Sarah has the following items of income:AbroadP 100,00050,000PhilippinesP 200,000100,000400,000300,00030,000000000Business incomeProfessional feesCompensation incomeRent income200,000 000.000,2940,000 000.0oe 49Interest income1. Assuming Sarah is a resident citizen, compute the total income subjectPhilippine income tax.P1,390,000b. P1,180,000c. P1,030,000d. P1,420,000а.Sxel ol 0jdua omorIsto2. Assuming Sarah is a resident alien, compute the total income subject to Philippineincome tax.P1,420,000b. P1,180,000c. P1,030,000d. P390,000a.er-E maldor19sd 2sd3. Assuming Sarah is a resident corporation, compute the total income subject tPhilippine income tax.P1,420,000b. P1,030,000gajon noile inabizec. P1,180,000d. P390,000ho ebs ni bogegns ton neils inabize1-noа.4. Assuming Sarah is a domestic corporation, compute the total income subjectPhilippine income tax.P 390,000b. P1,030,000OS-Ec. P1,180,000 o 2eniqqilid9 ors lol odwnshizar no0sy o ol mositio ans biesha.d. P1,420,000

Residence Status of Philippines tax payment It is difficult in part to make the judgement of the…

Answered: Business income 50,000 100,000 400,000…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question 13: Louisa is an employee of Maroon Corp. Louisa files as Married Filing Jointly on her tax return. Over what amount will Maroon Corp. begin to withhold the additional Medicare tax from her earnings? Answer: A. SO В. O $125.000 C. O $200,000 D. $250,000
A resident citizen provided the following information for 2018: Compensation income Gross business income, Philippines Gross business income, Singapore Business expenses, Philippines Business expenses, Singapore Income tax withheld by employer on compensation income Income tax withheld by customers on business income in the Philippines Income tax paid to the BIR for the first 3 quarter of the year P1,000,000 2,000,000 3,000,000 1,400,000 2,050,000 150,000 100,000 125,000 Determine the income tax payable of the taxpayer.
Individuals Schedule X-Single The tax is $11.000 Chuck, a single taxpayer, earns $79,200 in taxable income and taxable income in over. But not over $15,000 in interest from an investment in City of Heflin bonds. (Use the U.S. tax rate schedule.) 10% of taxable income $ 44,725 $1,100 plus 12% of the excess over $11,000 $95,375 $5,147 plus 22% of the excess over $44,725 $182,100 $16,290 plus 24% of the excess over $95,375 $231,250 $37,104 plus 32% of the excess over $152.100 $578,125 $52,832 plus 35% of the excess over $231,250 | $174,258.25 plus 37% of the excess over $578,12 Required: a. If Chuck earns an additional $40,000 of taxable income, what is his marginal tax rate on this income? b. What is his marginal rate if, instead, he had $40,000 of additional deductions? Note: For all requirements, do not round intermediate calculations. Round percentage answers to 2 decimal places. a. Marginal tax rate b. Marginal tax rate 24.00 % 22.00 % $ 11,000 $ 44,725 $ 95,375 $182,100 $231.250…
Problem 7-21 (Algorithmic) Foreign Tax Credit (LO 7.6) Martha and Lew are married taxpayers with $2,000 of foreign tax withholding from dividends in a mutual fund. They have enough foreign income from the mutual fund to claim the full $2,000 as a foreign tax credit. Their tax bracket is 28 percent and they itemize deductions. Should they claim the foreign tax credit or a deduction for foreign taxes on their Schedule A? If required, round your answer to the nearest dollar. The foreign tax deduction will result in a s tax benefit where as claiming the foreign tax credit yields a $ tax benefit. Therefore, the taxpayers should
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A resident foreign corporation has the following income and expenses for the year: Philippines Abroad Gross sales P100,000,000 P40,000,000 Cost of sales 40,000,000 20,000,000 Operating expenses 30,000,000 12,000,000 1. How much is the income tax due assuming the taxable year is 2021?2. Assuming the corporation is a nonresident foreign corporation and the taxable year is 2021, how much is the income tax due?
Question 5) Canada, US, and China. Taxable income Net Canadian active business income manages by Canadian citizens who are in Ontario. They have activities in Net taxable capital gain royalty income interest expense Foreign Dividend salary expense Foreign tax paid for business Foreign tax paid for None business 250,000 $ 50,000 $ 15,000 $ 5,000 $ 2,000 $ 5,000 $ 75,000 $ 8,000 $ 12,000 $ How much they have to pay for Federal tax? Canada salary 45,000 $ China 5,000 $ US 25,000 $ revenue 150,000 $ 40,000 $ 60,000 $
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1. Which of the following must be included in the gross income of the recipient in 2021? a.Unemployment compensation b.Child support payments c.Welfare payments d.Gifts e.All of these choices are included in gross income. 2. All of the following must be included in gross income, except: a.Gambling winnings b.Jury duty fees c.Dividends d.Gifts e.Partnership income 3. All of the following amounts are excluded from gross income, except: a.Gifts b.Veterans' benefits c.Tips and gratuities d.Child support payments e.Scholarship grants for tuition

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