The business is not vat-registered. Determine the income tax due assuming Kagura opted to be taxed using 8% preferential income tax.
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- please answer this thank youCompute the income tax payable, if any. PURELY SELF-EMPLOYED INDIVIDUALS WHO AVAILED 8% Relevant information: YOU are engaged solely in the business of selling goods and merchandise in TY 2021. In compliance with the existing rules in doing business, you applied for your TIN where your home BIR RDO (select the BIR which has jurisdiction over the place of your residence) assigned you Taxpayer Identification No. 123-456-789-0000. Additional information: For the year 2021, you chose 8% tax rate Your financial records showed the following: Gross Sales – Php2,000,000 Cost of Sales – Php 1,000,000 Expenses – Salaries and wages of staff – Php 360,000 Depreciation of car used in delivery – Php 100,000 Representation expense – Php 10,000 Office Rent expense – Php 360,000 Rent expense on your condominium – Php – 240,000 Utilities in office – Php 120,000 Electricity expenses in condominium – Php 60,000 Registration fees of delivery car and other taxes – Php 5,000 Gas and oil – Php 120,000…Kagura is a resident citizen, earning purely business income for the taxable year: Gross sales P2,800,000 Cost of sales 1,200,000 Operating expenses 650,000 The business is not vat-registered. 1. Determine the business tax due under Section 116 Train law-3% percentage tax 12%VAT)? 2. Determine the income tax due.
- How much is the total income tax of Ana assuming she opted to be taxed at 8%? (base it on the picture given) P321,500 P342,500 P351,500 P358,000How much is the business tax * if the business is radio station Narcissus owns a non-VAT registered business. His annual gross sales/receipts ranges from P2million to P2.6million. In 2022, the gross sales/receipts amounted to P600,000 18,000 12,000 6,000 exempted How much is the business tax if the business is professional Narcissus owns a non-VAT registered business. His annual gross sales/receipts ranges from P2million to P2.6million. In 2022, the gross sales/receipts amounted to P600,000 18,000 12,000 6,000 exemptedHayabusa is a resident citizen earning compensation and business income for 2021 as follows: Compensation income P1,400,000 Gross sales 2,800,000 Cost of sales 1,200,000 Operating expenses 650,000 The business is not vat-registered. 1. Determine the income tax due assuming Hayabusa opted to be taxed using 8% preferential income tax. 2. Determine the total tax due of Hayabusa assuming the business is a vat- registered entity
- Franklin Stewart arrived at the following tax information: Gross salary Interest earnings Eligible dividend income Basic personal amount Union dues Moving expense (58 km for employment) $ 52,00€ 330 128 3,650 8,470 2,950 What amount will Franklin report as taxable income? (Round your answer to the nearest dollar amount. Omit the "S" sign in your response) Taxable incomeQuestion2: Income tax The taxable income of Ahmed, Badriya and Sameer is $20,000, $45,000, $100,000 respectively. Use the following tax rates: 5% for income from 0 - $20,000 10% for income from $20,001 - $50,000 15% for income above $50,000 Calculate the tax payable by each person. Explain the type of taxation system applicable in this situation. Is this system of taxation fair? Explain why this system is being criticised?show the complete solution
- Pure Self-Employment Ms. Abrial is the owner of Bebe Party Favors store. She also works as a party nost. " 2018 her store's gross sales amounted to P1,200,000 while her gross receipts as party host amounted to P450,000. She has signified her intention to be taxed at 8% income tax rate in her first quarter income tax return. What is Ms. Abrial's income tax liability for 2018? Assume that Ms. Abrial (above) failed to signify her intention to be taxed at 8% income tax rate on gross sales/receipts in her first quarter income tax return. Cost of sales incurred in 2018 amounted to P850,000 while operating expenses P380,000. Compute for Ms. Abrial's income tax due for 2018.Weat Sub: accountingI. Final Income taxation is characterized by: 1. Full taxes are withheld by the income payor at source. 2. Recipient receives the income net of tax 3. Payor is the one required by law to remit the tax to government 4. Recipient need not file an income tax return 5. Tax withheld constitutes full tax due and deemed final payments EXAMPLE: Mr. C is a depositor of W bank and earns an interest income of P8,000 in a 6-month time deposit on year 2020. This interest income is subject to 20% final tax or P1,600. Requirements: Discuss final income tax using the names and amounts given. For example, In final income taxation, Mr. receives the income of P6,400 net of tax.