Clara had a business net income of P300,000. She also earned P5,000 commission from selling cellular cards and P12,000 dividends from a domestic corporation. Compute her income subject to regular income tax.
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Clara had a business net income of P300,000. She also earned P5,000 commission from selling cellular cards and P12,000 dividends from a domestic corporation. Compute her income subject to regular income tax.
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- Ms. Claveria had a business net income of P300,000. She alsoearned P5,000 commission from selling cellular cards and P12,000dividends from a domestic corporation. Compute her taxable income.Sarah owns a jewelry store and prepares her financial statements using the accrual method of accounting. However, she completes her Schedule C on her individual income tax return using the cash method. Given the following accrual method information from the income statement and balance sheet, determine her business net income under the cash method for tax reporting purposes. Accrual method net income $40,000 Beginning accounts receivable $60,000 Ending accounts receivable $37,000 Beginning accounts payable $24,000 Ending accounts payable $30,000 Sarah owns a jewelry store and prepares her financial statements using the accrual method of accounting. However, she completes her Schedule C on her individual income tax return using the cash method. Given the following accrual method information from the income statement and balance sheet, determine her business net income under the cash method for tax reporting purposes. Accrual method net income $40,000 Beginning accounts receivable…Ms. Joy operates a convenience store while she offers bookkeeping services to her clients. In 2022, her gross sales amounted to PHP 800,000, in addition to her receipts from bookkeeping services of PHP 300,000 and incurred costs and expenses of PHP 300,000 and PHP 100,000 respectively. How much is her tax due using the 8% tax rate?
- Mr. Pamplona earned total gross receipts of P800,000 and paid P300,000 in expenses in his accounting practice. During the same year, he also earned a total of P60,000 net gain from the sale of domestic stocks directly to a buyer. He also disposed a vacant lot at a net gain of P140,000. What is the taxable income of Mr. Pamplona subject to regular income tax?For the person below, calculate the FICA tax and income tax to obtain the total tax owed. Then find the overall tax rate on the gross income, including both FICA and income tax. Assume that the individual is single and takes the standard deduction. A womanearned a salary of $27,000 and received $1000 in interest. Tax Rate Single 10% up to $9325 15% up to $37,950 25% up to $91,900 28% up to $191,650 33% up to $416,700 35% up to $418,400 39.6% above $418,400 Standard deduction $6350 Exemption (per person) $4050 Let FICA tax rates be 7.65%on the first $127,200 of income from wages, and 1.45% on any income from wages in excess of $127,200. Her income tax is $_____.Ms. Anna Frozen operates an ice cream store while she offers bookkeeping services to her clients. In 2018,her gross sales amounted to P400,000, in addition to her receipts from bookkeeping services of P150,000. She already signified her intention to be taxed at 8% income tax rate in her 1st quarter return. What is her tax due liability in her 1st quarter return?
- For the person below, calculate the FICA tax and income tax to obtain the total tax owed. Then find the overall tax rate on the gross income, including both FICA and income tax. Assume that the individual is single and takes the standard deduction. A man earned $30,000 from wages. Tax Rate 10% Single up to $9325 15% up to $37,950 25% up to $91,900 28% up to $191,650 33% up to $416,700 35% up to $418,400 39.6% above $418,400 Standard deduction Exemption (per person) $6350 $4050 Let FICA tax rates be 7.65% on the first $127,200 of income from wages, and 1.45% on any income from wages in excess of $127,200. His FICA tax is $ (Round up to the nearest dollar.)For the person below, calculate the FICA tax and income tax to obtain the total tax owed. Then find the overall tax rate on the gross income, including both FICA and income tax. Assume that the individual is single and takes the standard deduction. A man earned a salary of $27,000 and received $1250 in interest. Tax Rate Single 10% up to $9325 15% up to $37,950 25% up to $91,900 28% up to $191,650 33% up to $416,700 35% up to $418,400 39.6% above $418,400 Standard deduction $6350 Exemption (per person) $4050 Let FICA tax rates be 7.65%on the first $127,200 of income from wages, and 1.45% on any income from wages in excess of $127,200. His total FICA tax is $____.Ms. Anna Frozen operates an ice cream store while she offers bookkeeping services to her clients. In 2018, her gross sales amounted to P400,000, in addition to her receipts from bookkeeping services of P150,000. She already signified her intention to be taxed at 8% income tax rate in her 1st quarter return. What is her tax due liability in her 1st quarter return? Mr. John Wick operates books stores and renders services as a professional broker. In 2018, his gross sales amounted to P800,000. In addition to that, he received P300,000 from his services as a broker. Assume that he failed to signify his intention to be taxed at 8% income tax rate on gross sales in his initial Quarterly Income Tax Return, and he incurred the cost of sales and operating expenses amounting to P600,000 and P200,000, respectively. What is the income tax due to John Wick in his quarterly income tax return?
- Carlos is a resident citizen. He maintains a savings account deposit with the BPI-Baguio City Branch. For the current year, his savings earned a total of P6,000 interest. How much is the final tax on said income? * a. P300 b. P720 c. P1,200 d. P1,500During the current year, Seth, a self-employed individual, paid the following taxes: Federal income tax $15,000 State income tax $6,500 Real estate taxes on land in South America (held as an investment) $700 State sales taxes 300 Personal property taxes based upon value $1,600 Federal self-employment tax $ 800 What amount can Seth claim as an itemized deduction for taxes paid during the current year? a.$9,100 b.$10,000 c.$9,900 d.$8,800 e.None of these choices are correct.1. Ms. X operates a convenience store while she offers bookkeeping services to her clients. In 2020, her gross sales amounted to P800,000.00, in addition to her receipts from bookkeeping services of P300,000.00 and incurred costs and expenses of P300,000 and P100,000, respectively. How much is her tax due using the 8% tax rate? 2. In the illustration on number 1, Ms. X likewise earned P1,000,000 from employment with XYZ Company for whichP180,000 was tax withheld and remitted to the BIR. How much is her income tax due and payable?