If it is now profit hospital, its income tax after tax credit is:
Q: Question 3: Which of the following is taxable for Social Security tax? Answer: A. O Contributions to…
A: Social Security taxes fund the retirement, disability, and survivor ship (benefits paid to a…
Q: Which of the following U.S. programs has a cap on the amount of income that can be taxed? Question…
A: The social security tax is a type of tax that is charged by the U.S. government. this tax is for the…
Q: Explain Rehabilitation Investment Tax Credits?
A: Income Tax Expenses: The expenses which are related to the taxable income of the individuals and…
Q: Compute the tax due if the corporation is a non-profit hospital
A: A tax is a compulsory payment or levy that is gathered by local, state, and federal governments from…
Q: tax applicable to Life Insurance Premiums.
A: Life Insurance Premium: Life insurance premiums are amount we have to pay for availing the life…
Q: 1) Which of the following deduction is required under the law of Fiji a) Medical insurance b) FNPF…
A: Deduction - The act of removing a portion or an amount from a total, or the amount that is taken:…
Q: What are the essential differences between social insurance and public assistance programs? Why is…
A: Social insurance program: It is a government sponsored program. They are generally funded through…
Q: should social security funded more by raising or eliminating the limit of income taxed. What's…
A: The Social Security Funding Debate: Raising or Eliminating the Tax Cap?The question of how to best…
Q: Identify a FALSE statement. A government hospital is income tax exempt on its related income. A…
A: Here related with the fact about the government and private and non profit hospital which are…
Q: Which is true regarding the taxation of social security benefits? Having earned income will reduce…
A: The tax impact on Social Security benefits takes into consideration various factors such as income…
Q: How does Medicare reimburse hospitals for inpatient stays?
A: Reimbursement of expenses is the process through which the out-of-pocket expenses are compensated by…
Q: Explain and what is the calculation of the following. Tax rates (formula) HELP repayment amount…
A:
Q: Accounting for postretirement health care benefits is similar, in most respects, to accounting o O…
A: Pension Plan -One kind of retirement plan is a pension plan, in which businesses agree to provide…
Q: Is it possible for one hospital to have an income and expenditure account whereas another has a…
A: Is it possible for one hospital to have an income and expenditure account whereas another has a…
Q: Retirement programs, unemployment benefits, financial aid and other expenses that involve transfers…
A: Transfer of money refers to the movement of money from one individual or entity to another, without…
Q: Whenwhen are final medical expenses deductible?
A: Medical Expense -Any costs associated with preventing or treating an injury or illness are referred…
Q: rent income,
A: Option a is wrong because final income tax is the ultimate tax liability on the whole income. Option…
Q: What is the tax rate range for Social Security benefits received? How is the deductible amount of…
A: Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Please answer these parts with the same information. 1. Allowable deduction on medical and dental…
A: Itemized deduction refers to the expenses which are deducted from AGI (Adjusted gross income) of…
Q: what are the advantages of high deductible on home insurance
A: A percentage deductible is generally greater than a conventional flat rate based on your houses'…
Q: When are liabilities recognized for the federal Social Security program? Select one: a. When…
A: The Social Security program provides protection against the loss of earnings due to retirement,…
Q: If one tax is not eligible for the health insurance premium tax credit because of
A: Tax is the charge which is charged on the taxable income of a taxpayer and each taxpayer wants to…
Q: Community benefits serve as justification for a non-profit healthcare organization's tax-exempt…
A: Answer:- Non-profit organization meaning:- A non-profit organization is a group that was…
Q: which of the following is operational income : other revenues, investment income , patient service…
A: Operational income takes place from the sale of goods or sale of services to customers along with…
Q: Direct labour 5 Direct material 8 Variable production overhead 2 Fixed…
A: Absorption Costing Method A costing technique that considers all cost as product cost is classified…
Q: Question 20 Which of the following is NOT a major source of Medicare financing? A. trust fund…
A: Medicare is a federal health insurance program that provides coverage for individuals who are 65…
