amounted to P126,700. The foods and drinks b nightclub are being served by Tiberio, a non-VA uring the same month, Tiberio has gross receip ntals to Carlos amounting to P13,000. How mu t tax payable?

Q: Various Income Taxes: Should all types of income be taxed at the same rate? First, relate the…

A: Taxable Income: It is a part of a person's gross income that should be taxed. It is also referred to…

Q: Explain how does the company’s effective tax rate calculated.

A: Effective interest rate:   An effective interest rate is the real return on savings account or any…

Q: What distinguishes an income tax from other taxes?

A: A tax is a governmental entity's required financial charge or other kind of levy put on a taxpayer…

Q: How to calculate capital gain tax

A: Capital gain is one of the income heads under the Income Tax Act. It includes the gains arising to…

Q: What is intraperiod tax allocation?

A:

Q: What are all type of taxes we need to pay

A: As individuals and as entities we need to pay various direct taxes as well as indirect taxes in our…

Q: what are the two components of income tax expense

A: PLEASE LIKE THE ANSWER  Firstly, income tax expense means an amount of tax expense incurred on the…

Q: What is Income?   What is Total Income?   What is Net Income?   What is taxable income?

A: Income, in financial terms, refers to the money that an individual or business receives in exchange…

Q: What is meant by “tax allocation within a period”? What is the justification for such practice?

A: Tax: Tax refers to a compulsory payment or a contribution to the state revenue, levied by the…

Q: Property and income taxes are more popular than sales taxes and user charges? True or False

A: Taxes are the fees charged by the government to collect revenue and run the country. The money…

Q: Identify some of the reasons why accounting for income taxes is complex?

A: ANSWER : U.S. tax laws are complex and ambiguous.A company frequently prepares its financial…

Q: When is a receivable recognized for property tax assessments? When is the revenue recognized?

A: Property tax assessment is the process of evaluating the property for tax purposes. Then an…

Q: How do you calculate withholding taxes?

A: Federal income tax withholding:  The amounts which the employer withheld from employees’ gross pay…

Q: What is the taxable base for federal income taxes? a. Gross income b. Net worth c. Total assets d.…

A: Taxable base is the amount on which income taxes are calculated by applying the applicable rate.

Q: What are FUTA and SUTA taxes? Is there any possible reduction in the FUTA tax rate? If so, what is…

A: Introduction: Employer payroll taxes are paid by the employer from its own funds on the basis of…

Q: Illustrate what is incremental tax rate?

A: Definition: Tax: Tax is the compulsory legal payment that is imposed by the government.…

Q: What is the tax base for each of the following taxes? Income Tax GST FBT

A: Taxes are the amount of dues that is being payable to the government on account of income earned,…

Q: How did you come up the number for Income before income tax, why did you subtract the quipment cost.

A: Income before tax=Tax expenseTax rate-Depreciation expense

Q: What is a temporary difference related to deferred taxes?

A: Deferred Taxes:   The timing difference of tax effect called Deferred tax. Its recognized on all…

Q: How do tax laws affect leasing?

A: Lease:   It is an agreement between two parties where the one party agrees to rent an asset owned by…

Q: How do I calculate the amount of sales tax that is included in total receipts?

A: Sales tax = Actual sales * Tax rate