›.Pedro earned and incurred the following income and expenses: Compensation (exclusive of mandatory contributions) Mandatory contributions Gross receipts from business Cost of service Operating expenses Royalties from books P200,000 20,000 500,000 150,000 50,000 40,000
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- Franklin Stewart arrived at the following tax information: Gross salary Interest earnings Eligible dividend income Basic personal amount Union dues Moving expense (50 km for employment) $ 47,780 225 100 12,069 3,890 1,150 What amount will Franklin report as taxable income? (Round your answer your response.) Taxable income $Franklin Stewart arrived at the following tax information: Gross salary Interest earnings Eligible dividend income Basic personal amount Union dues Moving expense (50 km for employment) $49,100 870 110 39744.5 3,650 7,880 1,860 What amount will Franklin report as taxable income? (Round your answer to the nearest dollar amount. Omit the "$" sign in your response.) Taxable incomeA derived its income from its self-operated talpakan business. The details of his business for 2021 are as follows: Gross Receipts - P100,000.00 Operating Expenses - P50,000.00 Income taxes withheld in general - P10,000.00 Question: What is A's taxable income? Group of answer choices P40,000.00 P50,000.00 P90,000.00 P100,000.00
- 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 mThe executor of an estate is filing an income tax return for the current period. Revenues of $25,000 have been earned. Which of the following is not a deduction allowed in computing taxable income? Choose the correct.a. Income distributed to a beneficiary.b. Funeral expenses.c. A personal exemption.d. Charitable donations.Compute for the tax due of the following individuals using the RA 10963 tax table. Show computations. 1. An employee with annual salary of P1,000,000, annual total contributions of P48,000 and bonus of P200,000 for the year.
- Begin by computing taxable income for each couple. (Complete all input fields. Enter "0" for accounts with a zero balance.) Williams Denbergs Salary $50,000 $145,000 Taxable interest income 50 600 Gross income $50,050 $145,600 Minus: IRA contribution 0 (6,000) Adjusted gross income $50,050 $139,600 Minus: Greater of standard deduction or itemized deductions (24,400) (24,400) Taxable income $25,650 $115,200 Now calculate the 2019 tax due or refund due for each couple. (Use the 2019 tax rate schedule for all tax calculations. Do not round intermediary calculations. Only round the amount you enter in the input field to the nearest dollar. Use a minus sign or parentheses for a net tax refund.) Williams Denbergs Gross tax Minus: Withholding 500 8900 Tax due (refund) Begin by computing taxable income for each…Bong, a professional practitioner, received the following from his clients: Advances for future services to be rendered Collections for past services rendered Reimbursements for client expenses Reimbursement for out-of-pocket expenses P30,000 70,000 40,000 10,000 How much will be included in Bong's gross income for regular income tax purposes? P150,000 P140,000 P110,000 P100,000Jared Goff, of LA, determined the following tax information:Gross Salary: $170,000Interest Earned: $7,000IRA Contribution: $5,000Standard Deduction: $12,200 Filing Single, calculate Jared's taxable income and tax liability. Tax Liability: blank1 - Numeric Answer
- A derived its income from its self-operated talpakan business. The details of his business for 2021 are as follows: Gross Receipts - P100,000.00 Operating Expenses - P50,000.00 Income taxes withheld in general - P10,000.00 Question: Where is the income taxes withheld be credited? Group of answer choices Tax payable Tax credit None of the above Taxable incomeJared Goff, of LA, determined the following tax information:Gross Salary: $170,000Interest Earned: $7,000IRA Contribution: $5,000Standard Deduction: $12,200 Filing Single, calculate Jared's taxable incomeDaniel Simmons arrived at thefollowing tax information:Gross salary,$62,250Dividend income,$140Standarddeduction, $12,400Interest earnings,$75Adjustments toincome, $850 What amount would Daniel report astaxable income?