Hayabusa is a resident citizen earning compensation and business income for 2021 as follows:
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- How do the all events and economic performance requirements apply to the following transactions by an accrual basis taxpayer? a. The company guarantees its products for six months. At the end of 2019, customers had made valid claims for 600,000 that were not paid until 2020. Also, the company estimates that another 400,000 in claims from 2019 sales will be filed and paid in 2020. b. The accrual basis taxpayer reported 200,000 in corporate taxable income for 2019. The state income tax rate was 6%. The corporation paid 7,000 in estimated state income taxes in 2019 and paid 2,000 on 2018 state income taxes when it filed its 2018 state income tax return in March 2019. The company filed its 2019 state income tax return in March 2020 and paid the remaining 5,000 of its 2019 state income tax liability. c. An employee was involved in an accident while making a sales call. The company paid the injured victim 15,000 in 2019 and agreed to pay the victim 15,000 a year for the next nine years.Arthur Wesson, an unmarried individual who is age 68, reports taxable income of 510,000 in 2019. He records positive AMT adjustments of 80,000 and preferences of 35,000. Arthur itemizes his deductions, and his regular tax liability in 2019 is 153,694. a. What is Arthurs AMT? b. What is the total amount of Arthurs tax liability? c. Draft a letter to Arthur explaining why he must pay more than the regular income tax liability. Arthurs address is 100 Colonels Way, Conway, SC 29526.Kagura is a resident citizen, earning purely business income for the taxable year: Gross sales P2,800,000 Cost of sales 1,200,000 Operating expenses 650,000 The business is not vat-registered. 1. Determine the business tax due under Section 116 Train law-3% percentage tax 12%VAT)? 2. Determine the income tax due.
- Compute the income tax payable, if any. PURELY SELF-EMPLOYED INDIVIDUALS WHO AVAILED 8% Relevant information: YOU are engaged solely in the business of selling goods and merchandise in TY 2021. In compliance with the existing rules in doing business, you applied for your TIN where your home BIR RDO (select the BIR which has jurisdiction over the place of your residence) assigned you Taxpayer Identification No. 123-456-789-0000. Additional information: For the year 2021, you chose 8% tax rate Your financial records showed the following: Gross Sales – Php2,000,000 Cost of Sales – Php 1,000,000 Expenses – Salaries and wages of staff – Php 360,000 Depreciation of car used in delivery – Php 100,000 Representation expense – Php 10,000 Office Rent expense – Php 360,000 Rent expense on your condominium – Php – 240,000 Utilities in office – Php 120,000 Electricity expenses in condominium – Php 60,000 Registration fees of delivery car and other taxes – Php 5,000 Gas and oil – Php 120,000…How much is the total income tax of Ana assuming she opted to be taxed at 8%? Ana, a self-employed resident citizen provided the following data for 2018 taxable year: Sales P2,800,000 1,125,000 650,000 Cost of sales Business expenses Interest income from peso bank deposit Interest income from deposit under FCDS 80,000 120,000 Gain on sale of land in the Phils. held as capital asset 500,000 with cost P1.5M when zonal is P1.2M P321,500 O P342,500 O P351,500 O P358,000Franklin Stewart arrived at the following tax information: Gross salary Interest earnings Eligible dividend income Basic personal amount Union dues Moving expense (58 km for employment) $ 52,00€ 330 128 3,650 8,470 2,950 What amount will Franklin report as taxable income? (Round your answer to the nearest dollar amount. Omit the "S" sign in your response) Taxable income
- A derived its income from its self-operated talpakan business. The details of his business for 2021 are as follows: Gross Receipts - P100,000.00 Operating Expenses - P50,000.00 Income taxes withheld in general - P10,000.00 Question: Where is the income taxes withheld be credited? Group of answer choices Tax payable Tax credit None of the above Taxable incomeA derived its income from its self-operated talpakan business. The details of his business for 2021 are as follows: Gross Receipts - P100,000.00 Operating Expenses - P50,000.00 Income taxes withheld in general - P10,000.00 Question: Assuming that the tax rate is 25%, what is the income tax payable of A? Group of answer choices P2,500.00 P12,500.00 P25,000.00 P15,000.00Compute for the tax due of the following self-employed individuals: (PHILIPPINES) 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?