the total surcharges (exclusive of interest) is
Q: The Request for Taxpayer Identification Number and Certification is also known as Form _____.…
A: Since the questions asked are different,As per our guidelines ,we are allowed to answer only first…
Q: e Php 1,150,000.00 and Php 500,000.00, respectively. She opted to avail of the 8% preferential…
A: Income tax payable is a type of account in the current liabilities area of a company's balance…
Q: During the year, Dan Davis, a single taxpayer, pays $2,200 of interest on a qualified student loan.…
A: 8) Answer is B 2200 You can deduct up to $2,500 on student loan interest deduction if your AGI Does…
Q: Gros
A: 9. Mr. Jordon is a resident citizen :- In this case his income in…
Q: The onus is on the tax payer to prove that certain amounts are of a capital nature. If there is a…
A: please like the answer your response matters “Since you have asked multiple questions, we will solve…
Q: Business Income-Philippines 1,000,000.00 Business Income-Abroad 500,000.00 Rent Income on property…
A: The taxability of income in Philippines is based on the following rules:- Source of Income…
Q: Nicanor, having a capital of Php 100,000, filed as a non-VAT taxpayer in 2019. The following is a…
A: Taxes are pressured contributions imposed via way of means of a central authority corporation on…
Q: On September 1, 2021, Carol Mason received a loan from her employer of $150,000 to help finance a…
A: The benefits received by the employer from the employer are taxable. The employee can get a loan…
Q: ong earns $100,000 taxable income as an interior designer and is taxed at an average rate of 20…
A: solution : part a) given : song earns =$100,000 taxable income current average tax rate…
Q: In 2020 a married couple filing jointly has AGI of $100,000. The following information applies to…
A: An itemized deduction appears to be a tax break that a person can claim on their tax return to lower…
Q: Please no written by hand solutions In 2022, Mr Kind, a resident of Alberta and has a taxable…
A: Federal tax payable refers to the amount of tax an individual or entity owes to the federal…
Q: Note: Apply Philippine Taxation Nicanor registered as a non-VAT taxpayer in 2019 with a capital of…
A: Every person in Philippine is required to take VAT registration if its Gross sales are more than the…
Q: 1) 2) PTS 3) The taxable income of Goblin is : Goblin's total final taxes on his passive income is…
A: Tax accounting Tax accounting is the practice of generating tax liabilities and assets in an…
Q: The donor's tax due, including increments
A: Taxable Amount: The fair market value of the house and lot (P500,000) is used as the taxable…
Q: 12. Manny's adjusted gross income on his federal tax return was $45,231. He claimed a standard…
A: In the given question, Manny's gross income on his federal tax return = $45,231 Standard Deduction…
Q: Stan a resident citizen, won P 2,000,000 in a raffle draw in PCSO. The tax on the above transaction…
A: Under the old law that is NIRC, PCSO and lotto winnings were not subjected to any amount of tax that…
Q: Mike just celebrated his 80h birthday last week (September 2021). His 401(k) account balance on his…
A: Required Minimum Distribution (RMD) It the person who involves any kind of retirement plan it allows…
Q: On November 1, 2020 Mr. Raul Ferrer a VAT registered taxpayer made the following purchases from VAT…
A: VAT is the value added tax. Vat rate in Philippines is 12%. Input vat of capital goods should be…
Q: Case Study 2 Identify the relevant elements of Australian tax law in the following scenarios and…
A: To calculate James' total taxable income for the 2021/22 financial year and determine the tax…
Q: Mr. and Mrs. L are calendar-year, cash-basis taxpayers. They have their own business, which they…
A: Answer - D. $0Explanation - Mr. and Mrs. L' s total amount deductible as investment interest on…
Q: 30. On July 1, 2021, Mr. Lancelot borrowed P10,000 at 6% interest from ABC Loan Company, Inc. for…
A: The revenues and expense are reported on the income statement when they are earned and incurred,…