Q: Which of he following stalements is CORRECT about benefits provided by a Basic Hospital and Surgical…
A: The answer for the multiple choice question and relevant explanation are presented hereunder : What…
QUESTION: If it is now profit hospital, its income tax after tax credit is:
![The Rainbow Corporation provided the following data for calendar year ending December 31, 2010: (S1-50)
Philippines
Abroad
$ 40,000
$ 15,000
3,000
Gross Income
P4,000,000
Deductions
2,500,000
Income tax paid](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ffa7b0efa-5edc-4c6c-9b50-706b921f2829%2F9039c755-81d6-4294-bd67-cec1cdf40af5%2F7wfpg2_processed.png&w=3840&q=75)
![](/static/compass_v2/shared-icons/check-mark.png)
Step by step
Solved in 3 steps with 2 images
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
- A VAT-taxpayer made the following sales during the year:Domestic Sales P100,000Export Sales P120,0001. What is the amount subject to business tax?2. Compute the Output VAT.A resident corporation has the following data on income and expenses in 2018: Gross sales ₱ 935,000 Sales returns and allowances 25,000 Sales discounts 10,000 Interest income on trade notes receivable 15,000 Cost of sales 400,000 Operating expenses with receipts 215,000 Operating expenses without receipts 200,000 How much is the taxable income using itemized deduction? a. ₱100,000 b. ₱300,000 c. ₱309,000 d. ₱349,000 ANSWER:The following cumulative balances during the year 2018 on income and expenses were provided by Tupac Shakur, a resident citizen. 1st quarter 2nd quarter 3rd quarter 4th quarter Gross sales 300,000.00 650,000.00 910,000.00 1,200,000.00 Cost of Sales 120,000.00 262,000.00 405,890.00 426,700.00 Creditable Withholding Tax - 5,000.00 25,000.00 25,000.00 Dividends-domestic corporation 20,000.00 20,000.00 30,000.00 30,000.00 Interest income - domestic BPI 4,000.00 8,000.00 12,000.00 16,000.00 UCPB 8,000.00 12,000.00 16,000.00 18,000.00 METROBANK 5,000.00 10,000.00 15,000.00 30,000.00 CAPITAL GAIN ON SALE OF LAND 150,000.00 150,000.00 150,000.00 150,000.00 >SELLING PRICE IS P600,000…
- A Non-VAT business reported the following:Sales P2,500,000Cost of Sales P1,000,000Purchases, inclusive of VAT P560,000How much is the amount of business tax payable?1. What is the tax due and payable amount in fiscal year 20x1? Fiscal year June 20, 20x1 (5th year) 20x2 Sales 80,000,000 75,000,000 Cost of Sales 50,000,000 46,875,000 Allowable Deductions excluding NOLCO 32,000,000 25,000,000 2. Using the information above, how much is tax due in fiscal year 20x2?Based on the following amounts, how much is the income tax due based on the 25% regular corporate income tax rate? Gross sales 4,000,000.00 Sales discounts, returns and allowances 100,000.00 Cost of sales 1,500,000.00 Itemized deductions 800,000.00 Group of answer choices P975,000.00 P400,000.00 P600,000.00 P425,000.00
- In the quarter ended 31 March 20X2, C had sales taxable outputs, net of sales tax, of $90,000 and taxable inputs, net of sales tax, of $72,000. If the rate of sales tax is 10%, how much sales tax is due? A $1,800 receivable B $2,000 receivable C $1,800 payable D $2,000 payableIncome: 120,000 Federal Payroll Tax Rate: 15.3% State Tax Rate: 4 % *Round all answers to 2 decimal places* a) Compute the total tax paid b) What is the marginal tax rate? c) What is the average tax rate? Federal Income Tax: $0 to $15,000 $15,001 to $50,500 $50,501 to $165,000 8% 14% 23%Phils. Corporation reported the following gross income and expenses Philippines Overseas Gross income 38,000,000 14,000,000 52,000,000 deductions 15,000,000 3,000,000 18,000,000 taxable income 23,000,000 11,000,000 34,000,000 Compute the income tax due for 2019 if Phils is a domestic corporation: P10,200,000 P6,900,000 P8,500,000 P6,800,000
- F5 Corporation, a domestic corporation had the following data during the calendar year 2020 Gross Income, Philippines P10,000,000 4,000,000 Allowable itemized deductions/expenses Dividend income FROM: a) Domestic corporation 1,000,000 b) Foreign corporation, 80% of its gross income were derived from the Philippines 1,000,000 c) Foreign corporation, 60% of its gross income were derived from the Philippines 800,000 d) Foreign corporation, 25% of its gross income were derived from the Philippines 400,000 49. The taxable income is a. P9,200,000 c. P8,200,000 b. P7,500,000 d. P7,430,000How much is the total income tax expense for the year? a. ₱ 2,280,000 b. ₱ 2,100,000 c. ₱ 3,120,000 d. ₱ 3,300,00029. A VAT-taxpayer made the following sales during the year: P 100,000 Domestic Sales Export Sales 120,000 What is the amount subject to business tax? 30. In the immediately preceding problem, compute the Output VAT.