Mrs. Manoban has a gross taxable compensation income of PHP 400,000 ad personal exemption of PHP 100,000. She earned additional PHP 2,000 by investing her money in time deposits plus PHP 3,000 interest income from lending money to a friend. Compute the taxable income PHP 400,000 PHP 302,000

Mrs. Manoban has a gross taxable compensation income of PHP 400,000 ad personal exemption of PHP 100,000. She earned additional PHP 2,000 by investing her money in time deposits plus PHP 3,000 interest income from lending money to a friend. Compute the taxable income PHP 400,000 PHP 302,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: A married couple with 2 twin 7 year children makes $30,000 in combined income and had $3,000…

A: The refund of tax is calculated as the excess of the tax withheld as compare with the tax liability…

Q: A Resident citizen husband and wife with two dependent children are going to file their 2020 income…

A: A tax can be defined as the financial charge levied by the government on the taxable income earned…

Q: e Php 1,150,000.00 and Php 500,000.00, respectively. She opted to avail of the 8% preferential…

A: Income tax payable is a type of account in the current liabilities area of a company's balance…

Q: From the information given below, determine Steve's gross income for tax purposes. Salary $32,000…

A: The gross income considered for tax purposes will include the following. Salary, if not tax deducted…

Q: Michelle Puxton has the fallowing sources of income and payroll deductions: Employment income…

A: Capital gain is the amount which is earned through sale of capital assets at profit. Taxpayer is…

Q: Allan is a married man with surviving spouse: Community properties: Real property located in…

A: Estate taxes can help prevent the development of dynastic wealth, which is money that is passed down…

Q: Gros

A: 9. Mr. Jordon is a resident citizen :- In this case his income in…

Q: 20. Kim and James are filing their tax returns and regularly make donations. Kim's donations were…

A: It is the amount of tax credit available on charitable donations made by taxpayers in Canada.For…

Q: Question 8: Gift aid donation scheme. Brenda has employment income of £55,000 each year and makes a…

A: The question is given to compute the income tax liability. Tax liability: Tax liability refers to…

Q: On 1 January 2024 Iva gave £5,000 to charity under the Gift Aid scheme. His only income is an annual…

A: The objective of the question is to determine the correct treatment of the gift given by Iva under…

Q: prescribed A. 80,000 B. 82,500 go C. 175,000 221.500 The deductible amount of interest is FO

A: Deductible interest expense refers to the interest payments that an individual or business can…

Q: Pete and his wife live in a home with their 13-year-old dependent son. This year, they had the…

A: “Hi There, Thanks for posting the questions. As per our Q&A guidelines, must be answered only…

Q: manda receives a $12,000 distribution from her education IRA The distribution consists of $7,000 of…

A: As per IRS, contributions made to Education IRA is non tax deductible. There are also no taxes on…

Q: Nicanor, head of the family, died in 2020. The list of his properties is given below: House and lot…

A: A deceased person's property will be taken over by his lawful heirs or beneficiaries. A tax is…

Q: Stacia, a single cash basis taxpayer, received $20 in interest from her savings account, $150 in…

A: We must analyze the forms of interest income Stacia got in order to calculate the amount of taxable…

Q: Trust B says the trustee may distribute income in her sole discretion. During the tax year Trust B…

A: Here discuss about the income distribution to the beneficiary which are subject to the taxation in…

Q: How much is the estate tax due on the estate of Nicanor?

A: There are two types of expenses or claims against an estate that can be used to figure out how much…

Q: The donor's tax due, including increments

A: Taxable Amount: The fair market value of the house and lot (P500,000) is used as the taxable…

Q: A married couple has income of $35,000 and Social Security benefits of $25,000. What amount of their…

A: Taxable income is the income on which tax will be paid by taxpayers to government.A person can file…

Q: limitations, how much of the $34,000 contribution is deductible? $45,000 $34,000 $0 $17,000

A: Marianna has contributed $34,000 in cash to a foreign charitable organisation. Generally,…

Q: ident citizen provid ar:

A: Income tax is the tax levied on the total income generated during the accounting period by the state…

Q: Stan a resident citizen, won P 2,000,000 in a raffle draw in PCSO. The tax on the above transaction…

A: Under the old law that is NIRC, PCSO and lotto winnings were not subjected to any amount of tax that…

Q: Question 20 of 100. Steve files head of household. He received $21,000 in social security benefits,…

A: In particular during retirement, in the event of a disability, or in the event of the death of a…

Q: Elton Weiss and Reyna Herrera-Weiss are married and report the following income items: Elton's…

A: INTRODUCTION: The income used to compute taxes is known as the taxable income. After subtracting…

Q: A married couple received $11,000 of social security benefits. a. Calculate the taxable amount of…

A: The Internal Revenue Service (IRS) defines provisional income as the amount of your salary, taxable…

Q: Nicanor is a married man with surviving spouse: Community Properties Real Property located in Manila…

A: Net Estate Computation: Communal (P) Exclusive (P) Total (P) Real property 5,000,000…

Q: Problem 4-29 Part-a (Algo) a. Determine Jeremy's tax refund or taxes due. Description (1) Gross…

A: The gross income means the total of all the incomes that are earned by the taxpayer. The gross…

Q: Ms. Delta has a P800,000 net taxable income, what is her tax rate? A. 20% of the excess over…

A: Income tax: Income tax is the tax that an individual is responsible for on their earned income. It…

Q: Mr. Alpha, is an employee of ABC Company. He is not engaged in business nor has any other source of…

A: The portion of your gross income known as "taxable income" is used to determine your tax liability…

Q: 18. Cypress, a resident citizen, received the following prizes and winnings during the current…

A: A resident of the Philippines is someone who fits the qualifications established by the Philippines'…

Q: the total surcharges (exclusive of interest) is

A: As per Philippians Law the surcharge excluding interest is 25% of tax due.

