Answered: A taxpayer engaged in service business… | bartleby

SWFT Individual Income Taxes

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter19: Deferred Compensation

Section: Chapter Questions

Problem 35P

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Question

How much is the gross income under accrual basis? *

A. 2019:P1,400,000; 2020: P1,200,000

B. 2019: P1,400,000; 2020: P1,720,000

C. 2019: P500,000; 2020: P720,000

D. 2019: P800,000; 2020: P920,000

A taxpayer engaged in service business provides you with the following:
Description
2019
2020
Collections from services rendered-current
P600,000
P800,000
Billings for revenues earned but uncollected
500,000
200,000
Collections from uncollected billings in 2019
470,000
Collections from uncollected billings in 2020
50,000
Advance collections for services not yet rendered
300,000
200,000

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How much is the gross income under accrual basis? A taxpayer engaged in service business provides you with the following: Description 2019 2020 Collections from services rendered-current P600,000 P800,000 Billings for revenues earned but uncollected 500,000 200,000 Collections from uncollected billings in 2019 470,000 Collections from uncollected billings in 2020 50,000 Advance collections for services not yet rendered 300,000 200,000 2019:P1,400,000; 2020: P1,200,000 2019: P1,400,000; 2020: P1,720,000 2019: P500,000; 2020: P720,000 O 2019: P800,000; 2020: P920,000
.A taxpayer providing services provided the following: Description Payment of expenses current period Expenses incurred but unpaid Payment of 2019 incurred expenses Advances for expenses incurred in the following year 2019 2020 P400,000 P600,000 250,000 150,000 100,000 200,000 300,000 How much is the total deductions for expenses under the accrual method? a. 250,000 (2019; 350,000 (2020) b. 650,000 (2019); 750,000 (2020) c. 600,000 (2019); 1,000,000 (2020) d. 650,000 (2019); 950,000 (2020)
A corporate Taxpayer reported the ff net income and loss from the business: 2017 2018 2019 2020 Gross income 500,000 600,000 700,000 800,000 Deductions 800,000 500,000 550,000 700,000 Net income (NOLCO) ? Required: Compute the taxable income from 2018-2020
A taxpayer registered in 2020 made available the following financial information for TY2021: Balance Sheet:Asset – Php 500,000Liability – Php 100,000Stockholders' Equity – Php 400,000 Income Statement:Gross sales – Php 10,000,000Cost of sales – Php 3,000,000Operating Expenses – Php 1,000,000 How much is the income tax due under CREATE Law if? the taxpayer is a domestic corporationa. 1,200,000b. 70,000c. 1,800,000d. 1,500,000
Calculate the taxpayer's 2019 qualifying business income deduction for a qualified trade or business: Filing status: Single Taxable income: $180,000 Net capital gains: $0 Qualified business income (QBI): $80,000 W–2 wages: $20,000 a.$16,000 b.$10,000 c.$2,700 d.$13,684
IpQLSemRocZTySC10mxn3WNrCDDNEqZOcNLOvBFeteSg98lhAYbXw/formResponse . Taxpayer incurred the following for the taxable period: Supplies purchased P80,000 Supplies used 20,000 Unpaid salaries 50.000 Amortization of interest expense 10,000 Under cash basis, how much is the total deductible expense? O P20,000 O P30,000 O P80,000 P90,000 2points 16.2021 Mr. Pacifico obtained a 4-year business loan from a
What amount was recognized as actuarial gain on PBO during the year? 100 000 200 000 240 000 0 What is the benefit expense for 2019? 500 000 795 000 295 000 195 000
GIVEN: Taxpayer is a PEZA-registered enterprise • Taxable year is 2021 • Financial data Related Unrelated Activities Activities Gross Income Expenses Net P45,000,000 P15,000,000 20,000,000 25,000,000 6,000,000 9,000,000 COMPUTE: Tax on the income O A. P1,700,000 В. Р2,250,000 О С. Р3,000,000 O D. P4,500,000 ООО
Assuming that Mimaropa is a corporate taxpayer, compute the taxable income. Mr. Mimaropa reported the following data in 2021. Sales Cost of Sales Gain on Sale of Equipment Interest Income from Bank Deposits Deductible Expenses Non-deductible Expenses Your answer P 1,000,000 600,000 60,000 40,000 300,000 200,000 m
Indicate whether each of the items listed below would be included (I) in or excluded (E) from gross income for the 2019 tax year. ______ a. Welfare payments ______ b. Commissions ______ c. Hobby income ______d. Scholarships for room and board ______ e. $ 300 set of golf clubs, an employee award for length of service ______ f. Severance pay ______ g. Ordinary dividend of $ 50 ______ h. Accident insurance proceeds received for personal bodily injury ______ i. Inheritances ______ j. Gifts ______ k. Tips and gratuities
How do the all events and economic performance requirements apply to the following transactions by an accrual basis taxpayer? a. The company guarantees its products for six months. At the end of 2019, customers had made valid claims for 600,000 that were not paid until 2020. Also, the company estimates that another 400,000 in claims from 2019 sales will be filed and paid in 2020. b. The accrual basis taxpayer reported 200,000 in corporate taxable income for 2019. The state income tax rate was 6%. The corporation paid 7,000 in estimated state income taxes in 2019 and paid 2,000 on 2018 state income taxes when it filed its 2018 state income tax return in March 2019. The company filed its 2019 state income tax return in March 2020 and paid the remaining 5,000 of its 2019 state income tax liability. c. An employee was involved in an accident while making a sales call. The company paid the injured victim 15,000 in 2019 and agreed to pay the victim 15,000 a year for the next nine years.
During 2019, Carl (a single taxpayer) has a salary of $91,500 and interest income of $11,000. Calculate the maximum contribution Carl is allowed for an educational savings account. $0 $400 $1,000 $2,000 Some other amount

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