment taxes are levied on the proprietors of businesses mainly for the purposes of social…

Q: Indicate which of the following statements on the taxation of income from real estate under Personal…

A: Comment- We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: Use the net FUTA tax rate of 0.6% on the first $7,000 of taxable wages. ​ Aaron Norman earned…

A: a. Compute the employer's FUTA tax on Norman's earnings: FUTA= $7,000 × 0.6% =$42

Q: Under the 1987 Philippine Constitution To compute the income tax due, what are the 2 tax options of…

A: In the 1987 Philippine constitution, persons engaged in self-employment and professional practices…

Q: what are the​ taxpayer's FICA​ taxes?

A: Income tax is a direct tax and it is obliged to be paid to the government. Income tax payable is…

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.