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- Fedor paid $13,125.50 in Income Tax last year. Use the following Income Tax Calculation table to determine Fedor's annual income last year. In the image. Round to the nearest penny. In the image.am. 136.Instructions General Journal Ames Company is located in a city and county that issue property tax statements in May of each year. The fiscal year for the two local governmental units is May 1 to April 30. Property taxes of $48,000 are assessed against Ames property held on January 1, 2019. The taxes Assuming that monthly accruals are recorded, prepare all property tax journal entries for the period May 1 to September 30, 2019. become a lien against Ames property on May 1, 2019. The actual amount of the property taxes of $48,000 is determinable on May 1, 2019; therefore, no estimate of taxes is required. The tax bills are payable in two equal installments on July 10 and September 10. General Journal Instructions Required: Assuming that monthly accruals are recorded, prepare all property tax journal entries for the period May 1 to September 30, 2019. PAGE 1 GENERAL JOURNAL DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT 1 2 3 4 5 6 8 10 11 12 13 14 15
- Accrued Expenses: Entity D acquired a piece of land on April 1, 20x1. The purchase price was reduced by a credit for the real property taxes accrued during the year. Entity D records real property taxes at each month-end by adjusting the prepaid tax or tax payable account as appropriate On May 1, 20x1 Entity D paid the first of two equal installments of P72,000 for real property taxes. Requirement: What is the entry to record the payment on May 1?Patriot Corporation reports the following results for the current year: View the current year results. Read the requirements. Requirement a. What are Patriot's taxable income and income tax liability for the current year? Begin by computing Patriot's taxable income. (If an input field is not used in the table, leave the input field empty; do not select a label or enter a zero.) Gross income Minus: Taxable income Requirements a. What are Patriot's taxable income and income tax liability for the current year? b. How would your answers to Part a change if Patriot's short-term capital loss is $12,000 instead of $2,000? Print Done - X Current Year Results Gross profits on sales Long-term capital gain Long-term capital loss Short-term capital gain Short-term capital loss Operating expenses Print $ 159,000 7,000 8,000 9,000 2,000 70,000 Done XAssume that Rosanne Madden, CPA, is using 5% of net incomebefore taxes, current assets, or current liabilities as her major guidelines for evaluatingmateriality. What qualitative factors should she also consider in deciding whethermisstatements may be material?
- On a recent paycheck, the employee's taxes were as follows: Federal withholding, $132.62; Social Security tax, $87.33; Medicare, $73.54; and state income tax, $30.63. What is the employer's share for these taxesAdditional Information: - income tax expenses were included in other general expenses for the two years. tax expenses for 2022 were $15,650,000 and 2021 were $11,435,000. - income tax payable as of 31 December 2022 was included underneath Provisions section and amount was $2,950,000 REQUIRED : THIS SOCI IS WRONG PLEASE PREPARE THE RIGHT ONEFica Deductions for current pay of $583.16. Prior year earnings was $30,411.18. Using 2019 tax rates for FICA deductions.