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- First Metro Pacific was able to persuade Francis to join the company as its Assistant Vice President for Finance which included a car plan worth P3,000,000 in its compensation The company purchased the vehicle and registered the same in favor of Francis. Assuming further that Francis is a non-resident alien not engaged in trade or business, how much is the fringe benefits tax?Mr. Dela Cruz, a managerial employee, was given cash so he can purchase a car. The car shall be in Mr. Dela Cruz’s name. The purchase price of the car amounts to P750,000, while the cash provided amounts to P800,000. How much is the fringe benefits tax on the transaction?Juan is the owner of a "kalesa". He charges fees to customers who would want to ride on his "kalesa" and take a tour around the area. What is the tax implication of this to Juan? A. Operating the "kalesa" is subject to percentage tax on business. B. Operating the "Kalesa" is subject to VAT if the gross annual receipts exceed P3M. C. The transaction is exempt from business tax.
- Ekiya, who is single, has been offered a position as a city landscape consultant. The position pays $125,000 in wages. Assume Ekiya has no dependents. Ekiya deducts the standard deduction instead of itemized deductions, and she is not eligible for the qualified business income deduction. (Use the tax rate schedules.) a. What is the amount of Ekiya's after-tax compensation (ignore payroll taxes)? Description (1) Gross income (2) For AGI deductions (3) Adjusted gross income (4) Standard deduction (5) Taxable income (6) Income tax liability After-tax compensation Amount $ 125,000 $ 125,000 $ 125,000T uses frequent flyer miles to take his family on a vacation. T received the miles duringbusiness travel paid for by his employer. The normal airfare for his vacation wouldhave cost $7,000.a. T must realize and recognize $7,000 as income.b. Although T has realized income, he will not be required to recognize it becausethe IRS has chosen, as a matter of administrative convenience, not to requiretaxpayers to recognize the value of frequent flyer tickets earned duringemployer-paid travel.c. Had T earned the frequent flyer miles during travel he had paid for himself, theissue of income realization and recognition would not arise.d. Both (a) and (c) are correct.e. Both (b) and (c) are correct. T buys a parcel of real estate for $100,000, which he finances by giving the seller a nonrecoursemortgage for the full purchase price. The debt is due in one balloon payment inYear 5. When the debt becomes due in Year 5, T decides to give the property back to theseller in satisfaction of the debt…Ekiya, who is single, has been offered a position as a city landscape consultant. The position pays $132, 200 in wages. Assume Ekiya has no dependents. Ekiya deducts the standard deduction instead of itemized deductions, and she is not eligible for the qualified business income deduction. (Use the tax rate schedules.) a. What is the amount of Ekiya's after-tax compensation (ignore payroll taxes)?
- Ekiya, who is single, has been offered a position as a city landscape consultant. The position pays $150,200 in wages. Assume Ekiya has no dependents. Ekiya deducts the standard deduction instead of itemized deductions, and she is not eligible for the qualified business income deduction. What is the amount of Ekiya's after-tax compensation (ignore payroll taxes)? Solve for sub-questions 2, 4, and 6.Rick, who is single, has been offered a position as a city landscape consultant. The position pays $147,800 in cash wages. Assume Rick has no dependents. Rick deducts the standard deduction instead of itemized deductions and he is not eligible for the qualified business income deduction. (Use the tax rate schedules.) a. What is the amount of Rick’s after-tax compensation (ignore payroll taxes)?3. Omega Corporation purchased a motor vehicle worth P1,400,000 for the use of its executive. It was registered under the executive's name despite the agreemnt that it should be used partly for the company's benefit. How much is the fringe benefits tax?
- Pedro owns and operates a taxi unit. He also teaches as a professor in a private school. He is also a practicing lawyer in Makati. Due to his high gross receipts, Pedro registered as a VAT-taxpayer. In March 2020, he earned P45,000 compensation income, gross receipts from taxi of P60,000 and receipts from professional fees of P250,000. How much of the total receipts is exempt from business tax? PP310,000 P60,000 P250,000 P45,000Enzo recently used his United SkyMiles to purchase a free round-trip ticket to Dublin, Ireland (value $1,500). The frequent flyer miles used to purchase the ticket were generated from Enzo's business travel as a CPA. Enzo's employer paid for his business trips, and he was not taxed on the travel reimbursement. a) Use an available tax research service to determine how much income, if any, Enzo will have to recognize as a result of purchasing an airline ticket with Skymiles earned from business travel. b) Write a memo communicating the results of your research.Required information [The following information applies to the questions displayed below.] Ekiya, who is single, has been offered a position as a city landscape consultant. The position pays $151,400 in wages. Assume Ekiya has no dependents. Ekiya deducts the standard deduction instead of itemized deductions, and she is not eligible for the qualified business income deduction. (Use the tax rate schedules.) a. What is the amount of Ekiya's after-tax compensation (ignore payroll taxes)? Note: Round your intermediate calculations and final answers to the nearest whole dollar amount. X Answer is not complete. Description (1) Gross income (2) For AGI deductions (3) Adjusted gross income (4) Standard deduction (5) Taxable income (6) Income tax liability After-tax compensation Amount $ 151,400✔ $ 151,400 (20,800) X $ 130,600
