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- In 2020, Landon has self-employment earnings of $210,000. Required: Compute Landon’s self-employment tax liability and the allowable income tax deduction of the self-employment tax paid. (Round your intermediate computations and final answers to the nearest whole dollar value.)Estimated Tax Requirement. Zeta Corporation's taxable income for 2019 was $1.1 million, on which Zeta paid federal income taxes of $231,000. Zeta estimates calendar year 2020’s taxable income to be $2 million, on which it will owe $420,000 in federal income taxes. a. What are Zeta's minimum quarterly estimated tax payments for 2020 to avoid an un- derpayment penalty? b. When is Zeta's 2020 tax return due? c. When are any remaining taxes due? What amount of taxes are due when Zeta files its return assuming Zeta timely pays estimated tax payments equal to the amount deter- mined in Part a? d. If Zeta obtains an extension to file, when is its tax return due? Will the extension per- mit Zeta to delay making its final tax payments?Company N will receive $55,000 of taxable revenue from a client. Use Appendix A and Appendix B. Required: Compute the NPV of the $55,000 assuming that Company N will receive $27,500 now (year 0) and $27,500 in year 1. The company’s marginal tax rate is 30 percent, and it uses a 6 percent discount rate. Compute the NPV of the $55,000 assuming that Company N will receive $27,500 in year 1 and $27,500 in year 2. The company’s marginal tax rate is 40 percent, and it uses a 4 percent discount rate. Compute the NPV of the $55,000 assuming that Company N will receive $11,000 now (year 0) and $11,000 in years 1, 2, 3, and 4. The company’s marginal tax rate is 10 percent, and it uses a 9 percent discount rate.
- In 2020, Garner Grocers had taxable income of -$2,000,000. The corporate tax rate is 25%. Assume that the company takes full advantage of the Tax Code's carry-forward provision. In 2021, Garner has taxable income of $1,000,000. What is the amount of taxes the company paid in 2021?In 2020, Lucas O'Neal has gambling winnings of $7,000 and gambling losses of $11,000. Assuming Lucas will use the standard deduction, how will he report the gambling activity on his 2020 federal income tax return? A. Gross income of $7,000; zero deduction B. Gross income of $7,000; $11,000 deduction for AGI C. Net loss of $4,000, zero itemized deduction D. Gross income of $7,000; $4,000 deduction for AGI E. None of the aboveIn 2020, Appalachian Airlines had taxable income of -$3,000,000. In 2021, the company has taxable income of $5,000,000 and its corporate tax rate is 25%. Assume that the company takes full advantage of the Tax Code's carry-forward provision. How much will the company pay in taxes in 2021? a. $1,500,000 b. $0 c. $1,250,000 d. $750,000 e. $500,000
- For 2021, the Guess Trust retains all of its income items, which include only $100,000 of net investment income and $140,000 of profits from an active business operation. Round your answer to the nearest dollar. Guess incurs an additional tax on net investment income (NIIT) of $___Prance, Inc., earned pretax book net income of $1,265,000 in 2020. Prance acquires a depreciable asset that year, and first-year tax depreciation exceeds book depreciation by $126,500. Prance reported no other temporary or permanent book-tax differences. The pertinent U.S. Federal corporate income tax rate is 21%, and Prance earns an after-tax rate of return on capital of 8%. Enter below Prance's 2020 deferred tax expense and any deferred tax asset or liability. If required, round your answer to nearest whole value. Table in image attachedMaria is a resident Citizen, non vat tax payer. taxable period:2020 Gross sales php 2,500,000 other operating income 200,000 non-operating income 100,000 cost of sales 1,000,000 operating expenses 500,000 Compute for the 8% optimal tax. show computation 180,000 196,000 204,000 224,000
- R. Pedro Penduko resigned in 2019 after 20 years of service. He had the following income during the year. Salary net of P80,000 withholding tax, P20,000 SS, P18,000 PhilHealth and P40,000 13th month pay P 480,000 Separation Pay 1,000,000 Compute the gross income to be reported in the annual income tax.Ms. Carol is the Head of Taxation of UniSA Limited. During the financial year 2020-21 she earned following income: Ms. Carol received Taka 12,00,000 as cash salary out of which basic pay was 60%, medical allowance was 20%, transport allowance was 15% and education allowance for children was 5%. The company provided her with a car for official and her family use. She is entitled for two festival bonuses as well as year end festival bonus for 10% of her basic. The maintenance cost of the car is Taka 30,000. Besides the salary of the driver is Taka 15,000 which is directly paid by the UniSA to his account. She was also provided with a residential house against which the company incurred rental expense of Taka 3,10,000. The utilities for the accommodation are monthly Taka 20,000 of which UniSA contributes 70%. Though the company has a Recognized Provident Fund, Ms. Carol did not apply for becoming the member of that Fund. As per the Provident Fund Rules, the contribution…The estimated taxable income for Love Corporation on January 1, 2021, was P80,000, P100,000, P100,000, and P120,000, respectively, for each of the four quarters of 2021. Love estimated annual effective tax rate was 30%. During the second quarter of 2021, the estimated annual effective tax rate was increased to 34%. Given only this information, Love's second quarter income tax expense was?
