Typewritten only and i'll upvote. 3. A resident alien couple with two (2) dependent children. The husband receives an annual salary ofP652,000, living allowances of P100,000, and a housing benefit of P300,000 (100%). His wife receivesP68,000 from her teaching profession. The husband receives the following: gross dividend income frominvestment in shares of stock of a domestic corporation, P10,000; interest from a peso bank account,P20,000; capital gain on sale of shares, P5,000; and taxes withheld by the employer of the husband atP118,000 and by the employer of the wife. How much will be the total gross annual income of the husbandand wife?

Gross income is the income which has been earned by the person during the year and gross income for…

Answered: P118,000 and by the employer of the…

Business

Accounting

P118,000 and by the employer of the wife. How much will be the total gross annual income of the husband and wife?

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter8: Taxation Of Individuals

Section: Chapter Questions

Problem 51P

See similar textbooks

Similar questions

A Resident citizen husband and wife with two dependent children are going to file their 2020 income tax returns with the following details: Salary and allowances of husband arising from employment: Salary of PHP 652,000, living allowances of PHP 100,000, and housing benefits (100%) of PHP 300,000. Teaching salary of wife: PHP 68,000. Wife inherited land costing 200,000 Gross dividend income from investment in shares of stock of a domestic corporation of PHP 10,000. The interest of PHP 20,000 on the peso bank account. Capital gain on sale of shares of PHP 5,000. Taxes withheld by the employer of husband at PHP 118,000 and by the employer of wife at nil. Husband is occupying a managerial position in the company. How much is the tax due from the husband? How much is the net income of the wife?
Answer with explanation. 1. On March 6, 2022, a Filipino citizen donated house and lot with fair market value of P500,000 to his illegitimate child on account of marriage on January 1, 2022. return was filed and tax paid on July 5, 2022. (Assume a 10% legal interest rate for loans). The donor's tax due, including increments, as of July 5, 2022 is: a. P15,000 b. P15,750 c. P19,500 d. P23,250
A married resident citizen has five qualified dependent children the following information pertains to his income and expenses in the year 2009: Salary, net of 20,000 withholding tax P 380,000 Interest income, bank deposit BPI Manila 50,000 Yield from money market placement, state investment Manila 30,000 Rent expense apartment house 36,000 health insurance premium paid 5,000 How much is the taxable compensation income?
es Jorge and Anita, married taxpayers, earn $150,000 in taxable income and $40,000 in interest from an investment in City of Heflin bonds. (Use the U.S. tax rate schedule for married filing jointly). Required: a. If Jorge and Anita earn an additional $100,000 of taxable income, what is their marginal tax rate on this income? b. What is their marginal rate if, instead, they report an additional $100,000 in deductions? (For all requirements, round your answers to 2 decimal places.) a. Marginal tax rate b. Marginal tax rate % %
Erica has the following: Salary = $30,000; RPP contribution = $2,000; mortgage interest = $1,000; Union dues = $800; Basic Personal Amount = $11,635. Her federal income tax rate = 15%. What amount of federal income tax does Erica owe? A) $2,335 B) $4,200 C) $2,259 D) $2,829
5. Maximum Annual Contributions to IRAS. H and W file a joint tax return. W is a lawyer with current-year earned income of $180,000. H works part-time as a land-scape architect and earned $22,000 in the current year. a. Assume that W is an active participant in the firm's qualified profit-sharing plan. How much may W and H contribute to their IRAS for the current year? How much of the contribution is deductible? b. Assume neither H nor W is an active participant in a qualified retirement plan. How does this assumption change your answers to (a) above?
Miss Irish Ryan receives a regular semi-monthly salary of 25,000. If she is married with three qualified dependents. How much is her semi-monthly withholding tax? a. 4, 695.00 b. 4, 795.00 c. 4, 895.00 d. 4, 995.00
A surviving spouse with one dependent child has a gross income of 68,170 per year. If 3,000 is withheld from the taxpayers wages for federal income taxes, what is the amount of the taxpayers refund or tax due?
5. Jorge and Anita, married taxpayers, earn $150,000 in taxable income and $40,000 in interest from an investment in City of Heflin bonds. Using the U.S. tax rate schedule for married filing jointly, how much federal tax will they owe? What is their average tax rate? What is their effective tax rate? What is their current marginal tax rate? (Round your answers to 2 decimal places.) 6. Jorge and Anita, married taxpayers, earn $150,000 in taxable income and $40,000 in interest from an investment in City of Heflin bonds. (Use the U.S. tax rate schedule for married filing jointly). If Jorge and Anita earn an additional $100,000 of taxable income, what is their marginal tax rate on this income? What is their marginal rate if, instead, they report an additional $100,000 in deductions? 7. Scot and Vidia, married taxpayers, earn $240,000 in taxable income and $5,000 in interest from an investment in City of Tampa bonds. Using the U.S. tax rate schedule for married filing jointly, how much…
Subject:accounting Jorge and Anita, married taxpayers, earn $144,500 in taxable income and $54,000 in interest from an investment in City of Heflin bonds. (Use the U.S. tax rate schedule for married filing jointly). Required: If Jorge and Anita earn an additional $107,000 of taxable income, what is their marginal tax rate on this income? What is their marginal rate if, instead, they report an additional $107,000 in deductions? (For all requirements, do not round intermediate calculations. Round your answers to 2 decimal places.)
Moe and Pearl are married, file a joint return, and have two dependent children, ages 11 and 13. Their AGI is $417,000. By how much is their child tax credit reduced in 2020? a. $4,000 b. $3,150 c. $1,150 d. $0 e. $850
3. The resident alien husband and wife with two dependent children. The salary and allowances of husband arising from employment: Salary of PHP 652,000, living allowances of PHP 100,000, and housing benefits (100%) of PHP 300,000. The teaching salary of wife: PHP 68,000. Gross dividend income from investment in shares of stock of a domestic corporation of PHP 10,000. Interest of PHP 20,000 on peso bank account. Capital gain on sale of shares of PHP 5,000. Taxes withheld by employer of husband at PHP 118,000 and by employer of wife at nil. The Husband is occupying a managerial position in the company. REQUIREMENT: COMPUTE FOR THE TOTAL TAX DUE OF HUSBAND AND WIFE FROM THEIR COMPENSATION INCOME