Income from Business Rs. 4,500,000 Profit on Saving Certificate Rs. 650,000 Calculate i) Taxable Income ii) Tax Liability iii) Tax C
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Q: How much is the accounting income subject to tax? A. 900,000 B. 750,000 C. 700,000 D. 225,000
A: Answer are as follows
Income from Business Rs. 4,500,000
Profit on Saving Certificate Rs. 650,000
Calculate
i) Taxable Income
ii) Tax Liability
iii) Tax Credit on Certificate
Step by step
Solved in 2 steps
- What amount of current income tax liability should be reported at year end? a. ₱ 1,780,000 b. ₱ 2,280,000 c. ₱ 2,880,000 d. ₱ 2,580,000With the following data, compute the NET FUTA Tax. Gross FUTA Tax DUE $ 6,750 Credit against FUTA (assume applicable) $3,100 Group of answer choices $3,100 $7,000 $3,650 $6,750Which passive income is subject to regular tax? Dividend income from resident corporation P10,000 winnings Royalties from musical composition Interest on Peso bank deposit
- GIVEN: Тахрауer: Tax period: Domestic corporation 2021 IN (Phils) P5,550,000 2,100,000 550,000 200,000 OUT (Abroad) 8,000,000 3,000,000 Description Business gross income Business expenses Interest income from long term bank deposit Interest income from short term bank deposit Royalty income Dividend income 5,000,000 9,250,000 6,500,000 COMPUTE: Taxable income subject to REGULAR income A. 8,450,000 В. 13,450,000 C. 22,700,000 D. 29,200,000Simple Accounting - Property Tax. Market Value Tax Policy Rate Property Tax $1,370,980.00 50.75% 4.39571 a. $3,058,413.48 O b. $29,680.17 O c. $30,584.13 d. $60,264.30Maria reports the following transactions Gross sales-840,000; sales discount-25,000; cost of sales-250,000; operationg expenses-190,000; interest income on bank deposit-10,000 What is the net taxable income? P565,000 P400,000 P385,000 P375,000 what is the taxable income? P565,000 P400,000 P385,000 P375,000
- GIVEN: Тахрауer: Resident citizen IN (Phils) P550,000 100,000 Description OUT (Abroad) Business gross income Business expenses Compensation income Interest income from long term bank deposit Interest income from short term bank deposit Royalty income Dividend income P600,000 5,000 2,000 160,000 25,000 18.000 COMPUTE: Taxable income subject to REGULAR income tax. A. 450,000 B. 1,050,000 C. 1,210,000 O D. 1,235,000Discussion Question: The average tax rate is calculated by dividing the total tax payable by the taxable income and it represents the percentage of the income that goes to pay taxes. Consider the following data for two corporations. ABC and XYZ Inc.: Particulars ABC Inc. (Rs.) XYZ Inc. (Rs.) Gross Profit 2,600,000 2.600,000 Administrative Expenses 800,000 800,000 Depreciation Other Income Taxable Income 200,000 500,000 900,000 900,000 2,500,000 2,200,000 Requirements: i. Calculate the average tax rate for both companies. ii. Briefly describe how the above calculations support the notion that depreciation acts as a tax shield. Your answers must be presented in the following format:INSTRUCTION: 1. On each transaction below, determine the tax type whether it is subject to Basic Income Tax (BIT), Final Withholding Tax (FWT) or Exempt (E) from income tax. 2. On the tax rate column, write the respective rates of the tax type from 0% to 32% , Exempt or Graduated Tax Rate (GTR). TRANSACTIONS TAX TYPE TAX RATE1. Royalties, books published in the Philippines2. Interest from overdue accounts receivable, Philippines 3. Interest from peso bank deposit, BPI, Quezon City 4. Interest from US dollar bank deposit, BDO, Manila 5. Prizes amounting to P30,000, Philippines 6. Prizes amounting to P10,000, Philippines 7. Compensation income, Philippines 8. Gain from sale of car for personal use 9. Dividend income from a domestic corporation by a nonresident alien not engaged in trade or business..10. Interest income from long-term bank deposit by a resident alien. 11. Dividend income from a resident foreign corporation. 12. Gain on sale of real properties used in business 13. P15,000…
- A business registered as a barangay micro business enterprise received P400,000 in gross income from sales, domestic dividend income of P9,000 and interest income on deposits of P6,800. Compute the total inclusions in gross income subject to final income tax. P 0 P15,800 P6,800 P9,000For income tax purposes, what is the amount of gross income given the following amounts? Gross sales 4,000,000.00 Sales discounts, returns and allowances 100,000.00 Cost of sales 1,500,000.00 Itemized deductions 800,000.00 Given the amount, how much is the minimum corporate income tax? Group of answer choices P78,000.00 P34,000.00 P32,000.00 P48,000.00Pete and his wife live in a home with their 13-year-old dependent son. This year, they had the following tax information. Pete's salary Wife's income as an independent contractor LT capital gains Deduction for % of self-employment tax State and local taxes Charitable Contributions Compute their adjusted gross income (AGI). #107 000 $ 60,000 95,000 2,800 6,712 9,200 3,500
