Cardo received the following items during the year: P200,000 donation from a girlfriend; P100,000 service fee from professional services; P300,000 inheritance from his deceased father;P100,000 income from illegal gambling; P50,000 gain on sale of his personal car; and P250,000 profits from his bar restaurant. Compute the total income subject to income tax.       P1,050,000       P750,000       P550,000       P500,000

Q: A married couple with 2 twin 7 year children makes $30,000 in combined income and had $3,000…

A: The refund of tax is calculated as the excess of the tax withheld as compare with the tax liability…

Q: Mary, a widow, died in 2023. Her personal representative filed a federal estate tax return showing…

A: Everything owned by a person who has died is known as their estate. The estate may be made up of:…

Q: Allan is a married man with surviving spouse: Community properties: Real property located in…

A: Estate taxes can help prevent the development of dynastic wealth, which is money that is passed down…

Q: Dalisay is a private architect. Advances for future services to be rendered-40,000 collections for…

A: Gross income: It implies to the total income that is received by an individual or any taxpayer…

Q: Last year, Marylynn opened Baron’s Appliance Sales and Service. Her tax accountant provided the…

A: a) Taxable income is derived by subtracting expenses and depreciation from gross income. Taxable…

Q: J sold a diamond ring for $5,000 that she purchased for $700 many years earlier. She also sold a…

A: The objective of the question is to calculate the net income to be reported for tax purposes. This…

Q: the beginning of the year, Mr. Lanier put $50,000 cash into Investment X. At the end of the year, he…

A: A preferential rate refers to a tax rate that is lower than the standard tax rate applied to a…

Q: How much is the estate tax due on the estate of Nicanor?

A: There are two types of expenses or claims against an estate that can be used to figure out how much…

Q: limitations, how much of the $34,000 contribution is deductible? $45,000 $34,000 $0 $17,000

A: Marianna has contributed $34,000 in cash to a foreign charitable organisation. Generally,…

Q: Nicanor left the following bank deposits upon his death: - Uno Bank- 1,000,000 - Dos Bank-…

A: Final taxes refers to the taxes which are prescribed on certain income and once the income of the…

Q: Dan's AGI is $173,702, including $15,000 ofa taxable income. He paid the following taxes during this…

A: Computation of amount that Dan can deduct for taxes as an itemized deduction this year:…

Q: Problem 4-29 Part-a (Algo) a. Determine Jeremy's tax refund or taxes due. Description (1) Gross…

A: The gross income means the total of all the incomes that are earned by the taxpayer. The gross…

Q: During the current year, Clint, single, had AGI of $180,00. He also paid for the following…

A: Itemized Deduction can be claimed for  1) Medical and Dental expenses  (Maximum expense of 7.5% of…

Q: Trevor is a single individual who is a cash-method, calendar-year taxpayer. For each of the next two…

A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first3. Please resubmit the question…

Q: After paying the corresponding estate tax, Nicanor inherited a house and lot from his father valued…

A: Vanishing Deduction is an estate tax provision that permits a deduction for assets that were…

Q: eficiary of a trust. The trust paid his Palm Springs Country Club dues directly paid the rent on his…

A: In the given case, Wally is a beneficiary of the trust and receives an income, directly or…

Q: a taxpayer has the following financial results for a particular year: business profit - a enterprise…

A: The total taxable income seems to be an income which is the sum of all income from all sources after…

Q: Dan has AGI of $50,000 and paid the following taxes during this tax year.        State income…

A: Only state income tax withholding and state income tax estimated payments will be deductible as…

Q: Dan has AGI of $50,000 and paid the following taxes during this tax year. State income tax…

A: When you file your federal income tax return in the United States, you have the option to claim…

Q: Nicanor is a married man with surviving spouse: Community properties: Real property located in…

A: Computation of Gross Estate: Particulars Exclusive Communal Total Exclusive Family House…

Q: State income tax withholding $ 1,250 State income tax estimated payments   700 Federal income tax…

A:

Q: Qualified medical expenses $8,000 Investment interest expense 17,000 Other investment activity…

A: Taxable income refers to the sum value of money gained by an entity which is subject to a mandatory…

Q: In 2017 Warren made $600,000 in taxable gifts but did not have to pay any gift tax. The unified…

A: Solution Taxable income is the income upon which tax is levied.  In other words , Its refers taxable…

Q: Jack a widower, died late last year (2020) with a gross estate of $10 million. Jack made one taxable…

A: The federal estate tax is computed after the death of the taxpayer to calculate the tax liability on…

Q: Ed borrowed $10,000 to purchase City of Valdosta bonds. This year, he received $600 in City of…

A: Deducting interest on a loan refers to the ability to subtract the interest paid on a loan from…

Q: Charles has AGI of $39,000 and has made the following payments related to (1) land he need o and (2)…

A: Answer:-  Itemized deduction meaning:- Every taxpayer is legally able to lower their income tax…

Q: Allan left the following bank deposits upon his death:

A: In the above problem  there is no mention of country.  Normally from currency…

Q: a) How much interest, if any, can Jaxon deduct this year if his business uses the cash method of…

A: Meaning of Cash method accounting In this expenses and income are booked in the period in which it…

Q: Calculate the amount of taxes Charles may include in his itemized deductions for the year under the…

A: This is a follow-up question and now the computation of taxes deduction from agi is to be assumed…

Q: Juan died with a receivable collectible from Ernest Rutherford. Ernest Rutherford has assets…

A: Determine the type of insolvency proceedings that are being carried out. Ensure that you have a…

Q: Mario, a single taxpayer with two dependent children, has the following items of income and expense…

A: Part( a )Mario's taxable income or loss for 2020. Adjusted Gross Income :-  Gross receipts from…

Q: Jessica had the following gains and losses for the year:   Long-term loss = $45,000 Short-term…

A: To determine the gain or loss that Jessica will deduct on her current tax return, we need to first…

Q: Sam and Diane are completing their federal income taxes for the year and have identified the amounts…

A: = Medical & Dental in excess of 10% AGI + State Income tax + Mortage Interest + Charitable…

Q: Nicanor left the following bank deposits upon his death: Uno Bank- Php 1,000,000 Dos Bank Php…

A: A tax levied on the transfer of a deceased person's estate is called as estate tax. It is based on…

Q: During 2018, Fred Reardon incurred the following expenditures in connection with his coin collecting…

A: a). Deductible expenditure is Travel expense, however, limited to Gross income of Fred. Accordingly,…

Q: Aaron's chairs is in the process of preparing a production cost budget for August. Actual costs in…

A: Total variable cost of 120 chairs = Materials cost + Labor cost = $4,730+2,940 = $7,670

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.