Answered: Pablito owns and operates a taxi unit.… | bartleby

SWFT Comprehensive Vol 2020

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter9: Deduct Ions: Employee And Self-employed - Related Expenses

Section: Chapter Questions

Problem 29P

See similar textbooks

Related questions

Question

Setting: Philippines 2021

Pablito owns and operates a taxi unit. He also teaches as a professor in
Saint Louis University. He is also a practicing lawyer in Baguio City. Due to
his high gross receipts, Pablito registered as a VAT-taxpayer. In March
2020, he earned P45,000 compensation income, gross receipts from taxi
of P60,000 and receipts from professional fees of P250,000. How much
of the total receipts is exempt from business tax? *
PP310,000
P60,000
P250,000
O P45,000

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Blurred answer

Similar questions

Pedro owns and operates a taxi unit. He also teaches as a professor in a private school. He is also a practicing lawyer in Makati. Due to his high gross receipts, Pedro registered as a VAT-taxpayer. In March 2020, he earned P45,000 compensation income, gross receipts from taxi of P60,000 and receipts from professional fees of P250,000. How much of the total receipts is exempt from business tax? PP310,000 P60,000 P250,000 P45,000
Mr. Sia is working as a freelance professional in SDN Corporation. He is earning professional fees amounting to Php60,000.00 per month and is a Non-VAT registered. a. During the filing of his First Quarter Income Tax Return, which method of computing income tax is more advantageous? Justify your answer. b. During the filing of his Annual Income Tax Return, which method of computing income tax is more advantageous? Justify your answer.
Hoang Nguyen, a resident taxpayer, had the following receipts and balances during the2018/19 tax year. Ignore GST.Receipts related to business as a plumber:Receipts from debtors $ 172,000Cash Sales 15,000Volume rebates from suppliers 3,000Insurance recovery for loss of income(Hoang spent 2 weeks in hospital following a work accident) 7,000Hoang also had the following balances relating to his business:Debtors as at 30 June 2018 19,000Debtors as at 30 June 2019 27,500Receipts related to rental property in Brisbane:Rent received from tenants during the year 12,000Water rates recovered from tenants 600Balances relating to rental property in Brisbane:Rent received in advance as at 30 June 2018 1,300Rent outstanding from tenants as at 30 June 2019 2,000Tenant’s bond held by Rental Bond Board 1,200Total deductions from business and rental property 132,000PAYG tax instalments paid by Hoang during the year 21,000Calculate Hoang’s taxable income for the 2018/19 tax year.
This is for financial math, please help me
Ms. Joy operates a convenience store while she offers bookkeeping services to her clients. In 2022, her gross sales amounted to PHP 800,000, in addition to her receipts from bookkeeping services of PHP 300,000 and incurred costs and expenses of PHP 300,000 and PHP 100,000 respectively. How much is her tax due using the 8% tax rate?
What is the taxpayer's gross income in each of the following situations? Do not type a dollar sign. Use commas when appropriate as in 3,500. If the answer is zero, type a 0. a. Myra received a salary of $80,000 from her employer, Green Construction. b. In July, Green Construction gave Myra an all-expense-paid trip to Las Vegas (value of $3,200) for exceeding her sales goals. c. Darrin received $9,000 from his employer to help him pay his medical expenses not covered by insurance, this payment is not available to all employees. d. Blake received $5,000 from his deceased wife's employer to help him in his time of greatest need." e. Austin collected $50,000 as the beneficiary of a group term life insurance policy when his wife died. The premiums on the policy were paid by his deceased wife's employer.
Mr. Juan Dela Cruz operates a mini bakeshop while he offers cleaning services to his clients. In 2018, his gross sales amounted to P280,000 in addition to his receipts from cleaning services of P20,000. He incurred cost of sales and operating expenses amounting to P20,000 and P5,000, respectively or a total of P30,000. He consulted you if he could avail of either the graduated income tax rates (0%-35%) or the flat 8% income tax rate. Compute for the income tax due for 2018 considering the tax option that is more favorable to him.
Mr. Dela Cruz, a managerial employee, was given cash so he can purchase a car. The car shall be in Mr. Dela Cruz’s name. The purchase price of the car amounts to P750,000, while the cash provided amounts to P800,000. How much is the fringe benefits tax on the transaction?
Answer typewritten please. I'll only upvote if it is typewritten.
Paul is self-employed as a dentist. He practices under the name "Paul J. Vance, DDS." Paul's gross receipts during the year were $111,000. He uses the cash method of accounting. His business expenses are $68,890. Assume the QBI amount is net of the self-employment tax deduction. What is he qualified business income deduction for 2020?
Does anyone know which tax form she should use to claim her deduction of 2,500? Is it Schedule C?
1. Mr. Park is a resident Filipino citizen working as a professional artist in a prestigious TV network. He earned an annual gross income of Php2.5M for the year 2021. He is a Non-VAT registered taxpayer. How much is the total income tax still due? Consider withholding taxes. 2. Using the facts in Number 5, if Mr. Park is a VAT-registered taxpayer, how much is his total income tax still due? Consider withholding taxes.

SEE MORE QUESTIONS

Recommended textbooks for you

SWFT Comprehensive Vol 2020

SWFT Comprehensive Vol 2020

Accounting

ISBN:

9780357391723

Author:

Maloney

Publisher:

Cengage

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

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

Accounting

ISBN:

9780357110362

Author:

Murphy

Publisher:

CENGAGE L

SWFT Individual Income Taxes

SWFT Individual Income Taxes

Accounting

ISBN:

9780357391365

Author:

YOUNG

Publisher:

Cengage

SWFT Comprehensive Vol 2020

SWFT Comprehensive Vol 2020

Accounting

ISBN:

9780357391723

Author:

Maloney

Publisher:

Cengage

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

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

Accounting

ISBN:

9780357110362

Author:

Murphy

Publisher:

CENGAGE L

SWFT Individual Income Taxes

SWFT Individual Income Taxes

Accounting

ISBN:

9780357391365

Author:

YOUNG

Publisher:

Cengage

Individual Income Taxes

Individual Income Taxes

Accounting

ISBN:

9780357109731

Author:

Hoffman

Publisher:

CENGAGE LEARNING - CONSIGNMENT

SEE MORE TEXTBOOKS