Q: x withheld $27,000 $30,000 Est $31,000 Advise Michelle as to her instalment payment options for 2021…
A: The tax is given as,
Q: In 2022, Miranda records net earnings from self-employment of $168,500. She has no other income.…
A: In the self employment you are the employee and employer also both parts are to be paid by self…
Q: Sam's Year 2 taxable income was $175,000 with a corresponding tax liability of $30,000. For Year 3,…
A: In order to avoid a penalty for underpayment of estimated tax, Sam should pay :At least 90% of the…
Q: Lawyer is a cash basis taxpayer. Lawyer transmits via the USPS a bill for $5,000 on December 24,…
A: The question has asked in which year the income will be recognized for tax purposes. For tax…
Q: 12. Miss Lou Tung, Filipino, is employed in a bank, earning for the year, Basic Pay of 480,000 and a…
A: As per our protocol we provide solution to the one question only but you have asked multiple choice…
Q: Greg Murphy is a California resident. He is 35 years old and a single taxpayer. In 2022, he has…
A: Deductions are the particular amounts that taxpayers or organizations are permitted to deduct from…
Q: The FICA Tax (LO 9.2) Lamden Company paid its employee, William, wages of $263,000 in 2022.…
A: Withheld from William wages Income/wage limit for social Security in 2022 = $147,000
Q: (v) Mr. Ravi, Guwahati is an employee of Govt. of Assam. His particulars of income for the previous…
A: Professional tax is the tax levied on the service provided to the employer or client. Any amount of…
Q: 3. Jose Almelor has a taxable income of Php 98 000. Because he is married with three dependent…
A: The amount of deduction allowed for dependent children in the Philippines is P25,000 per child up to…
Q: rs. Emily Robinson just celebrated her 72nd birthday on October 1, 2022. Her qualified plan had a…
A: There is need to withdraw the minimum distribution otherwise you have to pay the penalty and penalty…
Q: Taxpayer's filing status is single. In April of 2022, Taxpayer received a $900 refund of state…
A: The refund to be included in gross income is lesser of the itemized exceeding standard deduction or…
Q: Hw.67. X corporation, an accrual basis taxpayer wishes to adopt the cash basis method for 2022.…
A: The taxpayer has to select the method of accounting that will be used for filing the return when the…
Q: Levi received the following interest payments this year. What amount must Levi include in his gross…
A: Solution: Correct answer : (A) $ 2,120 1. Bonds issued by city of Morgantown and State of West…
Q: In 2022, Miranda records net earnings from self-employment of $164,400. She has no other income.…
A: The term self employment tax comprises of the social security as well as medicare taxes and it is…
Q: John Boy's expected pre-tax bonus is $12,000. He earns a base salary of $52,000 and files as a…
A: After Tax Cash Flow (ATCF): It refers to the ability of any individual or business to generate funds…
Q: Mr. So filed his 2022 income tax return on June 30, 2023. The BIR discovered a deficiency income tax…
A: Income tax return is the return of income which have to filled with in the due date decided by…
Q: A taxpayer employs a qualified PWD for a total salary of P50,000. Assuming taxpayer meets all…
A: IN ACCORDANCE TO SECTION 8 OF RA 7277 STATES THAT THERE IS A SPECIAL DEDUCTION OFFERED TO TAXPAYERS…
Q: Case Study 2 Identify the relevant elements of Australian tax law in the following scenarios and…
A: To calculate James' total taxable income for the 2021/22 financial year and determine the tax…
Q: 8. Youngstown Decking is an accrual basis taxpayer. On July 1, 2022, Youngstown paid $22,800 cash…
A: A corporation can use accrual accounting, a financial accounting technique, to register sales before…
Q: A taxpayer lives in California, a state that imposes a tax on income. The following information…
A: The objective of this question is to calculate the amount that the taxpayer can use as an itemized…
Q: What is the tax payable on July 31?
