Jenna paid foreign income tax of $2,997 on foreign income of $14,986. Her worldwide taxable income was $120,800, and her U.S. tax liability was $30,000. Required: a. What is the amount of the foreign tax credit (FTC) allowed? b. What would be the allowed FTC if Jenna had paid foreign income tax of $5,900 instead? Note: Do not round intermediate calculations. Round your final answer to the nearest whole dollar amount. a. Foreign tax credit allowed b. Foreign tax credit allowed. wwwwwwwww Amounts

Jenna paid foreign income tax of $2,997 on foreign income of $14,986. Her worldwide taxable income was $120,800, and her U.S. tax liability was $30,000. Required: a. What is the amount of the foreign tax credit (FTC) allowed? b. What would be the allowed FTC if Jenna had paid foreign income tax of $5,900 instead? Note: Do not round intermediate calculations. Round your final answer to the nearest whole dollar amount. a. Foreign tax credit allowed b. Foreign tax credit allowed. wwwwwwwww Amounts

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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Taxpayer Q has net taxable income of $30,000 from Country Y which imposes a 40 percent income tax. Inaddition to the income from Country Y, taxpayer Q has net taxable income from US sources of $120,000, and UStax liability, before the foreign tax credit, of $30,290. What is the amount of Q's foreign tax credit?a. $6,058b. $8,350c. $12,000d. $30,290e. None of the above
.Statement 1: Non-resident individual taxpayer are also subject to 15% final tax on their income from expanded foreign currency deposit system.Statement 2: There can be a 6% capital gains tax on sale of a real property in USA. True, True False, False False, Truew True, False
9. A Filipino citizen has P400,000 Philippine income and P300,000 foreign income. He paid P55,000 income taxes abroad. Compute the allowable tax credit for the income taxes paid abroad. с. Р 45, 000 d. P 55, 000 а. РО b. Р 40, 000 10. In the preceding problem, what is the tax credit if the taxpayer was a non-resident citizen or a resident alien? с. Р 45, 000 d. P 55, 000 а. РО b. P 40, 000
Jenna paid foreign income tax of $4,961 on foreign income of $24,806. Her worldwide taxable income was $162,800, and her U.S. tax liability was $40,000. Required: What is the amount of the foreign tax credit (FTC) allowed? What would be the allowed FTC if Jenna had paid foreign income tax of $10,900 instead?
Subject: Foreign Source Income Norah Johns has foreign source income of $30,000 during the current year. As the foreign jurisdiction withholds 25 percent of such income, she only receives $22,500. She has other income such that this foreign source income will be taxed at a marginal federal tax rate of 29 percent. Determine the amount by which this foreign income would increase Norah's Taxable Income and federal Tax Payable, assuming that the foreign source income (1) is non-business income and (2) is business income. Norah's federal tax payable if foreign income is business income. Norah's taxable income if foreign income is business income. Norah's taxable income if foreign income is non-business income. Norah's federal tax payable if foreign income is non-business income. Choose... Choose... Choose... # Choose.
Subject: Foreign Source Income Norah Johns has foreign source income of $30,000 during the current year. As the foreign jurisdiction withholds 25 percent of such income, she only receives $22,500. She has other income such that this foreign source income will be taxed at a marginal federal tax rate of 29 percent. Determine the amount by which this foreign income would increase Norah’s Taxable Income and federal Tax Payable, assuming that the foreign source income (1) is non-business income and (2) is business income.
11. Jacques is an alien assigned in the Philippines to manage the regional area headquarters of Deli France, a multinational company Juan is Jacques counterpart in the said office and receives the same salary as Jacques. Juan's salary for the year 2022 is: Group of answer choices tax at 10% on gross income tax at 15% on gross income tax at 0% - 35% on taxable income exempted from tax like Jacques
Brian and Clara paid $4,350 in foreign income taxes to Mexico. Their total income was $105,000, which included $16,000 of foreign income. Their U.S. tax liability is $22,750. How much can Brian and Clara claim as foreign tax credit? Multiple Choice $4,350. $3,467. $16,000. $0.
21. Ethel received in 2020 the following passive income within Philippines, net of applicable tax, if any: Interest on bank deposit under Foreign P212,500 Currency Deposit Royalty on books 94,500 Dividend income from a domestic corporation If Ethel is a resident alien, the final tax on the above passive income would amount to d. P84,000 а. Р41,194 b. P46,500 с. Р64,000 22. 144,000 If Ethel is a non-resident alien engaged in trade or business, the final tax on the above passive income would amount to d. P84,000 с. Рб4,000 b. P46,500 а. Р41,194
D. Tax credit for income tax paid or incurred to a foreign country 1. Assume that a resident citizen has the following taxable income from sources in the Philippines and in Dallas, Texas, USA, for year 2022: Taxable income, Philippines Taxable income, Dallas, Texas, USA Income tax paid in Dallas, Texas, USA P 5,495,000 2,355,000 824,250 Required: Compute income tax still due or payable after tax credit.
Problem 1: A non-resident alien not engaged in trade or business derived P50,000 interest income from his long-term bank deposit here in the Philippines. How much is the income tax due of the said alien?
2023 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: $ 11,000 $ 44,725 $ 95,375 $ 182,100 $ 231,250 $578,125 $ 0 $ 11,000 $ 44,725 $ 95,375 $ 182,100 $ 231,250 $ 578,125 The tax is: 10% of taxable income $1,100 plus 12% of the excess over $11,000 $5,147 plus 22% of the excess over $44,725 $16,290 plus 24% of the excess over $95,375 $37,104 plus 32% of the excess over $182,100 $52,832 plus 35% of the excess over $231,250 $174,238.25 plus 37% of the excess over $578,125