Bryan sold the following shares of stock of domestic corporations which he bought for investment purposes Selling price Selling expense Cost Listed and Traded Not Listed and Traded 250,000 143,680 12,000 3,680 118,000 80,000

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 the tax shield of interest?

A: Interest tax shields: It alludes to the assessment obligation decrease because of the interest…

Q: What is Income tax payable?

A:

Q: Given the following tax structure, what minimum tax would need to be assessed on Shameika to make…

A: Tax Rate=Total TaxTotal Salary×100

Q: What is Marginal tax rate ?

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

Q: What is Capital Gains Tax and give examples?

A: Income tax:  It is the amount a person is liable to pay on the earned amount in an accounting year.…

Q: Mavic Enterprises Post-Closing Trial Balance Dec. 31, 20X1 (in Philippine Peso) TITLE Dr Cr Petty…

A: Statement of Financial position (Report Form) Assets   Amount (P) Current assets      Petty…

Q: What are the capital assets subject to capital gains tax?

A: capital assets are significant piece of property which may be the home ,cars investment property…

Q: What is the difference between tax reliefs and tax credits?

A: Taxes are mandatory payments placed on individuals or businesses by a government agency, whether…

Q: What are long-term capital gains? Are they taxed like other income? Explain.

A: A long-term capital gain or loss is the gain or misfortune coming about because of the selling of…

Q: What’s the difference between marginal and average tax rates?

A: The taxes are the government source of income from the general public. The tax rate are the…

Q: What are the advantages of an indirect tax such as the VAT compared with an income tax?

A: The objective of this question is to understand the advantages of an indirect tax, specifically…

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: During the year 2021, Johnny is having a hard time fin decided to set up a small business in order…

A: The answer is stated below:

Q: Diamond trading has the following data: Sales 500,000 Electricity expense 50,000 Water expense…

A: NET profit after tax is calculation of company's profit after all the expenses and Tax that is paid.…

Q: Mang Panday, a resident citizen taxpayer approached you and presented the following- * Description…

A: The calculation solution for the above mentioned question is given in the following steps.

Q: What are the additional income taxes?

A: Income tax: Income tax is a tax levied on an individual’s income (taxable income). It is a direct…

Q: How to calculate Value-added tax

A: Value added tax is a type of tax that is charged by the central government on the sale of…

Q: How much was the profit before finance cost and income tax?

A: Cash Flow Statement is a part of the Financial Statement of a company. It literally means a…

Q: What are the features of final income tax?

A: Introduction:- Final tax is one of the exemptions to the extent of the regular income tax. An…

Q: What is the Net Income After Tax?

A:

Q: What are taxes?

A:

Q: A certain state uses the following progressive tax rate for calculating individual income tax:…

A: We have to calculate the taxes based on the tax brackets until the complete salary of $70000.   So,…

Q: What is personal income tax and it's use?

A: Income tax is a type of tax that governments impose on income generated by businesses and…

Q: how is income tax expense calculated?

A: Income tax expense is form of direct tax which needs to be paid by individual or business…

Q: What is meant by an effective tax rate? What does it measure?

A: The effective tax rate is the percent of individual or a corporation’s income that they pays in…

Q: What is tax due?

A: Tax Due: Tax due is the tax liability that is payable by any individual person or a corporate body…

Q: What are direct taxes?

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

Q: How do taxes affect the target capital structure?

A: One of the key issues that overseers of corporations should take into consideration once designing…

Q: What is Percentage Tax?

A: Tax:- A tax is the compulsory payment which is imposed by the government on income and capital gain…