1. In 2022, a corporation earns $65,000 from its business operations and has $10,000 of dividend income. It donates $12,000 to charity. Show how you determine taxable income.
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Accounting
1. In 2022, a corporation earns $65,000 from its business operations and has $10,000 of
dividend income. It donates $12,000 to charity. Show how you determine taxable
income.
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- 1. (a) A corporation has $25,000 of income from its business operations, $20,000 of net capital gains, and $5,000 of dividend income. If it contributes $25,000 to charity, what's it charitable deduction? What's its ("real") taxable income? (b) How do your answers to (a) change if the corporation has a $4,000 net operating loss from a prior year carried forward into this one? (c) How do your answers to (a) change if the corporation has a $1,000 net capital loss from a future year carried back into this one? (d) How do your answers to (a) change if the corporation has a $1,000 net capital loss from a past year carried forward into this one?2. Mr Asta, domestic corporation, revealed the following data for 2019: Gross income from business is P 800,000 Business expenses allowed for deduction is P 600,000 (excluding contributions) Charitable contributions: To Govt for priority activities of P 50,000 To Govt for public purposes (not priority) of P 60,000 To church of P 15,000 What is the taxable net income?Determine 2022 taxable income in each of the following instances. Assume that the corporation is a C corporation and that book income is before any income tax expense. Required: a. Book income of $58,000 including capital gains of $4,500, a charitable contribution of $1,000, and nonrestaurant meals expenses of $7,000. b. Book income of $100,000 including capital losses of $5,500, a charitable contribution of $13,600, and restaurant meals expenses of $1,700. c. Book income of $84,000 including municipal bond interest of $1,700, a charitable contribution of $4,700, and dividends of $2,400 from a 10% owned domestic corporation. The corporation also has an $6,700 charitable contribution carryover. d. Book income of $137,000 including municipal bond interest of $1,550, a charitable contribution of $3,850, and dividends of $6,200 from a 70% owned domestic corporation. The corporation has a capital loss carryover of $4,850 and a capital gain of $1,700 in the current year. Answer is not…
- Budget Corporation is a personal service corporation. Its taxable income for the current year is $75,000. What is the Budget's income tax liability for the year 2023?If a corporation has $85,000 in taxable income, what is its taxliability? ($17,150)30. Nagpapanggap Inc. had a pretax accounting income of P2,400,000 while the taxable net income before charitable contribution is P2,560,000 during the year. Below are items seen on the records of Nagpapanggap Inc.: * Gain from settlement of life insurance of officers and employees where the corporation is named the beneficiary, P50,000; * Dividend revenue received from a Manhid Corp., a domestic corporation, P78,000; * Dividend revenue received from a Pusong Bato Co., a foreign corporation, P56,000;
- Arndt, Incorporated reported the following for 2024 and 2025 ($ in millions): Revenues Expenses Pretax accounting income (income statement) Taxable income (tax return) Tax rate: 25% 2024 $888 760 $128 $ 116 2025 $ 980 800 $ 180 $ 200 a. Expenses each year include $30 million from a two-year casualty insurance policy purchased in 2024 for $60 million. The cost is tax deductible in 2024. b. Expenses include $2 million insurance premiums each year for life insurance on key executives. c. Arndt sells one-year subscriptions to a weekly journal. Subscription sales collected and taxable in 2024 and 2025 were $33 million and $35 million, respectively. Subscriptions included in 2024 and 2025 financial reporting revenues were $25 million ($10 million collected in 2023 but not recognized as revenue until 2024) and $33 million, respectively. (Hint: View this as two temporary differences-one reversing in 2024; one originating in 2024.) d. 2024 expenses included a $14 million unrealized loss from…Ma1. Torquay Incorporated's (a calendar-year taxpayer) 2021 taxable income was $15,837,850, and its tax liability was $3,325,948. Torquay's director of tax estimates that the corporation's 2022 taxable income will be $13,350,000. Compute Torquay's 2022 estimated tax payment due on April 15, 2022.Assuming that Mimaropa is a corporate taxpayer, compute the taxable income. Mr. Mimaropa reported the following data in 2021. Sales Cost of Sales Gain on Sale of Equipment Interest Income from Bank Deposits Deductible Expenses Non-deductible Expenses Your answer P 1,000,000 600,000 60,000 40,000 300,000 200,000 m
- Arndt, Incorporated reported the following for 2024 and 2025 ($ in millions): Revenues Expenses Pretax accounting income (income statement) Taxable income (tax return) Tax rate: 25% 2024 $ 940 796 $ 144 $ 104 2025 $ 1,032 852 a. Expenses each year include $58 million from a two-year casualty insurance policy purchased in 2024 for $116 million. The cost is tax deductible in 2024. $ 180 $ 214 b. Expenses include $2 million insurance premiums each year for life insurance on key executives. c. Arndt sells one-year subscriptions to a weekly journal. Subscription sales collected and taxable in 2024 and 2025 were $59 million and $75 million, respectively. Subscriptions included in 2024 and 2025 financial reporting revenues were $53 million ($36 million collected in 2023 but not recognized as revenue until 2024) and $59 million, respectively. Hint. View this as two temporary differences-one reversing in 2024; one originating in 2024. d. 2024 expenses included a $42 million unrealized loss from…S Arndt, Incorporated reported the following for 2024 and 2025 ($ in millions): 2024 $932 788 $ 144 $ 112 Revenues Expenses Pretax accounting income (income statement) Taxable income (tax return) Tax rate: 25% 2025 $ 1,024 844 $ 180 $ 214 a. Expenses each year include $50 million from a two-year casualty insurance policy purchased in 2024 for $100 million. The cost is tax deductible in 2024. b. Expenses include $2 million insurance premiums each year for life insurance on key executives. c. Arndt sells one-year subscriptions to a weekly journal. Subscription sales collected and taxable in 2024 and 2025 were $51 million and $67 million, respectively. Subscriptions included in 2024 and 2025 financial reporting revenues were $45 million ($28 million collected in 2023 but not recognized as revenue until 2024) and $51 million, respectively. Hint. View this as two temporary differences-one reversing in 2024; one originating in 2024. d. 2024 expenses included a $34 million unrealized loss…Maryanne had gross income of $100,000 in 2022. In 2022, the Maryanne paid the following expenses: Federal income taxes: $11,884 State & local income taxes: $9,756 Sales tax: $1,732 HSA contributions: $2,600 Property taxes on principal residence: $10,046 Mortgage interest on principal residence acquisition indebtedness (mortgage principal is $500,000): $9,793 What is the amount of Maryanne’s total itemized deductions for 2022?