On October 1, 2021, C company purchased a P1,800,000 car and designated it for the use of its non-resident alien executive. Compute the fringe benefit tax.
Q: ployment tax? B. Compute Wilma’s 2021 self-employment tax, assuming Wilma has no other earned…
A: Individuals are subject to self-employment taxes for security and medical expenses. It is charged at…
Q: According to Tax Accounting rules, which of the following expenses have been incurred (and thus…
A: Tax is the charge levied by the central or state government on the income, capital gain or sale…
Q: In 2021, ABC Corp., a non-VAT taxpayer sold goods to the Bureau of Internal Revenue in the amount of…
A: Any goods sold to the government as per National Internal Revenue code of section 114(c) final VAT…
Q: A VAT-registered business taxpayer had no inventories at the beginning and end of the quarter.…
A: Here discuss about the details of registered VAT and non registered VAT difference in the payment of…
Q: A taxpayer made available the following financial information: Gross sales - Php 10,000,000 Cost of…
A: Income tax due is the amount of tax which is due on income taxable during the year.
Q: During the year of 2021, Daniels corporation collects all of the Accounts Receivable and sells the…
A:
Q: Company XY, a calendar year taxpayer, sold a nonresidential building on July 07, 2021. The tax basis…
A: Depreciation is referred to as accounting term, which used to happen at the assets used to lose the…
Q: n 2021, LM distributes an office building to Laura. At the time of this distribution, the office…
A: FMV stands for a fair market value that reflects the expected value of an asset-based n the current…
Q: An accountant agrees to perform $410 of tax services for an auto mechanic who has agreed to perform…
A: TAXABLE INCOME YEAR ACCOUNTANT MECHANIC 2021 $410 $0…
Q: On June 5, 2018, Roxy Company purchases a passenger auto for $60,000. Roxy does not take a Sec. 179…
A:
Q: In 2021, Ben purchases and places in service a new auto for his business. The auto costs $57,000 and…
A: Introduction Section 179 allows tax payers to expense the acquisition cost of certain properties,…
Q: A taxpayer disposed of two homes in Ontario in 2021, (both of which met the qualifications of a…
A: A capital gain rate of 15% applies if your taxable income is $80,000 or more but less than $441,450…
Q: On November 1, 2020 Mr. Raul Ferrer a VAT registered taxpayer made the following purchases from VAT…
A: VAT is the value added tax. Vat rate in Philippines is 12%. Input vat of capital goods should be…
Q: How much is the VAT payable as at January 31, 2020?
A: Vat payable amount is the amount which requires to be paid to the government or tax authority which…
Q: What is the taxable income if the taxpayer had chosen optional standard deduction? A citizen who is…
A: In the context of the given question, we need to compute the taxable income of a married individual…
Q: Tom Cruiser is buying a single-family residence in Oakvile, Ontario, for $805,000. According to the…
A: Taxable income: It is the income on which tax is calculated that is to be paid to the government and…
Q: Maria is a resident Citizen taxable period:2021 Gross sales php 2,500,000 other operating income…
A: Taxable income: It implies to the income of the taxpayer that is subjected to the tax charge or on…
Q: What is the income tax payable to BIR?
A: Under the preferential tax rate system for a corporation registered under PEZA, tax is calculated at…
Q: A taxpayer registered in 2010 made available the following financial information for TY2021: Balance…
A: The tax rate for domestic corporation under CREATE law is 25%, if income of the corporation is more…
Q: Huy, single, operates a sole proprietorship. In 2020, Huy's QBI is $74,348, and his modified taxable…
A: It is the deduction available on the qualified business income subject to the provisions of IRS.…
Q: A taxpayer registered in 2010 made available the following financial information for TY2021:…
A: Under CREATE law, tax rate for domestic corporation is 20% to 25% depending on the net income of the…
Q: Omega Corporation purchased a motor vehicle worth P1,400,000 for the use of its executive. It was…
A: The benefits which are provided by the employer which acts as job satisfaction to the employees are…
Q: A taxpayer made available the following financial information: Gross sales - Php 10,000,000…
A: Taxable income is the foundation income on which taxes are levied. It includes some or all of the…
Q: Omega Corporation purchased a motor vehicle worth P1,400,000 for the use of its executive.…
A: Concept of Fringe Benefit Tax
Q: A domestic corporation owns a condominium unit. In 2018, the said corporation furnished and granted…
A: Fringe benefits are the amount of benefits or additional compensation paid to employees. Fringe…
Q: schedular tax on taxable income.
