Where tax due get and how did they get excess (700,000-400,000)*25%. See photo for information. Pure Self- employmentPage 85Architect adira offers architectural design services. She also the sole proprietor of Aza at supplies store. In 2018 her grossreceipts form services amounted to P 750,000 while her gross sale from the store was P 1,500,000. She has availed of the8% income tax rate. Compute for Arch. Adira's income tax liability for 2018.Gross saleP 1,500,000Gross receipt750,000Total sales receipt2,250,000Less: Amount allowed as deduction under Sec 24(A)(2)(b)250,000TAXABLE INCOME2,000,000If architect Adira (above) did not opt to be taxed at the 8% income tax rate, what will be her income tax due assumingthat his 2018 cost of sales was p 1,100,000 and the operating expenses P 450,000?P 2,250,0001,100,000Gross sale/ receiptLess: Cost of saleGross Income1,150,000Less: operating expenses450,000700,000TAXABLE INCOMETax dueOn excess (700,000-400,000) * 25%75,000INCOME TAX DUE75,000

Taxable income: Taxable income is the value computed after adjusting all the applicable deductions…

Pure Self- employment Page 85 Architect adira offers architectural design services. She also the sole proprietor of Aza at supplies store. In 2018 her gross receipts form services amounted to P 750,000 while her gross sale from the store was P 1,500,000. She has availed of the 8% income tax rate. Compute for Arch. Adira's income tax liability for 2018. P 1,500,000 750,000 2,250,000 250,000 Gross sale Gross receipt Total sales receipt Less: Amount allowed as deduction under Sec 24(A)(2)(b) TAXABLE INCOME 2,000,000 If architect Adira (above) did not opt to be taxed at the 8% income tax rate, what will be her income tax due assuming that his 2018 cost of sales was p 1,100,000 and the operating expenses P 450,000? Gross sale/ receipt P 2,250,000 Less: Cost of sale 1,100,000 1,150,000 Gross Income Less: operating expenses 450,000 700,000 TAXABLE INCOME Tax due On excess (700,000-400,000) 25% 75,000 INCOME TAX DUE 75,000

Pure Self- employment Page 85 Architect adira offers architectural design services. She also the sole proprietor of Aza at supplies store. In 2018 her gross receipts form services amounted to P 750,000 while her gross sale from the store was P 1,500,000. She has availed of the 8% income tax rate. Compute for Arch. Adira's income tax liability for 2018. P 1,500,000 750,000 2,250,000 250,000 Gross sale Gross receipt Total sales receipt Less: Amount allowed as deduction under Sec 24(A)(2)(b) TAXABLE INCOME 2,000,000 If architect Adira (above) did not opt to be taxed at the 8% income tax rate, what will be her income tax due assuming that his 2018 cost of sales was p 1,100,000 and the operating expenses P 450,000? Gross sale/ receipt P 2,250,000 Less: Cost of sale 1,100,000 1,150,000 Gross Income Less: operating expenses 450,000 700,000 TAXABLE INCOME Tax due On excess (700,000-400,000) 25% 75,000 INCOME TAX DUE 75,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Course: Financial MathematicsIn a certain city, a landlord used to pay one-eighth (12.5%) of profit he made on his rents. Then tax was increased and he now pays 20% of what he makes as profit from his rents. By what percentage (%) must his rent increase to continue to have the SAME RENT as before tax increase? Answer is 9.375% Procedure are needed to get 9.375% as answer.
Pleas calculate the AVERAGE and MARGINAL TAX based on the tax bracket provided below. (Hint: every box in the table may NOT be used.) $0 $1,001 $3,001 Tax Bracket $10,001 $20,001 $40,001 $1,000 $3,000 $10,000 $20,000 $40,000 & Above Average Tax:__`17.729% Marginal Tax:__`25¹% Tax 5% 10% 15% 25% 30% 45% $ $ Taxable Income Amount Taxed type your ansv type your ansv type your ansv = type your ansv $16,500 $ $ $ $ Actual Tax Paid type your answe type your answe type your answe type your answe type your answe Amount Remaining $ $ $ $ type your answe type your answe type your answe type your answe
2. Answer the given question. Do not round off answers while solving, instead just the final answer will be rounded off to two decimal places.
In step 2 how did you get the excess income tax of 19,520.00?
What dollar amount can you expect to receive if you file your taxes under a modest income? Select one:a. At least $350 over 12 months.b. At least $400 over 12 months.c. At least $250 over 12 months.d. At least $300 over 12 months.
Given the following tax structure: Taxpayer Salary Total tax $ 10,000 $ 600 $ 20,000 ??? Mae Pedro Required: a. What is the minimum tax that Pedro should pay to make the tax structure vertically equitable based on the tax rate paid? Note: Round your final answer to nearest whole dollar amount. b. This would result in what type of tax rate structure?
what is the annual real estate tax on a property that is valued at $135,000 and assessed for tax purposes at $47,250 with an equalization factor of 125%, when the tax rate is $2.50 per $100? a. $1,417.50 b. $1,476.56 c. $4,050 d. None of the above the answer is B but can you show the steps
Given the following tax structure: Total tax Salary $ 10,000 $ 20,000 Тахрayer Mae $ 600 Pedro ??? a. What is the minimum tax that Pedro should pay to make the tax structure vertically equitable based on the tax rate paid? (Round your final answer to nearest whole dollar amount.) Minimum tax b. This would result in what type of tax rate structure? Tax rate structure Progressive
How much tax is withheld from $36,200 if the tax rate is 4%?
If the tax rates are 15% on the first $50,000 of taxable income, and 20% on the next $25,000, and 25% on the next $25,000, what is the tax liability for an individual with $80,000 of taxable income, what is the marginal tax rate, and what is the average tax rate ? a. $10,250, 15%, and 20% b. $25,122, 22%, and 16% c. $11,345, 15%, and 34% d. $13,750, 25%, and 17.19%
Given the following tax structure: Taxpayer Mae Salary $ 11,000 Pedro $ 21,000 Total tax $ 550 222 Required: a. What is the minimum tax that Pedro should pay to make the tax structure vertically equitable based on the tax rate paid? Note: Round your final answer to nearest whole dollar amount. b. This would result in what type of tax rate structure? Complete this question by entering your answers in the tabs below. Required A Required B. What is the minimum tax that Pedro should pay to make the tax structure vertically equitable based on the tax rate paid? Note: Round your final answer to nearest whole dollar amount. Minimum tax Required A Required B >
How do I calculate the before-tax total amount if the tax is 40% and after-tax amount is 1255162.00? (I do not have any other information like revenue or expenses)