.Pedro earned and incurred the following income and expenses: |Compensation (exclusive of mandatory contributions) P200,000 Mandatory contributions 20,000 Gross receipts from business 500,000 Cost of service 150,000 Operating expenses 50,000 Royalties from books 40,000 Personal expenses 170,000 Interest income from client notes 8,000 Compute the taxable income subject to the graduated tax rates. A. 450,000 B. 468,000 C. 508,000 D. 558,000
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- .Pedro earned and incurred the following income and expenses: Compensation (exclusive of mandatory contributions) P200,000 Mandatory contributions 20,000 Gross receipts from business 500,000 Cost of service 150,000 Operating expenses 50,000 Royalties from books 40,000 Personal expenses 170,000 Interest income from client notes 8,000 Compute the taxable income subject to the graduated tax rates.Franklin Stewart arrived at the following tax information: Gross salary Interest earnings Eligible dividend income Basic personal amount Union dues Moving expense (58 km for employment) $ 52,00€ 330 128 3,650 8,470 2,950 What amount will Franklin report as taxable income? (Round your answer to the nearest dollar amount. Omit the "S" 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
- Michelle Puxton has the following Bourcer of income and payroll deductions: Employment income $39,400 Interest income 7,000 Taxable capital gain Allowable capital lose 8,000 13,000 RRSP contribution 4,000 Alimony paid 6,600 Requirement: 1. What is Michelle's Net Income for Tax Purposes (in good form, copy the appropriate description of accounts in your anewer)? 2. Determine if there are losses that can be carried back and forward.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 P100,000Ross Martin arrived at the following tax information: Tax Information $ 56,725 Gross salary Interest earnings 225 Dividend income 105 Standard deduction 12,000 11,290 1,400 Itemized deductions Adjustments to income What amount would Ross report as taxable income? Taxable income
- Calculate the taxpayer's qualifying business income deduction for a qualified trade or business: Filing status: SingleTaxable income: $100,000Net capital gains: $0Qualified business income (QBI): $30,000W–2 wages: $10,000Assuming 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 mRoss Martin arrived at the following tax information: Tax Information Gross salary $ 56,145 Interest earnings 205 Dividend income 65 Standard deduction 12,000 Itemized deductions 11,250 Adjustments to income 1,200 What amount would Ross report as taxable income?
- Daniel 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?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: Assuming that the tax rate is 25%, what is the income tax payable of A? Group of answer choices P2,500.00 P12,500.00 P25,000.00 P15,000.00A 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 income