A: Correct Answer :- C The schedular tax on taxable income.
Q: For the 2019 taxation year, Sylvia Ivany has net employment income of $90,000, spousal support…
A: The RRSP deduction limit is the amount that can be deposited as an RRSP contribution. This is…
Q: In 2020, when the enacted tax rate for the current and all future periods was 20.5%, Garza Corp. had…
A:
Q: Drake Appliance Company, an accrual basis taxpayer, sells home appliances and service contracts.…
A: Accrual basis means to report the transactions irrespective of the actual cash receipt or paid.
Q: red Stone is an employee of Henrock Company. During the first part of the year, Stone earned $4,340…
A: The federal government and state governments fetched unemployment taxes. The federal government…
Q: Which of the following is not correct regarding the NOLCO? NOLCO is allowed as deduction from…
A: Income Tax- The federal, state, and local governments levy taxes on the gross income of individuals…
Q: Alma Algonquin is a single taxpayer and operates Alma's Almond Products as 2020, Alma's Almond…
A: a ALMA ALGONQUIN'S TAXABLE INCOME FOR 2020 $ $ Gross receipt of business 65000 Business expenses…
Q: Vergo Company acquired a motor vehicle for P1,000,000 for the use of one of its on-call employees.…
A: Fringe Benefit Taxes To Calculate the Fringe benefit taxes in Philippines it depends upon the nature…
Q: Universal Gagarin purchased a residential unit for P3,000,000 and transferred it to its supervisory…
A: Fringe benefits are described as extra rewards provided to employees in addition to their stated…
Q: Bing, resident citizen, operated her online selling without permit to engage in business. During the…
A: Tax is the portion of income paid to the government.
Q: Ms.Angel is a prominent independent contractor who offers architectural and engineering…
A: Deduction- Deduction refers to the charge that is allowed to be deducted from the annual gross…
Q: Chanda is employed in a local accounting company (ABC accounting) that specialises in providing tax…
A: The fringe benefits taxable (FBT) amount would be computed using the base cost of the vehicle,…
Q: Jack paid $1,800 in interest for his student loan in 2021. What is the tax treatment of this…
A: Interest paid on an eligible student loan during the year is referred to as student loan interest.…
Q: Olin Packett is a CGA-CPA and is employed by a Canadian private corporation. For 2020, his gross…
A: ANSWER: $116,992 EXPLANATION : Gross Salary 82000 Less: Deduction Federal…
Q: On June 25, 2020, Ms. Annie Rawlings purchased an automobile to be used exclusively in her…
A: Depreciation refers to the fall in the book value of an asset each year. Depreciable amount is…
Q: On January 31, 2022, RUBY Company agreed to pay the former president $300,000 under a deferred…
A: A change in accounting principle is the change in accounting from one accounting principle to…
Q: Gemini Auto Repair is a calendar year taxpayer. In 2019, the repair shop purchased a light weight…
A:
Q: On January 31, 2022, RUBY Company agreed to pay the former president $300,000 under a deferred…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Q: A taxpayer with $3,000 in unreimbursed employee expenses and an AGI of $50,000 will have what…
A: Unreimbursed Employee Expenses:-These are those expenses for which employers do not pay back or…
Q: Blackburn Corporation is a calendar year taxpayer. Every year on September 1, Blackburn enters into…
A: Blackburn corporation is a calendar year tax payer. Every year on September 1, Black burn enters…
Q: For his business, McKenzie purchased qualifying equipment that cost $212,000 in 2019. The taxable…
A: § 179 expense deduction allows deduction for the purchase of qualifying assets. The limit was…
Q: The taxpayer is a resident citizen and the taxable period is 2021. Compute for the GROSS income…
A: Gross income: It implies to the income before deducting for any operating expenses incurred by the…
Q: n 2020, Miranda records net earnings from self-employment of $158,500. She has no other income.…
A: Income for self-employment tax; Income=Net earnings×92.35%=$158,500×92.35%=$146,374.75 A…
Q: Maria is a resident Citizen Taxable period 2021 Gross Sales php 2,500,000 Other operating income…
A: Itemized deductions: It includes all the expenses that are allowed to be deducted from the…
Step by step
Solved in 2 steps
