1. In 2022, Ms. Julie gross receipts from his practice of profession is P 1,600,000 while her wife has grosssales of P1,200,000 derived from her trading business. Assuming that they are not VAT-registeredperson, will they be subject to VAT? Why? If YES, compute their tax due; if NO, rationalize your answer.

VAT VAT stands for Value Added Tax. It is kind of indirect tax which is imposed on the goods or…

Answered: 1. In 2022, Ms. Julie gross receipts…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Q.7. In 2020, Henry Jones (Social Security number 123-45-6789) works as a freelance driver, finding customers using various platforms like Uber and Grubhub. He is single and has no other sources of income. In 2020, Henry's qualified business income from driving is $116,200. Assume Henry takes the standard deduction of $12,400. Click here to access the 2020 individual tax rate schedule to use for this problem. Assume the QBI amount is net of the self-employment tax deduction. a. Compute Henry's QBI deduction and his tax liability for 2020. QBI deduction: $_____ Tax liability (round to the nearest dollar): $____
Timmy Tappan is single and had $187,500 in taxable income. Use the rates from Table 2.3. a. Calculate his income taxes. (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.) b. What is the average tax rate? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) c. What is the marginal tax rate? (Do not round intermediate calculations and enter your answer as a percent rounded to the nearest whole number, e.g., 32.) a. Income taxes b. Average tax rate c. Marginal tax rate % %
H1.
1. Paul, a resident citizen, provided the following data for year current taxable year: Gross Income from business (gross of 12,000 creditable withholding tax) Business Expenses 700,000.00 300,000.00 a. How much is the income tax of Paul? b. How much is the income tax payable of Paul? c. How much is the taxable income of Paul?
Gerry is a resident of Quebec and has been with the same employer, XYZ company for the last 3 years. Facts: Gerry’s gross salary in 2022:$96,000 ignore non-refundable tax credits for this problem Using Table A, 2022 tax rates, calculate Gerry’s taxes payable Gerry’s Taxes Payable Calculate Gerry’s average tax rate and marginal tax rate: Tax calculation Average tax rate Marginal tax rate Table A
nkt.1
4. PP operates a convenience store while she offers bookkeeping services to her clients. In 2020, her gross sales amount to Php1,000,000.00, in addition to her receipts from bookkeeping services of Php500,000.00. Is PP allowed to avail herself of the eight percent (8%) income tax? If yes, what should she do in order to be subject to the said tax? What would be her tax base?
7.
Ms. Callie sold goods worth P201,600 (inclusive of vat) to Ms. Dani on account. Ms. Dani purchased goods from Mr. Elise worth P200,000 (exclusive of vat) on account.All of them are VAT registered taxpayers. How much is the balance of input tax of Dani at the end of the period? How much is the balance of Purchases account of Ms. Dani at the end of the period?
in 2023 (for 2022 tax returns filed in 2023), Taxpayer X and Taxpayer Y each agree to pay their tax preparer, Randy, from the refund they receive from the IRS. Upon presenting their refund checks to Randy, Randy pays them the difference in cash. Randy then endorses both checks and deposits them into his account. Randy has a Power of Attorney for Taxpayer X, but no Power of Attorney for Taxpayer Y. A. Randy is subject to a penalty of $110 B. Randy is subject to a penalty of $55 C. Randy is a subject to a penalty of $560 D. Randy is a subject to a penalty of $1,120
Question D is wrong ( The income tax for Ciara filing as head of household is $13,387) can you check and fix it
1. Which of the following must be included in the gross income of the recipient in 2021? a.Unemployment compensation b.Child support payments c.Welfare payments d.Gifts e.All of these choices are included in gross income. 2. All of the following must be included in gross income, except: a.Gambling winnings b.Jury duty fees c.Dividends d.Gifts e.Partnership income 3. All of the following amounts are excluded from gross income, except: a.Gifts b.Veterans' benefits c.Tips and gratuities d.Child support payments e.Scholarship grants for tuition

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