Mark resigned in 2021 after 12 years of service. He had the followingincome during the year:Salary, net of P80,000 withholding tax, P20,000SSS, P18,000 PhilHealth and P40,000 13th MonthРaySeparation payP480,0001,000,000Compute the gross income subject to progressive (regular) tax.P1,480,000P1,560,000P560,000P480,000

Gross income refers to the total sum value of money gained by an entoty which is su

Answered: e year: 30,000 withholding tax,…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

15-
Godo
Donations were made on January 30, 2018 of P500,000.00, March 30, 2018 of P2,000,000.00 and August 15, 2018 of P1,500,000.00. How much donor's tax should be paid on January 30, 2018? P15,000 P30,000 P45,000 0
h
QUESTION 2 1. Consider the following version of the earned income tax credit (EITC). All persons who earn less than $20,000 are given a wage subsidy of $0.50 for each dollar worked. The maximum benefit is therefore $10,000. All persons who earn between $20,000 and $30,000 are paid the maximum benefit of $10,000. This is the income disregard region. The phaseout occurs in the income range from $30,000 to $50,000. In this range the maximum benefit $10,000 is cut by $0.50 for each dollar earned. For example, a person who earns $30,001 will get paid $10,000 -$0.50 = $9,999.50. At an income of $50,000 the program has been totally phased out. Now focus on a person initially working and earning $15,000 before the plan is introduced. Consider the net effect of this program (i.e, we are talking in this question about BOTH the income and substitution effects) for a person earning this amount. The program will: a. have no effect on time spent working b. cause time spent working to rise c. cause…
Chuck, a single taxpayer, earns $75,000 in taxable income and $10,000 in interest from an investment in City of Heflin bonds. (Use the U.S. tax rate schedule.) 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? (For all requirements, do not round intermediate calculations. Round percentage answers to 2 decimal places.) a. Marginal tax rate b. Marginal tax rate
A customer makes a taxable purchase of 44,000. Assuming the applicable sales tax rate is 8.75%, how much will the customer owe? Please round your answer to the nearest whole dollar. Do not include dollar signs. O 47,454 O 44,000 48,750 none of the above
Am. 409.
QUESTION: If it is now profit hospital, its income tax after tax credit is:
What is 95875 with 12.5% income tax
Which of the following statements is true regarding education tax credits? Group of answer choices The American Opportunity credit permits a maximum credit of 20% of qualified expenses up to $10,000 per year. The lifetime learning credit is available for qualifying tuition and related expenses incurred by students pursuing only graduate degrees. The American Opportunities Credit is only available for the first four-years of higher education. The American Opportunity Credit is calculated per return, while the lifetime learning credit is available per eligible student.
If your gross salary is $273 000 and your taxable income is $73 000 and your tax rate is 25% how much is your net income?

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS

e year: 30,000 withholding tax, hilHealth and P40,000