- 4G ". 10:11 O O B 01:58:42 Remaining Multiple Choice An employee has a gross compensation income of P350,000 in 2019. His employer deducted P3,000 SSS, P1,750 Philhealth, P4,500 Home Development Mutual Fund, P2,800 union dues and P60,000 creditable withholding tax. Compute for the gross taxable compensation income of the employee: P277,950 P337,950 P340,750 P350,000 1 of 60 II4G E 10:12 O O & 01:57:55 Remaining Multiple Choice FU Corporation is an exempt BMBE taxpayer in 2020 but became a taxable regular income taxpayer in 2021. It deducted P160,000 bad debt expense in 2020. In 2021, it recovered P30,000 out of the bad debts. Net income before bad debts in 2020 is P100,000 while net income before bad debts in 2021 amounted to 130,000. Compute for the net income in 2021. P100,000 P130,000 P160,000 P190,000 25 of 604G 46 10:13 O O 3 N vo, 0.00 a 01:56:59 Remaining Multiple Choice Y leases a building to a client. During the year, he received the following remittance from the lessee: • Rental, net of 10% creditable withholding tax -P1,800,000 • Real property tax of the leased building-P60,000 • Reimbursement for utilities used by the lessee paid by Y-P150,000 Compute for the gross income subject to regular tax. P1,860,000 P1,950,000 P2,010,000 P2,060,000 43 of 60
- 4G " 10:12 O O B 01:58:14 Remaining Multiple Choice X, a resident citizen, had the following income for taxable year 2019: Compensation Income P750,000 Non-taxable Compensation Income 80,000 Gross Business Income 370,000 Deductions 490,000 Other Gross Income 60,000 Compute for the Income Tax due/ payable of Mr. X P67,500 P82,500 P97,500 P670,000 17 of 60GE 10:13 O O O 01:57:18 Remaining Multiple Choice In 2021, Z earned P620,000 compensation income but incurred P280,000 net loss in her business. What is her income tax due/payable assuming she incurred personal expenses of P160,000. ZERO P18,000 P45,000 P85,000 34 of 60Question # 14 A Report a Problem G Revisit Choose the best opt of any sum payable to a resident will be disallowed if tax on the same is not O 30% deducted or deducted but not paid O 15% O 20% O 100% Deepanshu | Support +1 650-924-9221 +91 80 4719 0917 metti P Type here to search
- Question 12 Ching Chong, Chinese, died in 2019. If Ching Chong was a resident of old China town in Manila (Binondo), how much is the deductible standard deduction? Group of answer choices P 500,000 P 1,000,000 Zero or NIL P 5,000,000e/1FAlpQLSemRocZlysC1 Omxn3WN DNEqZ0cNLOvBFeteSg98lhAYbXw/formResponse O 2,400,000 Vergo Company acquired a motor vehicle for P1,000,000 for the use of one of its on-call employees. Compute the monetary value of fringe benefits subject to tax. * O 1,000,000 500,000 O 200,000 O 100,000 O Zero4G 46 10:14 O O O 及 .00 01:56:08 Remaining Multiple Choice A resident citizen has a compensation income of P2,280,000 within the Philippines and P1,370,000 from abroad. Compute the income tax due/ payable. P301,000 P528,000 P579,600 O P1,018,000 53 of 60
- 00:23 令l 50 K/s Question no. 01: A. According to the Turkish tax legislation, there are two main types of tax statuses regulated on the basis of residence: resident taxpayers and non-resident taxpayers. Individual income tax rates applicable on resident taxpayers for 2018 - 2019 are as follows: Income Scales (TRY) Rate (%) Up to 14,800 15 14,801 - 34,000 20 34,001 - 120,000 27 120,001 and over 35 a) Create a Mathematical Model that represents the aforementioned information to calculate the annual income tax. b) How much annual income tax you will have to pay if your monthly taxable income is TRY 9,000.Compute the 2023 tax liability and the marginal and average tax rates for the following taxpayers. Click here to access the 2023 tax rate schedule. If required, round the tax liability to the nearest dollar. When required, round the average rates to four decimal places before converting to a percentage (i.e., .67073 would be rounded to .6707 and entered as 67.07%). a. Chandler, who files as a single taxpayer, has taxable income of $167,400. Tax liability: Marginal rate: Average rate: Marginal rate: % b. Lazare, who files as a head of household, has taxable income of $67,200. Tax liability: Average rate: % % %CASE 26 All taxpayers are VAT taxpayers. Prices given are VAT not included: Sale by Mr. A to Mr. B for P140,000; Sale by Mr. B to Mr. C for P280,000; Sale by Mr. C to Mr. D for P560,000; Sale by Mr. D to Mr. E for P750,000. (a) Value-added tax payable by Mr. B? (b) Value-added tax payable by Mr. C? (c) Value-added tax payable by Mr. D?