at purchase was $69159 and Sri's
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- Accounting Gary wants you to calculate his personal income tax liability. He is a tax resident of Australia. During the year ended 30 June 2022 he received the following: Gross salary and wages of $138,000. His employer deducted from his salary PAYGW tax of $22,523. Interest income of $678 from the ANZ Bank Interest of $32 from the BNZ Bank in New Zealand. The $32 is after the New Zealnd Tax Authorities deducted withholding tax of $5.2O. A dividend of $156 from Rio Tinto. He also spent $250 on text books for his work as an IT engineer. He does not have private hospital cover. Required: Calculate his taxable income and his total tax payable for the year ended 30 June 2022.Mr. Ali obtained dividends of a gross amount of 200.000 TRY from a full taxpayer joint stock company in Turkey in 2021. Mr. Ali has no other income. Explain how much did the company withhold? How much Money does Mr. Ali has to declare if necessary? (Withholding rate for dividends will be taken as 15%) (Explain the method of your calculation with reasons).Sri owns shares in a Canadian Corporation that paid him $1493 in dividends in 2020. In addition, he sold his holdings for $141418. Assuming the ACB for that purchase was $65189 and Sri's marginal tax rate is 48%, how much tax does Sri owe? Please provide your answer to 2 decimal places (e.g. 1234.56)
- Brittany Callihan sold stock (basis of 184,000) to her son, Ridge, for 160,000, the fair market value. a. What are the tax consequences to Brittany? b. What are the tax consequences to Ridge if he later sells the stock for 190,000? For 152,000? For 174,000? c. Prepare your solution using spreadsheet software such as Microsoft Excel. The spreadsheet should compute the gain or loss for Ridge for all scenarios. Use the IF function to compute the right of offset. d. Write a letter to Brittany in which you inform her of the tax consequences if she sells the stock to Ridge for 160,000. Explain how a sales transaction could be structured that would produce better tax consequences for her. Brittanys address is 32 Country Lane, Lawrence, KS 66045.1. Ms. X operates a convenience store while she offers bookkeeping services to her clients. In 2020, her gross sales amounted to P800,000.00, in addition to her receipts from bookkeeping services of P300,000.00 and incurred costs and expenses of P300,000 and P100,000, respectively. How much is her tax due using the 8% tax rate? 2. In the illustration on number 1, Ms. X likewise earned P1,000,000 from employment with XYZ Company for whichP180,000 was tax withheld and remitted to the BIR. How much is her income tax due and payable?1. Ms. X operates a convenience store while she offers bookkeeping services to her clients. In 2020, her gross sales amounted to P800,000.00, in addition to her receipts from bookkeeping services of P300,000.00 and incurred costs and expenses of P300,000 and P100,000, respectively. How much is her tax due using the 8% tax rate? 2. In the illustration on number 1, Ms. X likewise earned P1,000,000 from employment with XYZ Company for whichP180,000 was tax withheld and remitted to the BIR. How much is her income tax due and payable? 3. Mr. ABC earned P3,000,000 on his practice of profession for the first three quarters of 2020 for which he filed quarterly income tax returns and availed of the 8% income tax rate, and on the fourth quarter, he earned P3,500,000. For the taxable year, he incurred cost of sales and operating expenses amounting to P3,000,000 and P1,440,000, respectively. How much is his tax due and tax still payable for taxable year 2020?
- Compute for the tax due of the following self-employed individuals: (PHILIPPINES) Anna Frozen operates an ice cream store while she offers bookkeeping services to her clients. In 2018, her gross sales amounted to P400,000, in addition to her receipts from bookkeeping services of P150,000. She already signified her intention to be taxed at 8% income tax rate in her 1st quarter return. What is her tax due liability in her 1st quarter return?X, resident citizen, had the following data for 2019: Gambling losses, P10,000; Long term capital gain on sale of cellphone, P20,000; Long term capital gain on sale of real property in the Philippines, P100,000Compensation income, P200,000; Cash dividend, P10,000; Cash donations received from his friend, P100,000Cash inheritance, P200,000. How much is the taxable net income of X subject to GTR? None of the above 210,000 310,000 220,000 410,0004. PP operates a convenience store while she offers bookkeeping services to her clients. In 2020, her gross sales amount to Php1,000,000.00, in addition to her receipts from bookkeeping services of Php500,000.00. Is PP allowed to avail herself of the eight percent (8%) income tax? If yes, what should she do in order to be subject to the said tax? What would be her tax base?
- X, resident citizen, had the following data for 2019: Gambling losses, P10,000; Long term capital gain on sale of cellphone, P20,000; Long term capital gain on sale of real property in the Philippines, P100,000Compensation income, P200,000; Cash dividend, P10,000; Cash donations received from his friend, P100,000Cash inheritance, P200,000. How much is the taxable net income of X subject to GTR? a. 210,000 b. 410,000 c. 310,000 d. None of the above e. 220,000In 2022, Greg's business had $1 million in revenue, and had $500,000 in net income in 2022. His business had a Net Operating Loss of $100,000 from 2021 that he carryforwarded to 2022. How much of the Net Operating Loss from 2021 can Duke use to offset his business' net income in 2022 on his California Income Tax Return? Group of answer choices $0 $50,000 $100,000 $500,0001. In 2019, Sikanto Tinabangsit, a Thai citizen and the reigning WBO Super Featherweight Champion, successfully defended his crown against Kid Laban Gurruud at the Big Dome just a day after he arrived here in the Philippines and received P12 million in cash and a Cayenne with fair value of P8 Million. How much is his final withholding tax? 2.In 200A, Mr. Rosario acquired his principal residence for P6,000,000. He sold it to Mr. Dela Cruz for P12,000,000 in 200D. Within 30 days, he wrote the BIR for tax exemption because he intends to use the entire sales proceeds to purchase a new principal residence. How much is the basis of the new residence for taxation purposes if he actually acquired for P15,000,000? 3. Mariang is a Pilipinas Got Talent champion. She won P2million as cash prize, a house and lot at ABC Homes in Baguio City with the total fair value of P5 million, and a recording contract with Sony Music Inc. for P10 million in two years. How much his income tax, if any?
