Subject:- Account Compute a schedule of deductible expenses related to the following hobby: Income $23,000 Mortgage interest and property taxes allocable to hobby $ 12,000 Depreciation Supplies and fees Telephone for hobby $4,000 $ 7,000 $3,000
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- Calculate the amount of property tax due: Tax rate Assessed value Amount of property tax due 40 mills $65,000Consider the following data extracted from an after-tax cash flow calculation. Before-Tax-and-Loan = $22,500 Loan Principal Payment = $5,926 Loan Interest Payment = $2,400 MACRS Depreciation Deduction = $16,665 Which of the following is closest to the Taxable Income? a. −$2,491. b. −$91. c. $3,435. d. $14,174FACTS / DATA / GIVEN: Тахрауer: Taxable period: Expenses/payments during the period: Resident citizen 2nd quarter Description 1st quarter expenses paid in 2nd quarter 2nd quarter expenses paid in 2nd quarter 3rd quarter expenses paid in 2nd quarter 1st quarter expenses incurred but unpaid 2nd quarter expenses incurred but unpaid Amount P15,000 20,000 5,000 8,000 11,000 COMPUTE: Expenses in the 2nd quarter using CASH basis A. 20,000 B. 25,000 C. 35,000 D. 40,000
- FACTS / DATA / GIVEN: . Тахрауer: • Taxable period: Receipts/earnings/balances during the period: Resident citizen 2nd quarter Description Collections for services rendered in 2nd Amount P50,000 quarter Collections for services rendered in 1st 20,000 quarter Collections for services to be rendered in the 3rd quarter Uncollected billings-1st quarter Uncollected billings-2nd quarter 30,000 10,000 15,000 COMPUTE: Taxable income in the 2nd quarter using CASH basis A. 50,000 В. 60,000 О С. 80,000 D. 100,000Таx rate Assessed value Amount of property tax due $42.50 per $1,000 $ 105,000Journal transactions 5) Land is purchased for 1.395.000 TL + 10% VAT from Real Estate Company. Half check and half note is issued for the purchase invoice . Real Estate commisson Expense is 40.000 +%10 VAT is on account . Property Tax 12.000 TL is paid cash .
- Please calculate capital allowance using declining balance method with the following information: Details of the Fixed Assets: Details Cost NBV Tax Written Down As at 31 Dec 2021 As at 31 Dec 2021 Value as at 1 Jan 2021Motor Vehicles 10,00,000 7,200,000 7,000,000Equipment 15,000,00 12,00,000 6,713,335Office buildings 45,000,000 36,000,000 36,450,000 Included in the cost of motor vehicle is a lorry purchased on 1 April 2021 for $2,000,000…With the following data, compute the NET FUTA Tax. Gross FUTA Tax DUE $ 6,750 Credit against FUTA (assume applicable) $3,100 Group of answer choices $3,100 $7,000 $3,650 $6,750Pete and his wife live in a home with their 13-year-old dependent son. This year, they had the following tax information. Pete's salary Wife's income as an independent contractor LT capital gains Deduction for % of self-employment tax State and local taxes Charitable Contributions Compute their adjusted gross income (AGI). #107 000 $ 60,000 95,000 2,800 6,712 9,200 3,500
- Consider the following accounts and determine if the account is a current liability, a noncurrent liability, or neither. A. cash B. federal income tax payable this year C. long-term note payable D. current portion of a long-term note payable E. note payable due in four years F. interest expense G. state income taxHow much is the total gross income? a. 1,320,000 b. 1,400,000 c. 1,470,000 d. 1,550,000Show detailed solution