A: Donor Taxes Donor taxes which are applicable for gift and donation which are paid to one party by…
Q: urs the following: state income tax withholding, $12,000; property taxes, $9,000. His schedule A…
A: Deduction - A deduction is a cost that can be taken out of your taxable income to lower your tax…
Q: During 2020, Mr. Kind, a resident of Alberta has a taxable income of $89,023. Calculate his 2020…
A: Mr. Kind has taxable income of $89,023. Tax marginal rate is :- First 48535 @15% Next 48534 @20.5%…
Q: On January 1, 2022, Kunto, a cash
A: Solution:-Given,On January 1, 2022, Kunto, a cash basis taxpayer, pays $184,912time = 24 month…
Q: prepare Schedule M-1 for 2019
A: Tax can be defined as the compulsory charge being levied upon the income earned by the taxpayer…
Q: In 2022, Miranda records net earnings from self-employment of $171,000. She has no other income.…
A: Tax Liability - Tax liability is the sum of money that a person, company, or other entity owes to a…
12. Kookie, a resident of and working in Manila, filed his income tax return and paid the tax or taxable year 2021 on June 15, 2022 in Naga City. If the amount of tax shown thereon is PHP 12,000, the total surcharges (exclusive of interest) is
a. PHP 6,000
b. PHP 3,000
c. PHP 9,000
d. PHP 15,000
Step by step
Solved in 2 steps
- Managerial Accounting Taxation Problem #1 - Calculating Federal Income Tax & Refund/Payment Due John is a single taxpayer and has the following information for 2023: Income before deductions $120,000 Standard Deduction $ 13,850 Itemized Deduction $ 18,400 Federal Taxes Paid $ 17.100 Tax Credits $ 1,500 Required: 1. What is John's taxable income? 2. What is John's federal income taxes? 3. Does John owe money or get a refund? How much? 4. What is John's marginal tax rate? 5. What is John's average tax rate?Adolfo Kiloboy, a wealthy businessman and a resident citizen of the Philippines, donated to his friends during 2020: a.) January 15 – 180,000 b.) March 12 – 80,000 c.) April 5 – 100,000 d.) June 27 – 75,000 The donor’s tax due on January 15 is:Hw.145. Francisco paid the following taxes in 2022: !"$6,000 property taxes on their personal residence !"$500 property taxes on their personal automobile !"$3,000 property taxes on business property !"$10,000 federal income taxes !"$5,000 state income taxes !"$6,000 employment (FICA) taxes !"$2,000 sales/use tax What amount of taxes can Francisco deduct as an itemized deduction in 2022? What amount of taxes could Francisco deduct as an itemized deduction if the taxes were paid in 2026?
- Please use microsoft excel for calculations.Suppose a graduate student earned a gross income of $60,000 in the year 2022 and is a resident of Ontario, Canada. The following information is provided for the calculation of the student's federal and provincial income taxes: Federal tax rates for 2022 are as follows: 15% on the first $49,020 of taxable income 20.5% on the next $49,020 of taxable income (on the amount over $49,020 up to $98,040) 26% on the next $61,536 of taxable income (on the amount over $98,040 up to $159,576) 29% on the next $71,517 of taxable income (on the amount over $159,576 up to $231,093) 33% on the amount over $231,093 Ontario tax rates for 2022 are as follows: 5.05% on the first $47,630 of taxable income 9.15% on the next $47,629 of taxable income (on the amount over $47,630 up to $95,259) 11.16% on the next $62,335 of taxable income (on the amount over $95,259 up to $157,594) 12.16% on the next $70,000 of taxable income (on the amount over $157,594 up to $227,594) 13.16% on the…Exercise 13-24 (Algorithmic) (LO. 6) In 2023, Miranda records net earnings from self-employment of $178,400. She has no other income. Determine the amount of Miranda's self-employment tax and her AGI income tax deduction. In your computations, for the tax liability, round interim amounts to two decimal places and the final answer to the nearest whole dollar. For the AGI deduction, if necessary, use amounts that have been rounded to the nearest dollar. Miranda's self-employment tax is $ X and she has a $ deduction for AGI.
- 2. How much is the donor's tax In January 2018, Don Nor donated commercial land to his second cousin. The value in the tax declaration is P2million pesos while the zonal value is P1.7million pesos. 102,000 O 120,000 87,000 O 105,000Answer in typingUS Tax Law Taxpayer is single and has the following items: state taxes withheld, $7,500; property taxes $6,000; DMV, $500. His state tax deduction on schedule A would be A. $14,000 B. $13,500 C. $6500 D. $10,000 E. Some other amount
- M8Exercise 12-24 (LO. 6) In 2023, Miranda records net earnings from self-employment of $168,500. She has no other income. Determine the amount of Miranda's self-employment tax and her AGI income tax deduction. In your computations, for the tax liability, round interim amounts to two decimal places and the final answer to the nearest whole dollar. For the AGI deduction, if necessary, use amounts that have been rounded to the nearest dollar. Miranda's self-employment tax is s X and she has a s X deduction for AGI.4. A taxpayer did not file his income tax return for taxable year 2019 on time. On March 12, 2022, he was notified by the BIR of his failure to file the return. The taxpayer filed the return and paid the tax on April 15, 2022. Assuming that the basic tax is PHP 120,000, the total amount payable is a. PHP 210,000 b. PHP 208,800 c. PHP 156,000 d. PHP 180,000
