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Mr. Albuera, a resident citizen, received P18,000.00 as interest from his short-term deposit. Compute the final tax withheld
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- During the 2019 tax year, Brian, a single taxpayer, received $ 7,400 in Social Security benefits. His adjusted gross income for the year was $14,500 (not including the Social Security benefits) and he received $ 30,000 in tax-exempt interest income and has no for-AGI deductions, Calculate the amount of the Social Security benefits that Brian must include in his gross income for 2019. SIMPIFIED TAXABLE SOCIAL SECURITY WORKSHEET (FOR MOST PEOPLE) 1. Enter the total amount of Social Security income. 2. Enter one-half of line 1 3. Enter the total of taxable income items on Form 1040 except Social Security income. 4. Enter the amount of tax-exempt interest income. 5. Add lines 2,3, and 4 6. Enter all adjustments for AGl except for student loan interest, the domestic production activities deduction, and the tuition and fees deduction. 7. Subtract line 6 from line 5 . If zero or less, stop here, none of the Social Security benefits are taxable. 8. Enter $ 25,0001 $ 32,000 if married filing jointly; 0 if married filing separately and living with spouse at any time during the year) 9. Subtract line 8 from line 7 . If zero or less, enter -0 - Note: If line 9 is zero or less, stop here; none of your benefits are faxable. Otherwise, go on to line 10 10. Enter $ 9,0001 $12,000 if married filing jointly; 0 if married filing separately and living with spouse at any time during the year) 11. Subtract line 10 from line 9. If zero or less, enter -0 -. 12. Enter the smaller of line 9 or line 10 . 13. Enter one-half of line 12 14. Enter the smaller of line 2 or line 13 . 15. Multiply line 11 by 85 (. 85 ). If line 11 is zero, enter -0 -. 16. Add lines 14 and 15 17. Multiply line 1 by 85(.85) 18. Taxable benefits. Enter the smaller of line 16 or line 17 . 1.____________ 2.____________ 3.____________ 4.____________ 5.____________ 6.____________ 7.____________ 8.____________ 9.____________ 10.____________ 11.____________ 12.____________ 13.____________ 14.____________ 15.____________ 16.____________ 17.____________ 18.____________Lisa records nonrefundable Federal income tax credits of 65,000 for the year. Her regular income tax liability before credits is 190,000, and her TMT is 150,000. a. What is Lisas AMT? b. What is Lisas regular income tax liability after credits?Ms. Maya had a gross taxable compensation income of P500,000.00. She also earned an additional P2,000.00 and P1,000.00 interest income from her time deposit and short-term deposit, respectively. Her taxable income subject to regular income tax is
- The taxpayer is a resident citizen taxpayer. His net taxable income is 1,300,000. Compute for his income tax due and payable.Sheniqua, a single taxpayer, had taxable income of $80, 628. Her employer withheld S 12,957 in federal income tax from her paychecks throughout the year. What is the amount of refund would Sheniqua receive or additional tax she would pay? Note: Input your answer as a positive number. Use the appropriate Tax Tables.Allan has a gross income of P400,000 in 2020. His employer deducted P5,000 SSS, P4,000 PHIC, P3,000 HDMF, P2,000 union dues, and P80,000 creditable withholding tax. How much is the total final tax due of Allan?
- Mr. Asif, a Salaried Individual, has following information for the Tax Year 2020. His Annual Tax Certificate from Employer shows, Annual Gross Salaried Income of Rs. 950,000 His employer has deducted WHT under Section 149 (Salary of Employee) Rs. 17200. His Mobile Tax Certificate shows WHT under Section 236 (Prepaid Telephone Card) Rs. 889. He received share of Profit from Investment in a Business Rs. 150,000. The details of his Personal Assets as follow: Balances June 30, 2019 June 30, 2020 Cash at Hand 50,000 50,000 Bank Account (Salaried) 121,000 159,000 Bank Account (Saving) 150,000 265,000 Prize Bond 255,000 255,000 Investment in Business 2,000,000 2,000,000 Property (Residential) 3,200,000 3,200,000 Calculate: Total Income Tax Chargeable (Annual Income Tax) Admitted Income Tax (Remaining Tax Liability) His estimated Personal Expenses (Reconciliation of Personal Assets)Mr. Sotto is a resident citizen who earned the following during the current taxable year: (1) Royalty income from abroad - P120,000; (2) Interest income from his loan extended to his friend living abroad - P30,000; (3) Dividend income from Globe Telecom Inc - P10,000. How much income is subject to regular income tax?Campbell, a single taxpayer, earns $411,000 in taxable income and $2,880 in interest from an investment in State of New York bonds. (Use the U.S. tax rate schedule.) Required: a. If Campbell earns an additional $17,200 of taxable income, what is her marginal tax rate on this income? b. What is her marginal rate if, instead, she had $17,200 of additional deductions? Note: For all requirements, do not round intermediate calculations. Round percentage answers to whole percent. a. Marginal tax rate b. Marginal tax rate % %
- Campbell, a single taxpayer, earns $406,000 in taxable income and $2,480 in interest from an investment in State of New York bonds. (Use the U.S. tax rate schedule.) Required: a. If Campbell earns an additional $ 16,200 of taxable income, what is her marginal fa rate on this income ? b. What is her marginal rate if, instead, she had $ 16,200 of additional deductions ? Note: For all requirements, do not round intermediate calculations. Round percentage answers to whole percent.Mr. Bakhtawar, a Individual Person, has following information for the Tax Year 2020.Given His Annual Tax Certificate from Employer shows, Annual Gross Salaried Income of Rs. 1450,000. His employer has deducted WHT under Section 149 (Salary of Employee) Rs. 97200. His Mobile Tax Certificate shows WHT under Section 236 (Prepaid Telephone Card) Rs. 2355. He received share of Profit from Investment in a Business Rs. 750,000. He received Rent from Property as follow: Shop Rent of 20,000 per month (Shop was rented for 11 Month Only) Rent from Owned Flat Rs. 18,000 permonth (Flat was rent for full year) The details of his Personal Assets as follow: Balances June 30, 2019 June 30, 2020 Cash at Hand 150,000 180,000 Bank Account (Salaried) 421,000 659,000 Bank Account (Saving) 850,000 1265,000 Investment Securities (Saving Certificates and Prize Bonds) 1255,000 1550,000 Investment in Business 4,000,000 4,000,000 Property (Residential)…Mr. Bakhtawar, a Individual Person, has following information for the Tax Year 2020.Given His Annual Tax Certificate from Employer shows, Annual Gross Salaried Income of Rs. 1450,000. His employer has deducted WHT under Section 149 (Salary of Employee) Rs. 97200. His Mobile Tax Certificate shows WHT under Section 236 (Prepaid Telephone Card) Rs. 2355. He received share of Profit from Investment in a Business Rs. 750,000. He received Rent from Property as follow: Shop Rent of 20,000 per month (Shop was rented for 11 Month Only) Rent from Owned Flat Rs. 18,000 permonth (Flat was rent for full year) The details of his Personal Assets as follow: Balances June 30, 2019 June 30, 2020 Cash at Hand 150,000 180,000 Bank Account (Salaried) 421,000 659,000 Bank Account (Saving) 850,000 1265,000 Investment Securities (Saving Certificates and Prize Bonds) 1255,000 1550,000 Investment in Business 4,000,000 4,000,000 Property (Residential)…