Q: Kelly receives a $40,000 scholarship to Ivy University. She uses $35,000 on tuition and books and…

A: As per IRS Gross income is total income less deductions other than exempt income.

Q: 12. Miss Lou Tung, Filipino, is employed in a bank, earning for the year, Basic Pay of 480,000 and a…

A: As per our protocol we provide solution to the one question only but you have asked multiple choice…

Q: How much is the total donor's tax due of Spouses Oredan?

A: Donation tax is the tax which has to be charged on the donations made during the year and the…

Q: Nicanor is a married man with surviving spouse: Community properties: Real property located in…

A: Computation of Gross Estate: Particulars Exclusive Communal Total Exclusive Family House…

Q: Bat Man is 54 years old and married with 2 children. He is fully employed and earned a salary of R1…

A: Taxable income is the amount of income an individual or entity earns that is subject to taxation by…

Q: A married couple received $9,000 of social security benefits. a. Calculate the taxable amount of…

A: Social Security benefits refer to government-administered financial assistance programs that provide…

Q: 3. Jose Almelor has a taxable income of Php 98 000. Because he is married with three dependent…

A: The amount of deduction allowed for dependent children in the Philippines is P25,000 per child up to…

Q: Moe and Pearl are married, file a joint return, and have two dependent children, ages 11 and 13.…

A: AGI = $ 417,000 No.of Children = 2

Q: Amount (GHC) Rate of tax (%) First 10,000.00 Free Next 30,000.00 Next 30,000.00 10 Next 60,000.00 20…

A: Annual Salary = GH¢ 250,000 Social Security Contribution= 5% =(250,000/100*5)= GH¢ 12,500

Q: Amanda, who works 1,500 hours annually as a second grade teacher purchased $300 worth of supplies…

A: Income tax: It is the tax every individual or company is liable to pay on the income generated…

Q: 36. The following interest payments were made by an individual income taxpayer in 2022: Interest on…

A: Deductible interest expense refers to the interest payments that an individual or business can…

Question

Compute the taxable income

PHP 400,000

PHP 302,000

PHP 303,000

PHP 305,000

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1 introduction

VIEW

Step 2 Answer

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Similar questions

For the year 2023, Carolyn earned $80,000 and incurred the following expenses Moving expenses Credit card interest Mortgage interest (qualified residence interest) Tax return preparation fees Unreimbursed employee business expenses State sales tax paid Assuming she had no other expenses and files as a single taxpayer, what are her total allowable itemized deductions for 2023? O A. $15,300 OB. $14.800 $ 500 250 12,400 1,100 1,750 2,400 O C. $15,050 O D. $17,650
asap A taxpayer made available the following financial information: Gross sales - Php 10,000,000 Cost of sales – Php 6,000,000 Expenses: Salaries and wages – Php 1,000,000 Transportation and travel – Php 20,000 Rental - Php 240,000 Representation expense – Php 100,000 Depreciation expense – Php 200,000 Office supplies – Php 20,000 Miscellaneous expenses – Php 10,000 How much is the taxable income if the taxpayer is a domestic corporation and opted for OSD? Group of answer choices b. 4,000,000 d. 2,400,000 c. 6,000,000 a. 2,410,000
kai.9
Compute the taxable income for 2019 for Emily on the basis of the following information. Her filing status is single Salary $85,000 Interest income from bonds issued by Xerox 1,100 Alimony payments received 6,000 Contribution to traditional IRA 5,500 Gift from parents 25,000 short term capital gain from stock investment 2,000 Amount lost in football office betting pool 500 Age 40
24. Mrs. Manoban has a gross taxable compensation income of PHP 400,000 and personal exemption of PHP 100,000. She earned additional PHP 2,000 by investing her money in time deposits plus PHP 3,000 interest income from lending money to a friend. Compute the taxable income a. PHP 305,000 b. PHP 400,000 c. PHP 302,000 d. PHP 303,000
A taxpayer made charitable donations of $1,300 and their spouse donated $600 in 2023. Each of the individuals earned $70,000 of employment income. What would be the maximum federal donation tax credit (round to nearest dollar) the couple would claim in 2023? Multiple Choice O O O O $285 $349 $523 $591
5
8-17 Nicanor is a married man with surviving spouse: Community Properties: Real Property located in Manila - Php 5,000,000 Bank deposits – Php 5,000,000 Exclusive Properties: Family Home in Nueva Ecija – Php 10,000,000 Other Exclusive properties – Php 2,000,000 Community Deductions: Funeral Expenses – Php 500,000 Other Valid Deductions – Php 1,000,000 Medical Expenses – Php 1,000,000 1. Assuming Nicanor is head of the family, how much is the estate tax due? 2. Assuming Nicanor is head of the family, how much is the NET DISTRIBUTABLE ESTATE?
Hw.35.
A married couple received $9,200 of social security benefits. a. Calculate the taxable amount of those benefits if the couple's provisional income is $20,500. b. Calculate the taxable amount of those benefits if the couple's provisional income is $38,000. c. Calculate the taxable amount of those benefits if the couple's provisional income is $56,000.
A taxpayer registered in 2020 made available the following financial information for TY2021 : Balance Sheet: Asset - Php 500.000 Liability - Php 100.000 Stockholders' Equity - Php 400,000 Income Statement : Gross sales - Php 10.000.000 Cost of sales - Php 8.000.000 Operating Expenses - Php 5,000,000 How much is the income tax due under CREATE Law if the taxpayer is a domestic corporation ? Php 300.000 Php0 Php 600,000 Php 200.000
J5.