S1 - Fact: Nicanor, a lessor, rents his 15 residential units for Php 14,500 per month. During the taxable year, his accumulated gross receipts amounted to Php 2,610,000. Statement: He is not subject to VAT since the monthly rent per unit does not exceed P15,000. S2 - Fact: Nicanor, a lessor, rents his 15 residential units for Php 14,500 per month. During the taxable year, his accumulated gross receipts amounted to Php 2,610,000. Statement: He is not subject to 1% Percentage Tax. O S1 is true S2 is true Both are false

S1 - Fact: Nicanor, a lessor, rents his 15 residential units for Php 14,500 per month. During the taxable year, his accumulated gross receipts amounted to Php 2,610,000. Statement: He is not subject to VAT since the monthly rent per unit does not exceed P15,000. S2 - Fact: Nicanor, a lessor, rents his 15 residential units for Php 14,500 per month. During the taxable year, his accumulated gross receipts amounted to Php 2,610,000. Statement: He is not subject to 1% Percentage Tax. O S1 is true S2 is true Both are false

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

Bennett is a single individual and received a salary of $28,000 before he retired in October of this year. After he retired, he received Social Security benefits of $4,000 during the year. Read the requirements. Requirement a. What amount, if any, of the Social Security benefits are taxable for the year? Begin by computing the provisional income. Only select items that are applicable to Bennett.(Leave unused cells blank, do not select a label or enter a zero.) Adjusted gross income (excluding Social Security benefits) $28,000 Plus: 50% of Social Security benefits 2,000 Provisional income $30,000 The taxable portion of the Social Security benefits is . Requirements a. What amount, if any, of the Social Security benefits are taxable for the year? b. Would the answer be different if Bennett also had $1,500 of tax-exempt interest? c. What if he had had $6,400of…
67. On November 1 of this year, Jaxon borrowed $50,000 from Bucksnort Savings and Loan for use in his business. In December, Jaxon paid interest of $4,500 re- lating to the 12-month period from November of this year through October of next year. a) How much interest, if any, can Jaxon deduct this year if his business uses the cash method of accounting for tax purposes? b) How much interest, if any, can Jaxon deduct this year if his business uses the accrual method of accounting for tax purposes? LO 1-4
Suni, age 21, is a full-time student at the University and is a dependent of her parents. She had earned income of $2,000 from a part-time job. In addition, she had $950 interest from a savings account. She had total itemized deductions of $200 in the current year. What is Suni's taxable income this year? Question 3 options: a. $550. b. $950. c. $2,000 d. $2,950.
On April 30, Ava, age 42, received a distribution from her qualified plan of $150,000. She had an adjusted basis in the plan for $500,000 and the fair market value of the account as of April 30 was $625,000. Calculate the taxable amount of the distribution and any applicable penalty. $30,000 taxable; $3,000 tax penalty $30,000 taxable; $0 tax penalty $120,000 taxable; $12,000 tax penalty $150,000 taxable; $15,000 tax penalty
Jose is a resident citizen in the philippines. Taxable period 2021. particulars amount gross sales 2,500,000 sales discount 130,000 senior citizen discount granted (20%) 160,000 Cost of sales 1,000,000 operating expenses 500,000 repairs for pwd facilities 150,000 Compute for theREGULAR ITIMIZED DEDUCTIONS to be claimed against gross income 500,000 650,000 660,000 810,000 Compute for the SPECIAL ITIMIZED DEDUCTIONS to be claimed against gross income 160,000 235,000 310,000 385,000
Bing, resident citizen, operated her online selling without permit to engage in business. During the year, she earned a total income of P900,000. How much is the taxable income? A. ZERO B. 650,000 C. 900,000
An accrual method taxpayer is prevented from deducting an expense it does not have the ability to pay at the time of the accrual. Select one: True False Plastics Recycling is a cash method taxpayer that uses the calendar year as its tax year. On December 10, X1, Plastics pays $5,000 for its annual premium on a property insurance policy effective December 16, X1 to December 15, X2. Plastics can deduct the entire $5,000 in X1. Select one: True False No hand written and fast answer with explanation
LSG Company is a calendar year, cash basis taxpayer. On November 1, 2021, LSG paid $9,450 to the janitorial service that cleans their offices. How much of this expenditure can LSG deduct in 2021 assuming that: The expenditure is a prepayment for 6 months of cleaning services from November 2021 through April 2022? _____________________________________________________________________________________ _____________________________________________________________________________________ The expenditure is a prepayment for 18 months of cleaning services from November 2021 through April 2023? _________
Mani
Mr. See Pag’s is a Filipino citizen working as a sales agent in EchpiComputer Accessories Store in Las Piñas City. He earns P26,000 a month basic salary and transportation allowance of P2,000. His deductions per month include SSS P1,630, PhilHealth P350, Pag-IBIG P100 and Union Dues P50. How much is Mr. Pag’s taxable income? Answer the questions briefly.1. Is Mr. Pag liable to pay taxes in the Philippines? Why? 2. How much is his total deductions? 3. How much is his taxable income?
Kyle Struck's filing status is single, and he has earned gross pay of $2,360. Each period he makes a 403(b) contribution of 8% of gross pay; and makes a contribution of 2% of gross pay to a cafeteria plan. His current year taxable earnings for Social Security tax and Medicare tax, to date, are $199,800.Social Security tax = $0.00Medicare tax = $ Please explain how the problem is solved?
c) Mr Ramesh a self-employed person, approaches a bank for a loan of Rs. 120 lakh against his commercial property situated in a metro with market value of Rs. 180 lakh and forced sale value of Rs. 102 lakh. As per his Income Tax Assessment Order for the last three years his annual income (PAT+DEP) is Rs. 24, 21 & 18 lakh respectively. Net income (gross income net of deductions including EMI of proposed loan) should not be less than 50%. With 30% margin, the Intt @12% pa, repayment in 15 years, how much will be the EMI amount for the approved loan if per lakh EMI is Rs. 1201 for 180 months?