a. Use Georgia's Corporate Income Tax Form 600 and Instructions to determine what federal-to-state adjustments Bulldog needs to make for Georgia. Bulldog's federal taxable income was $194,302. Calculate its Georgia state tax base.
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- 11.A taxpayer is claiming tax preparation expense as a legal and professional fee. They paid $430 at your office last year. The forms breakdown by cost is as follows: Form 1040- $100 Form Sch. C- $125 Form SE- $55 Form 8867- $75 Form 8863- $75 What is the correct amount that can be deducted on their Schedule C for the current year? Choose one answer. a. $280 b. $180 c. $355 d. $430Multiple Choice $200,933 $174,983 $208,433 $172,509Question 3 Keith has a bakery, producing breads and cakes. The main raw material is the flour. During the 2 months period ending February 2017, the following quantities of flour (in unit) were received into and issued out of, stock as follows: January 1 Balance 50 units at RM3/unit 12 Purchased 100 units at RM3/unit 18 Purchased 90 units at RM3.20/unit 23 Issued 80 units February 2 Purchased 200 units at RM3.50/unit 11 Issued 240 units 21 Issued 80 units 25 Purchased 50 units at RM3.40/unit Required: Prepare the store ledger card and calculate the value of closing stock of flour at the end of 2-month for 2017 using: FIFO method LIFO method Weighted average cost method (AVCO)
- Given the following tax structure, what minimum tax would need to be assessed on Shameika to make the tax progressive with respect to average tax rates?Jurisdiction X levies a flat 10 percent tax on individual income in excess of $35,000 per year. Individuals who earn $35,000 or less pay no income tax. Required: a. Mr. Hill earned $92,600 income this year. Compute Mr. Hill's income tax and determine average and marginal tax rate. b. Ms. Lui earned $43,700 income this year. Compute Ms. Lui's income tax and determine average and marginal tax rate. c. Ms. Archer earned $31,800 income this year and paid no income tax. Describe Ms. Archer's average and marginal tax rate. d. What type of rate structure does Jurisdiction X use for its individual income tax? Complete this question by entering your answers in the tabs below. Req A to C Req D a. Mr. Hill earned $92,600 income this year. Compute Mr. Hill's income tax and determine average and marginal tax rate. b. Ms. Lui earned $43,700 income this year. Compute Ms. Lui's income tax and determine average and marginal tax rate. c. Ms. Archer earned $31,800 income this year and paid no income tax.…Please answer correctly
- 2. The 2010 U.S. Federal tax rate for single individuals was as follows: 10% on an adjusted gross income (AGI) between $0 and $20,000; 20% on the excess over $20,000 on an AGI between $20,000 and $60,000; and 30% on the excess over $60,000 on an AGI between $60,000 and $100,000. (a) Determine the tax function. (b) What was the couple's AGI if taxes are $13000?ABC corporation provided the following data for calendar year ending December 31, 2021 ($1 = P50). Use new tax rate under CREATE Law (RA 11534) d. If it opts to claim the tax paid abroad as deduction from gross income, Compute for its income tax. e. If it is private educational institution, Compute for its income tax due after tax credit. f. If it is a non-profit hospital, Compute for its income tax credit.Subject: acounting
- In each of the following cases, compute the corporation's regular tax, average tax rate and marginal tax rate: Use 2017 tax rate schedule if needed. Required: a. Silva Corporation has $168,000 taxable income for its tax year ended December 31, 2017. b. Goyal Corporation has $168,000 taxable income for its tax year ended December 31, 2018. c. Carver Corporation has $168,000 taxable income for its tax year ended October 31, 2018. Note: For all requirements, Do not round intermediate calculations. Round your final answer to nearest whole dollar amount and average tax rate answer to 2 decimal places. a. b. C. Corporation's Regular Tax $ LA LA X Answer is complete but not entirely correct. Corporation's Marginal Tax Rate 39 % 21 % 37 X % $ $ 48,770 35,280 168,000 X Corporation's Average Tax Rate 35.00 21.00 0.00 % % %1. Determining a Refund or Taxes Owed. Based on the following data, will Ann Wilton receive a federal tax refund or owe additional taxes in 2019? LO2 Net income, $48,190 Deductions to determine net income, $11,420 Federal income tax withheld, $6,784 Total non-refundable tax credit amounts, excluding medical expenses, $12,069 Medical expenses, $2,300Using the appropriate tax tables or tax rate schedules, determine the amount of tax liability in each of the following instances. Please use the 2020 Tax year a. A married couple filing jointly with taxable income of $32,991. b. A married couple filing jointly with taxable income of $192,257. c. A married couple filing separately, one spouse with taxable income of $43,885 and the other with $56,218. d. A single person with taxable income of $79,436. e. A single person with taxable income of $297,784. f. A head of household with taxable income of $96,592. g. A qualifying widow with taxable income of $14,019. h. A married couple filing jointly with taxable income of $11,216.
