Ms. Venus is the owner of Bebe Party Favors store She also works as a party host The following results were shown during 2018 Store's gross sales amounted to P1,200,000 Gross receipts as party host amounted to P450,000 Ms. Venus has signified her intention to be treated at 8% income tax rate in her first quarter income tax return. 1. Ms. Venus's taxable income for 2018 is 2 Ms. Venus's income tax liability for 2018 is Assume that Ms. Venus failed to signify her intention to be taxed 8% income tax rate on gross sales/receipts in her first quarter income tax return. Cost of sales incurred in 2018 amounted to P850,000 while operating expenses P380,000.3. In the second scenario, Ms. Venus taxable income due for 2018 is 4. Ms. Venus income tax liability in this case is Answer the following. Be sure to follow the correct format (see SAMPLE below) to get credit for your answers. Peso sign are not required. Centavos are not required. If your computation is with centavo, round your answer to nearest peso. CORRECT---> 1000 INCORRECT -> 1,000 INCORRECT> 1,000.00 INCORRECT ---> 1000.00

Ms. Venus is the owner of Bebe Party Favors store She also works as a party host The following results were shown during 2018 Store's gross sales amounted to P1,200,000 Gross receipts as party host amounted to P450,000 Ms. Venus has signified her intention to be treated at 8% income tax rate in her first quarter income tax return. 1. Ms. Venus's taxable income for 2018 is 2 Ms. Venus's income tax liability for 2018 is Assume that Ms. Venus failed to signify her intention to be taxed 8% income tax rate on gross sales/receipts in her first quarter income tax return. Cost of sales incurred in 2018 amounted to P850,000 while operating expenses P380,000.3. In the second scenario, Ms. Venus taxable income due for 2018 is 4. Ms. Venus income tax liability in this case is Answer the following. Be sure to follow the correct format (see SAMPLE below) to get credit for your answers. Peso sign are not required. Centavos are not required. If your computation is with centavo, round your answer to nearest peso. CORRECT---> 1000 INCORRECT -> 1,000 INCORRECT> 1,000.00 INCORRECT ---> 1000.00

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter5: Deductions For And From Agi

Section: Chapter Questions

Problem 20P

See similar textbooks

Related questions

Q: In the 2018 tax year, Michelle paid the following amounts relating to her 2016 tax return: Tax…

A: Income tax: Income tax refers to the direct tax levied on individual person or business and…

Q: Miranda's self-employment tax is $ and she has a $ deduction for AGI.

A: Let's calculate Miranda's self-employment tax by following the below-given steps -Self-Employment…

Q: Ms. White has net tax owing for 2017 of $4,500, net tax owing for 2018 of $8,000, and estimated net…

A: Taxes are the amount of dues and obligations which needs to be settled or paid by the business on…

Q: Pure Self-Employment Mr. Adolfo, owner of Azi Sports Shop, has opted to be taxed at the 8% income…

A: Income tax: Income tax is the tax charged by the government on the income earned by the citizens.…

Q: Mr. and Mrs. Wilson are married (MFJ) with one dependent child. They report the following…

A: Please find the calculation of AGI, Taxable Income & Total Tax Liability of Wilson's in step 2…

Q: Meryam Ahmed has net tax owing for 2016 of $5,000, n $8,000 and estimated net tax owing for 2018 of…

A: Sometime it happens that taxes are due for long period than on the request tax authorities gives…

Q: 7,000 (miles incurred ratably throughout the year) 35,000 miles total during the year 2019…

A: As per Sec 179, 100% deduction can be taken on assets that are purchased in the current year.…

Q: Use the 2016 FICA tax rates, shown below, to answer the following question. If a taxpayer is…

A: The given question is asked about the FICA taxes. We need to compute the FICA taxes for a…

Q: Franklin Stewart arrived at the following tax information: Gross salary Interest earnings Eligible…

A: The concept here involves determining taxable income, which is a key component in calculating how…

Q: John Woods’ weekly gross earnings for the present week were $2,500. Woods has two exemptions. Using…

A: Allowance per exemption = $80. Woods has two exemptions and so the amount of allowance that will be…

Q: Ashley, who is married to Anne and age 30, provides you with the following information from their…

A: AMT is a tax that ensures that taxpayers pay at least the minimum. It is calculated by adding…

Question

Ms. Venus is the owner of Bebe Party Favors store She also works as a party host. The following results were shown during 2018: Store's gross sales
amounted to P1,200,000 Gross receipts as party host amounted to P450,000 Ms. Venus has signified her intention to be treated at 8% income tax rate in her
first quarter income tax return. 1. Ms. Venus's taxable income for 2018 is
2 Ms. Venus's income tax liability for 2018 is
Assume that Ms. Venus failed to signify her intention to be taxed 8% income tax rate on gross sales/receipts in her first quarter income tax return. Cost of
sales incurred in 2018 amounted to P850,000 while operating expenses P380,000. 3. In the second scenario, Ms. Venus taxable income due for 2018 is
4. Ms. Venus income tax liability in this case is
Answer the following. Be sure to follow the correct format (see SAMPLE
below) to get credit for your answers. Peso sign are not required. Centavos are not required. If your computation is with centavo, round your answer to nearest
peso. CORRECT ---> 1000 INCORRECT --> 1,000 INCORRECT-> 1,000.00 INCORRECT ---> 1000.00

Expert Solution

This question has been solved!

