How much is the income tax payable on the 4th quarter?

Q: If you get paid $5,460 per month gross and 10% of that paycheck was chheld for federal income taxes…

A: Monthly gross income = $5,460 Federal income taxes = 10% State income taxes = 6%

Q: calculate the total income tax that someone would owe if their annual income was $83,350

A: The total annual income tax is $83,350 The total tax is required to be computed on the tax table…

Q: When determining the amount of cash paid for income taxes, what would be indicated by an increase in…

A: Defferred income tax liability indicates that the because of temporary difference between accounting…

Q: if you have a percentage tax due of 70,000, is this monthly or quartelry paid to BIR

A: Given in the question: Percentage tax due is 70,000 Taxes have to be paid to the department of tax…

Q: How is before tax profit calculated? Question 25 options: Sales plus expenses Sales plus liabilities…

A: INCOME STATEMENT Income Statement is one of the Important Financial Statement of the Company. Income…

Q: income if you save $170 per pay period after pa Net Pay & Spendable Income Net pay Spendable income

A: Net pay per pay period can be calculated by deducting tax from gross pay per pay period Spendable…

Q: Suppose your annual income is $29182 and there are two tax brackets: 10% for $0-$20,000 and 30% for…

A: Tax amount is the amount of tax obligation that an entity has to pay on its income to the government…

Q: A VAT Taxpayer had the following data on sales and purchases of a month, value-added tax not…

A: VAT refundable states that the taxpayer has paid in excess amount of money during the tax period as…

Q: 1. What does self assessment mean?

A: Self assessment refers to the act or the procedure of analysing as well as determining the actions…

Q: How do I start a payroll tax 1040?

A: Payroll tax is the amount deducted by the employer from the employee's payment and remit it to the…

Q: What are all type of taxes we need to pay

A: As individuals and as entities we need to pay various direct taxes as well as indirect taxes in our…

Q: This same MCIT calculation and payment will be required when filing quarterly and annual corporate…

A: The MCIT is a tax levied on a company taxable under Title II of the Internal Revenue Code that…

Q: There is a sales tax of 24 on an item that costs 276 before tax. A second item costs $218.50 before…

A: Sales tax percentage = Sales tax amount/cost before tax

Q: Using the 2019 marginal tax rates provided in the table below, find the marginal and average tax…

A: Federal tax is calculated as per the schedule given by IRS.  Average rate of tax means the effective…

Q: Solve for the tax due on the given taxable income, Use A. Graduated Income Tax table. And B. OSD…

A: OSD is an abbreviation for the optional standard deduction, which is a deduction from gross taxable…

Q: Compute the effective income tax rate for 2020. (Round answer to 2 decimal places, eg 25.51%.)…

A: Effective Tax Rate  = Tax liability / Financial Income Tax Liability  = Taxabe Income * Tax rate

Q: A customer purchases $28.14 in products only $12.83 is taxable. How much sales tax is owed if the…

A: Sales tax is a tax levied on the sale and purchase of goods and services. It is typically a…

Q: What if someone made 130,000 in 2019 what is their total fica wages to be taxed?

A: FICA stands for FEDERAL INSURANCE CONTRIBUTIONS ACT, this act require employees and employers to…

Q: Cash basis taxpayers deduct rental expenses that apply to a future tax year in the year the expenses…

A: Cash basis taxpayer means the tax payer who report expense and revenue on cash basis and not on…

Q: How do you calculate withholding taxes?

A: Federal income tax withholding:  The amounts which the employer withheld from employees’ gross pay…

Q: How much business tax payable for the third quarter return if: i. it only been able to have its VAT…

A: Value-added tax (VAT) is a multi-stage tax charged on the incremental value added to a product or…

Q: much income tax is paid on 915500 of ta Single Taxable Income Tax Brackets and Rates, 2017 Rate…

A: Income tax is a liability of every individual toupee to the government based on their taxable…

Q: How will I calculate a 2% decrease in gross margin and 2% decrease in tax rate

A: According to the question given, we need to prepare the projected income statement.Since it is a…

Q: Which of the following is the tax rate for Social Security? 10.1 % 6.2% 13.7 % 4.5%

A: The objective of the question is to identify the correct tax rate for Social Security among the…

Q: Each year, there is a maximum for the amount of earnings subject to all of the following taxes…

A: Federal income tax: It is the amount of tax paid by the individual and the corporation and it is…

Q: What’s the difference between marginal and average tax rates?

A: The taxes are the government source of income from the general public. The tax rate are the…

Q: How did you get $12,974.50 for the Marginal tax rate part?

A: Marginal tax rate is the percentage tax paid on each additional dollar of income earned. In other…

Q: What are FUTA and SUTA taxes? Is there any possible reduction in the FUTA tax rate? If so, what is…

A: Introduction: Employer payroll taxes are paid by the employer from its own funds on the basis of…

Q: USE THE TAX CHART BELOW TO ANSWER THE FOLLOWING QUESTION: Calculate the annual tax liability for a…

A: The rate of tax in US is graduated which implies the tax rates will be higher on amounts of income…

Q: The tax rate is the ratio between the amount of tax and the amount of income. true Error

A: >Tax rate is the rate of tax that is levied by the regulating authorities.>Income tax rate is…

Q: You have the following data: The net income after tax is 42000 OMR and income tax is 3000 OMR.…

A: Net income means the profit earned from sale of goods or services after deducting all expenses…

Q: Which one of the following amounts represents the maximum amount that you may deduct for moving…

A: Moving expenses: These are the expenses associated related to your moving your household’s goods and…

Q: True False

A: The question is asking whether the state unemployment tax is typically paid on a quarterly basis.

Q: Assume for tax year 2022, your adjusted gross income is equal to $110,000. You will file your…

A: Adjusted gross income is after deduction of certain adjustments Taxable income = AGI - standard…

Q: Use the 2016 marginal tax rates to compute the tax owed by the following person. A head of household…

A: The tax rate that is applied to the subsequent dollar of income earned is known as the marginal tax.…

Q: 8. What is Capital Gains Tax? What is the current rate?

A: Capital gains tax refers to the government fee implied by the government on the profit made from…

Q: What is the alternative minimum tax (AMT) rate for individuals? 1%. 7%. 12.3%. 20%.

A: The term"  minimal tax rate" generally refers to the smallest chance of income or other fiscal…

Q: How do "sales tax-free" days  impact our government?

A: sale tax free day means there will be no tax on certain items for cetain period of times. all those…

Q: If you would have to pay $5,000 in taxes on $50,000 taxable income and $8,000 in taxes on $60,000…

A: The tax on a taxable income is computed based on a tax rate. Generally, the tax rate is not same for…

Q: After payroll taxes, what other deductions will come out of your paycheck?

A: Paycheck deductions refer to the amounts of money that are withheld or deducted from an employee's…

Deferred Tax

Deferred tax is an estimated future tax which is made while preparing accounts. It is estimated as a result of past and present transactions in the financial statements. It is not the actual tax which needs to be paid or refundable from the revenue authority, it is an accounting entry. It exists because of the difference between accounting profits and taxable profits.