Assuming the taxpayer is a CORPORATION, how much is the OSD and net taxable income using OSD?
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1. Assuming the taxpayer is a CORPORATION, how much is the OSD and net taxable income using OSD?
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- A. The following data were gathered pertaining to the business of person for a taxable quarter in 2018: Vat-registered Taxable sales P1,200,000 Zero-rated sales P600,000 Exempt Sales P450,000 Input tax- taxable P67,500 Input tax- zero rated P15,000 Input tax-exempt P22,500 Input tax that cannot be attributed specifically to any transaction, P30,000. Assuming all applicable input taxes are to be claimed as credits against output ta es, the VAT payable is:Taxpayer - Resident citizen Gross sales 2,600,000 Other operating income 200,000 Non-operating income 150,000 Cost of sales 1,000,000 perating expenses 500,000 Non-operating expenses 60,000 How much is the net taxable income using itemized deduction? How much is the net taxable income using optional standard deduction?Compute for the tax due (A,B,C) for the below taxable income based on the Income Tax Tables: TAXABLE INCOME (Annual) TAX DUE P300,000 A P500,000 B P800,000 C .
- FACTS / DATA / GIVEN: . Тахрауer: • Taxable period: Receipts/earnings/balances during the period: Resident citizen 2nd quarter Description Collections for services rendered in 2nd Amount P50,000 quarter Collections for services rendered in 1st 20,000 quarter Collections for services to be rendered in the 3rd quarter Uncollected billings-1st quarter Uncollected billings-2nd quarter 30,000 10,000 15,000 COMPUTE: Taxable income in the 2nd quarter using CASH basis A. 50,000 В. 60,000 О С. 80,000 D. 100,000Pete 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 3,500Government G levies an income tax with the following rate structure: Percentage Rate Bracket Income from -0- to $30,000 Income from $30,001 to $70,000 Required: 6% 10 20 28 Income from $70,001 to $200,000 Income in excess of $200,000 a. Taxpayer A's taxable income is $156,600. Compute A's income tax liability and average tax rate. What is A's marginal tax rate? b. Taxpayer B's taxable income is $486,100. Compute B's income tax liability and average tax rate. What is B's marginal tax rate? Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required A Required B Taxpayer A's taxable income is $156,600. Compute A's income tax liability and average tax rate. What is A's marginal tax rate? Note: Round your percentage answers to 2 decimal places and other answers to the nearest whole dollar amount. Taxpayer A Income tax $ 23,519 x Average tax rate Marginal tax rate 15.02 x % 20.00 %
- 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: P920,000What 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. ₱ 2,580,000A. Compute for the Net Taxable Income and Personal Income Tax. 1. A. Annual Basic Salary B. 13th Month Pay and Other Benefits C. Mandatory Contributions D. Annual Gross Income (A+B) E. Deductions and Exemptions (B+C) P 397,860.00 33,155.00 6,542.00 Net Taxable income (D-E) Personal Income Tax B. Compute for the 4 general deductions of the following employees: 1. A sales manager in Kopimo, Inc., a private company, earning P42,000 monthly with sales commission of P36,000 for the year. 2. A public school teacher earning P24,495 monthly with chalk allowance of P1,500, uniform allowance of P6,000 and performance bonus of P12,000. 3. An IT manager in Accentuate Corp., a private company, earning P55,000 monthly and laundry allowance of P15,000 for the whole year. C. Basic Applications. Solve for the following: 1. Conchita works as a service crew member in a fast-food chain in a mall. She has an hourly wage rate of P50. Her rest days are every Wednesday and Saturday. Consider the following…
- K Use the table to the right to calculate the federal income tax due for a taxable income of $158,000. The income tax due is $. (Type an integer or a decimal.) If your taxable income is Over- But not Over- $0 $9,275 $9,275 $37,650 $37,650 $91,150 $91,150 $190,150 $413,350 $190,150 $413,350 ******* The tax is Of the amount Over- 10% $927.50 +15% $5,183.75 +25% ********* $18,558.75+28% $46,278.75+33% $119,934.75+ 35% $0 $9,275 $37,650 $91,150 $190,150 $413,350 1 ofCalculate 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.$13,684E18-11 Multiple Tax Rates For the year ended December 31, 2019, Nelson Co.’s income statement showed income of $435,000 before income, tax expense. To compute taxable income, the following differences were noted: Income from tax-exempt municipal bonds $60,000 Depreciation deducted for tax purposes in excess of depreciation recorded on the books $120,000 Proceeds received from life insurance on death of an insured employee $100,00 Corporate tax rate for 2019 30% Enacted tax rate for future periods 35% Required: 1. Calculate taxable income and tax payable for tax purposes. 2. Prepare Nelson’s income tax journal entry at the end of 2019.
