INCOME TAXATION (With Tax Principles & Remedies) AMPONGAN 2708. Night shift differential pay9.Interest income on Euro deposit with Metrobank10. Share in the net income of a partnership in trade11.Honorarium of a CPA as speaker in a Continuing ProfessionalDevelopment (CPD) seminarIncome received by a CPA as an independent auditor13. 13th month pay1214. Gain on sale of shares of stock (not traded)15. Winnings in a lottery sponsored by Philip Morris Philippines16. Honorarium received as President and Director of a corporation17. Dividend received as stockholder of a corporation18Travel allowance19. Productivity incentive pay20. Lotto winnings EXERCISE 8-2. CLASSIFICATION OF INCOME.REQUIREMENTS:I Classify the following income into(A) Self-EmploymentB) Passive subject to final withholding tax(C) Compensation,IL On the following income, write (Y) if the taxpayer can avail of the 8%income tax rate, and (N) if the taxpayer cannot avail of the 8% incometax rate1.Rent income of apartment2 Gain on sale of a commercial building3 Gain on sale of residential house4. Income as street vendor5 Income of a junk shop owner6. Interest on peso deposit with Bank of the Philippine Islands7. Royalty as book author

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EXERCISE 8-2. CLASSIFICATION OF INCOME. REQUIREMENTS: I Classify the following income into (A) Self-Employment (B) Passive subject to final withholding tax (C) Compensation, It On the following income, write (Y) if the taxpayer can avail of the 8% income tax rate, and (N) if the taxpayer cannot avail of the 8% income tax rate 1 Rent income of apartment 2 Gain on sale of a commercial building 3. Gain on sale of residential house 4. Income as street vendor 5 Income of a junk shop owner 6 Interest on peso deposit with Bank of the Philippine Islands 7. Royalty as book author

EXERCISE 8-2. CLASSIFICATION OF INCOME. REQUIREMENTS: I Classify the following income into (A) Self-Employment (B) Passive subject to final withholding tax (C) Compensation, It On the following income, write (Y) if the taxpayer can avail of the 8% income tax rate, and (N) if the taxpayer cannot avail of the 8% income tax rate 1 Rent income of apartment 2 Gain on sale of a commercial building 3. Gain on sale of residential house 4. Income as street vendor 5 Income of a junk shop owner 6 Interest on peso deposit with Bank of the Philippine Islands 7. Royalty as book author

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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ront Peragraph Styies Edting Senitty Now let's do a problem where we know the person's taxes and want to find their taxable income, and their AGI You may find the functions you determined in the question above helpha 6. Suppose someone paid $17,500 in taxes What could this person's adjusted gross income be? 1040 Linels) Description Amount 1 and Sb Wagen, salanes, and Sps Adjusted gross income (AGI) Standard deduction and exemption (singie. nondependent) Subtract line 5 trom line 4 Taxable income Total Tax (hom schedule) Elfective tax rate (tax asacentage of all income) 11a $12 200 11b $17.500 2019 Tax Schedule (NOT ued for HW- separate Tax Schedules previded wm Single Taxable Income Tax Brackets and Rates, 2019 If taxxable income is over- but not oer the tax i $0,700 $0,700 $39,475 584 200 $160,725 $204, 100 $30 475 $94.200 $160,725 $204.100 $610,300 10% of the amount over $0 $970 plus 12% of the amount over $0,700 $4,543 plus 22s of the amount over $39475 $14,382 plus 24 of the amount…
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Problem 1-42 (LO 1-4) Havel and Petra are married and will file a joint tax return. Havel has W-2 income of $38,812, and Petra has W-2 income of $46,627. Use the appropriate Tax Tables and Tax Rate Schedules. Required: a. What is their tax liability using the Tax Tables? b. What is their tax liability using the Tax Rate Schedule? Note: Round your intermediate computations and final answers to 2 decimal places. a. Tax liability using Tax Tables b. Tax liability using Tax Rate Schedule
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Determine the Income Taxes Responsibility for this taxpayers, remember to present procedure in any taxpayer. Taxpayer(s) Filing Status Income Itemized Deductions income Taxes LiabilityArturo Single $29,239 $2,000 ___________Belize HOH $53,129 $14,500 ___________Carmine Qualifying Widow 89,000 $12,490 ___________Family Rivas MFJ $139,000 $23,000 ___________
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