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

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

How much is the total income tax of Ana assuming she opted to be taxed at 8%? (base it on the picture given) P321,500 P342,500 P351,500 P358,000
Mr A anticipates that his gross sales in a year will not exceed P3, 000,000. He is deciding on whether to register as a VAT taxpayer or not. He forecasts that in the year 2018, he will have the following tax data: Sales P1, 500,000 Purchases of goods to be sold From VAT taxpayers, VAT not included 800, 000 From non-VAT taxpayers 100, 000 Miscellaneous expenses to be paid: From VAT taxpayers, VAT not included 50, 000 From non-VAT taxpayers 20, 000 How much will be the total business taxes if: (a) He opts not to be VAT registered? (b) He opts to be VAT registered? (c) Taxwise, which is better, to be VAT-registered or not?
Borden Company received a federal tax levy on John Kline. Kline is single, claims 2 personal allowances, and had a takehome pay of $621.00 this week. The amount of the tax levy (in 2019) would be: Take-home pay $621.00 Less: Exempt amount (from Figure 6.3). 396.16 Federal tax levy $224.84 Figure 6.32019 Table for Amount Exempt for Tax Levy (Single Person) Filing Status: Single PayPeriod Number of Exemptions Claimed on Statement 0 1 2 3 4 5 More Than 5 Daily 46.92 63.07 79.22 95.37 111.52 127.67 46.92 plus 16.15 foreach dependent Weekly 234.62 315.39 396.16 476.93 557.70 638.47 234.62 plus 80.77 foreach dependent Biweekly 469.23 630.77 792.31 953.85 1115.39 1276.93 469.23 plus 161.54 foreach dependent Semimonthly 508.33 683.33 858.33 1033.33 1208.33 1383.33 508.33 plus 175 foreach dependent Monthly 1016.67 1366.67 1716.67 2066.67 2416.67 2766.67 1016.67 plus 350 foreach dependent Source: Internal Revenue Service. Carson Holiday has a federal tax…
Pure Self-Employment Ms. Abrial is the owner of Bebe Party Favors store. She also works as a party nost. " 2018 her store's gross sales amounted to P1,200,000 while her gross receipts as party host amounted to P450,000. She has signified her intention to be taxed at 8% income tax rate in her first quarter income tax return. What is Ms. Abrial's income tax liability for 2018? Assume that Ms. Abrial (above) failed to signify her intention to be taxed at 8% income tax rate on gross sales/receipts in her first quarter income tax return. Cost of sales incurred in 2018 amounted to P850,000 while operating expenses P380,000. Compute for Ms. Abrial's income tax due for 2018.
Laura has self-employment income of $87,500 for the year. How much is her self-employment tax? $10,747 $11,637 $12,363 $13,387
Mr. Asyoso signified his intention to be taxed at 8% income tax rate on gross sales in his 1st Quarter Income Tax Return. He has no other source of income, His total sales for the first three (3) quarters amounted to P4,000,000.00 with 4th quarter sales of P4,500,000.00. REQUIRED: Compute the tax liability of Ms. Asyoso for the year 2020.
Harriet is the owner of a small grocery store with gross sales in any one year period that do not exceed P3,000,000. She is not a VAT registered taxpayer. She submits the following data for the month of January 2021.Merchandise Inventory, Dec 31, 2020, P123,450Gross sales, P240,000Purchases from VAT registered suppliers, P156,980How much is the percentage tax due? P9,963 P2,400 P28.800 P6,780
Further explaination about the tax due, how to compute and where did it get? see the photo below for information.
Keiji Jones is the owner of a small retail business operated as a sole proprietorship. During 2022, his business recorded the following items of income and expense: Revenue from inventory sales Cost of goods sold Business license tax Rent on retail space. Supplies Wages paid to employees Payroll taxes Utilities Required: $ 147,000 33,500 2,400 42,000 15,000 22,000 1,700 3,600 a. Compute taxable income attributable to the sole proprietorship by completing Schedule C to be included in Keiji's 2022 Form 1040. b. Compute self-employment tax payable on the earnings of Keiji's sole proprietorship by completing a 2022 Schedule SE, Form 1040. c. Assume that Keiji's business is not a service business, and that it has $155,000 unadjusted basis in tangible depreciable property. Calculate Keiji's 2022 QBI deduction, before any overall taxable income limitation. Complete this question by entering your answers in the tabs below. Schedule C Schedule SE Part a Part b Part c Assume that Keiji's…
Katrina has wages of $161,000 in 2023. She also operates a small business that generated net profits of $10,000. What is Katrina's total self-employment tax? a. So b. $267.82 c. $290.00 d. $ 1,530.00
Dennis receives $11,100 during the current tax year from Blanca for some office space in Anaheim, California. The rent covers eight months, from August 1 of the current year to March 31 of the following year. The amount also includes a security deposit of $1,500. How much should Dennis report as rental income in the current tax year? a. $1,200. b. $6,000. c. $9,600. d. $11,100.
Compute her income tax payable in her Annual ITR? a. 613,400 b. 638,400 c. 920,400 d. 628,200