Please refer to Philippine Taxation in answering the following.Ms. Lily leases two doors of her three-storey commercial building to M&M onJanuary 1 of the current taxable year. The lessee, as agreed, shall make thefollowing payments:●●●Monthly rental of P 30,000Security Deposits of P 60,000 for two monthsReal Estate tax P 3,000Annual premium for fire insurance P 7,000Required: Determine the amount of gross rent income if:1) Advance rent with restriction2) Advance rent without restriction

The Philippine taxation system imposes taxes on income from various sources, including rental…

Answered: Please refer to Philippine Taxation in…

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter4: Gross Income: Concepts And Inclusions

Section: Chapter Questions

Problem 21CE

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Subject: Taxation Theory, Practice and Law Question: Part-AWhat is ‘fringe benefit tax’ (FBT)? Explain at least five main salient features of the FBT?Part -BCalculate the taxable value of the fringe benefit using the statutory formula in the following case context:Carron provides his employee (Rabbie) with the use of a Nissan Xtrail car 196 days during the FBT year. During the period, the car travelled 15,000 km. Carron purchased the car last year for $45,000. Rabbie contributed $1,500 towards the cost of running the car and has provided Carron with relevant documentation.
How do the all events and economic performance requirements apply to the following transactions by an accrual basis taxpayer? a. The company guarantees its products for six months. At the end of 2019, customers had made valid claims for 600,000 that were not paid until 2020. Also, the company estimates that another 400,000 in claims from 2019 sales will be filed and paid in 2020. b. The accrual basis taxpayer reported 200,000 in corporate taxable income for 2019. The state income tax rate was 6%. The corporation paid 7,000 in estimated state income taxes in 2019 and paid 2,000 on 2018 state income taxes when it filed its 2018 state income tax return in March 2019. The company filed its 2019 state income tax return in March 2020 and paid the remaining 5,000 of its 2019 state income tax liability. c. An employee was involved in an accident while making a sales call. The company paid the injured victim 15,000 in 2019 and agreed to pay the victim 15,000 a year for the next nine years.
LO.2 Osprey Corporation, an accrual basis taxpayer, had taxable income for 2019 and paid 40,000 on its estimated state income tax for the year. During 2019, the company received a 4,000 refund upon filing its 2018 state income tax return. The company filed its 2019 state income tax return in August 2020 and paid the 7,000 state income tax due for 2019. In December 2019, the company received a notice from the state tax commission that an additional 6,000 of income tax was due for 2017 because of an error on the return. The company acknowledged the error in December 2019 and paid the additional 6,000 in tax in February 2020. What is Ospreys 2019 Federal income tax deduction for state income taxes?
MC: Topic: Income Taxation Cardo, a resident citizen, owns a 6-year time deposit in a local bank which earns a 7% annual interest payable every yearend. Towards the end of the 4th year, Cardo pre-terminated the deposit. The interest income earned until pre-termination shall be subject to a final tax rate of- * 5% 12% 20% Not subject to final tax
Firm B, a calendar year, cash basis taxpayer, leases lawn and garden equipment. During December, it received the following cash payments. To what extent does each payment represent current taxable income to Firm 8? Required: a. $522 repayment of a loan from an employee. Firm B loaned $500 to the employee six months ago, and the employee repaid the loan with interest. b. $600 deposit from a customer who rented mechanical equipment. Firm B must return the entire deposit when the customer returns the undamaged equipment. c. $10,000 short-term loan from a local bank. Firm B gave the bank a written note to repay the loan in one year at 5 percent interest. d. $888 prepaid rent from the customer described in part (b). The rent is $12 per day for the 74-day period from December 17 through February 28.
What is the tax payable on March 1?
vnt.1
Sheridan Company made the following journal entry in late 2021 for rent on property it leases to Danford Corporation. Cash 143000 Unearned Rent Revenue 143000 The payment represents rent for the years 2022 and 2023, the period covered by the lease. Sheridan Company is a cash basis taxpayer. Sheridan has income tax payable of $223000 at the end of 2021, and its tax rate is 25%.Assuming the income taxes payable at the end of 2022 is $248000, what amount of income tax expense would Sheridan Company record for 2022?
Required: Calculate the tax lisbility for each of the following entities using the corroct basic formula: 21 A sole proprietorship with year-end 28 Feturuary 2024: aik - The owner, aged 49, estimates his business sales will be R 750 000 for the relevant assessment year. He incurred expenses amounting to R250 000 in the production of income. He also received interest of R30 000 and paid provisional tax in the amount of R10 000 for the year. 22 A parinerstip that shares equally in the profits and losses with year-end 28 February 2024: Bath partners, aged 70, had partnership sales of R750 000 and allowable section 11 (a) deductions of R250 000. The parinersive received R30 000 interest for the year on the partnership bank account. 2.3 A company with year-end 28 February 2024. The company had sales of R50D 000 and incurred expenses in the production of income amounting to R250 000. In addition, the company received interest of R30 000 from a South African source. The company paid…
Compute the income payable, if any YOU, single and a Filipino citizen, and a resident of Brgy. Talipapa, Quezon City is employed by PA-MINE Corp. located in N. Reyes St., Sampaloc, Manila for the calendar period 2021. During your employment, PA-MINE Corp. was able to apply for your TIN where BIR RDO No. 032 – Manila assigned you Taxpayer Identification No. 123-456-789-0000. PA-MINE Corp.’s TIN No. is 987-654-321-0000. Additional information: Your basic salary is Php 30,000 per month In addition to your basic pay, you received the following: Holiday pay – Php 10,000 Hazard pay – Php 20,000 Overtime pay – Php 20,000 Fixed transportation allowance – Php 10,000 Cost of Living Allowance – Php 20,000 13th month pay – Php 30,000 Other benefits – Php 20,000 De minimis benefit of Php – 20,000 PA-MINE Corp. has deducted the following from your salary: SSS – Php 5,000 Philhealth – Php 5,000 Pagibig – Php 5,000 Withholding tax on compensation – Php 10,000 Your PRC CPA License No. is…
Jurisdiction X levies a flat 14 percent tax on individual income in excess of $35,000 per year. Individuals who earn $35,000 or less pay no income tax. Required: a. Mr. Hill earned $87,700 income this year. Compute Mr. Hill's income tax, and determine average and marginal tax rate. b. Ms. Lui earned $41,600 income this year. Compute Ms. Lui's income tax and determine average and marginal tax rate. c. Ms. Archer earned $30,400 income this year and paid no income tax. Describe Ms. Archer's average and marginal tax rate. d. What type of rate structure does Jurisdiction X use for its individual income tax? Complete this question by entering your answers in the tabs below. Req A to C Req D a. Mr. Hill earned $87,700 income this year. Compute Mr. Hill's income tax, and determine average and marginal tax rate. b. Ms. Lui earned $41,600 income this year. Compute Ms. Lui's income tax and determine average and marginal tax rate. c. Ms. Archer earned $30,400 income this year and paid no income…
Jurisdiction X levies a flat 14 percent tax on individual income in excess of $35,000 per year.Individuals who earn $35,000 or less pay no income tax.a. Mr. Hill earned $98, 750 income this year. Compute Mr. Hill's income tax, and determine average and marginal tax rate.b. Ms. Lui earned $47,900 income this year. Compute Ms. Luis income tax and determine average and marginal tax rate.c. Ms. Archer earned $34, 100 income this year and paid no income tax. Describe Ms. Archer's average and marginal tax rate.d. What type of rate structure does Jurisdiction X use for its individual income tax?

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