*see attachedWhat amount of current tax expense should be reported?a. P 565,000b. P 678,000c. P 505,000d. P 325,000 WEB Company had pretax financial income of P 2,500,000 in the current year.The entity made corporate estimated tax payment in the amount of P 180,000during the current year.To compute the provision for income tax, the following information wasprovided:Interest income received360,000160,000Tax depreciation in excess ofAccounting depreciationRent received in advanceCorporate income tax280,00025%

Name: *see attachedWhat amount of current tax expense should be reported?a.
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Description: *see attachedWhat amount of current tax expense should be reported?a. P 565,000b. P 678,000c. P 505,000d. P 325,000 WEB Company had pretax financial income of P 2,500,000 in the current year.The entity made corporate estimated tax payment in the amou

Tax refers to the amount charged by the government on individuals, partnership firms, HUF’s or any…

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Accounting

What amount of current tax expense should be reported? a. P 565,000 b. P 678,000 c. P 505,000 d. P 325,000

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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d cion The table given below shows the absolute tax amounts under five different tax policies for respective income levels. Table 19.2 Annual Pretax Income Tax Policy Alpha O Gamma. Alpha. SO $0 $0 $0 $0 $10,000 $1,000 $1,000 $1,000 $1,000 $1,000 $50,000 $5,000 $6,000 $4,000 $1,000 $900 $100,000 $10,000 $15,000 $6,000 $1,000 $800 Beta. O Eta. Refer to Table 19.2. The tax structure which leads to maximum income inequality is: Delta. Tax Policy Beta Question 18 Tax Policy Gamma 27 Tax Policy Delta Tax Policy Eta $0 tv 9 N 4.nts. N
What would be the answer to problem (11) if a consolidated tax return were filed?a. –0–b. $300c. $1,500d. $7,500
1 Ross Martin arrived at the following tax information: Tax Information $ 58,610 Gross salary Interest earnings Dividend income 5 290 polnts 235 Standard deduction 12,000 11,420 2,050 Skipped Itemized deductions Adjustments to income еВook What amount would Ross report as taxable income? Hint Taxable income Print References
Exercise 3-23 (Algorithmic) (LO. 6) Compute the 2023 tax liability and the marginal and average tax rates for the following taxpayers. Click here to access the 2023 tax rate schedule. If required, round the tax liability to the nearest dollar. When required, round the average rates to four decimal places before converting to a percentage (l.e., .67073 would be rounded to .6707 and entered as 67.07%). a. Chandler, who files as a single taxpayer, has taxable income of $157,600. Tax liability: Marginal rate: Average rate: 14,934 X 19.78 X % % b. Lazare, who files as a head of household, has taxable income of $72,000. Tax liability: Marginal rate: Average rate: % %
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in utilities in both cities? 7. Use the tax table on questions 7 and 8. Jenna is a part-time receptionist at the dentist's office. Her income last year was $9,125. Her tax status is single, she claims one exemption for herself, and she plans on taking the standard deduction. What is her taxable income? If line 43 And you are - (taxable income) is- At But Single least less than Your tax is- 83,000 83,000 83,050 16,967 13,131 17,379 83,050 83,100 16,981 13,144 17.393 83,100 83,150 16,995 13,156 17,407 83,150 83,200 17,009 13,169 17,421 13,181 17,435 13,194 17.449 83,200 83,250 17,023 83,250 83,300 17,037 83,300 83,350 17,081 83,350 83,400 17,065 13,206 17,463 13,219 17,477 13,231 17,491 13,244 17,505 13,256 17,519 13,269 17,533 13,281 17,547 13,294 17,561 83,400 83,450 17,079 83,450 83,550 17,093 83,500 83,550 17,107 83,550 83,600 17,121 83,600 83,650 17,135 83,650 83,700 17,149 83,700 83,750 17,163 83,750 83,800 17,177 83,800 83,850 17,191 83,850 83,900 17,205 83,900 83,950 17,219…
In Step 1 the income tax expense of $8,750,000 is correct. The deferred tax liability and income tax payable are incorrect. In Step 2 the net income is correct.
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11.A taxpayer is claiming tax preparation expense as a legal and professional fee. They paid $430 at your office last year. The forms breakdown by cost is as follows: Form 1040- $100 Form Sch. C- $125 Form SE- $55 Form 8867- $75 Form 8863- $75 What is the correct amount that can be deducted on their Schedule C for the current year? Choose one answer. a. $280 b. $180 c. $355 d. $430
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