A loaned B P100,000.00, which in turn produced an interest of P6,000.00 per annum. All else being equal, what is the income tax payable of A for the interest? Group of answer choices 0 P1,200 P20,000.00
Q: How much of the following is gross income subject to income tax?
A: Answer: Calculation of gross income: Particulars Amount Cancellation of indebtness of service…
Q: The tax rates are as shown below: Taxable Income Tax Rate 15% $0 - 50,000 50,00175,000 25% 75,001…
A: Taxation: Taxation refers to the imposition of compulsory financial obligations by the government on…
Q: Taxpayer Y, who has a 30 percent marginal tax rate, invested $65,000 in a bond that pays 8 percent…
A: The annual cash flow from the investment shall be without deducting tax if the interest is…
Q: Compute Charlotte's child and dependent tax credit. Charlotte's child tax credit is $8,000, of which…
A: Given in the question: The Childs which are dependent upon Charlotte are four child’s, the age of…
Q: Taxpayer Q has net taxable income of $30,000 from Country Y which imposes a 40 percent income tax.…
A: Foreign tax credit is a refundable tax credit that can be availed by individuals working in foreign…
Q: Assume the following transactions with the corresponding invoice cost, inclusive of Value Added Tax,…
A: SOLUTION VAT PAYABLE IS ALSO CALLED OUTPUT VAT AND IS FOUND ON INVOICES YOU ARE SENDING TO THE…
Q: 1. In 2020, X Corporation had the following data: Sales of 1M and cost /expenses of 500,000. Can we…
A: Hi student Since there are multiple questions, we will answer only first question.
Q: e tax arbitrage rate applicable to interest expense is- * 20% of the interest expense 20% of the…
A: In tax arbitrage when you buy and sell in different currencies there are gains on the transaction…
Q: Allowable Deducti Taxable Income Option Income Tax Due Gross Income Taxpayer Philadelphia 100,000…
A: As per our protocol we provide solution to the first three sub-parts but you have provided multiple…
Q: Rental income of R70 000 is received in advance. Calculate the tax base for income received in…
A: Rental payment refers to the periodic amount paid by the tenant to the owner of a property for…
Q: Europa Inc lent its manager P1,000,000 at a lower rate of 3% interest per annum. What is the fringe…
A: Fringe Benefit Tax For calculating the fringe benefit taxes in Philippines first to calculate the…
Q: What are the journal entries you would make if you sell 1 bitcoin for $36000? Bitcoin is an…
A: Cryptocurrency is treated as intangible assets does not considered as a currency. A cryptocurrency…
Q: What is the foreign tax credit X Corp, a US Corp, is able to take on its current year return based…
A: The following calculations are done in the records of X Corporation which is based in the US.
Q: Refer to the table. Income Таx A Таx B Tax C moon Tax D $10,000 20,000 $650 $1000 $500 $1000 850…
A: Ans. d. D A progressive tax system put a higher percentage rate on taxpayers who have higher…
Q: 1. Assume that you have 100,000 TL annual income which is subject to a progressive taxation.…
A: Annual Income = 100,000 Tax Rates and calculations are provide below:
Q: If it opts to claim the tax paid abroad as deduction from gross income, compute for its income tax.
A: Income tax is the tax which is paid by the company on the taxable income earned by the company…
Q: USCo incurred $100,000 in interest expense for the current year. The tax book value of USCo’s assets…
A: Interest to be apportioned to foreign-source income = Interest Expense x % of Foreign source income
Q: Based on the withholding tax table above solve the following problems: I am receiving monthly…
A: Monthly Compensation = 65000 SSS Contribution = 1500 Philhealth Contribution = 500 Pag ibig…
Q: How much claim against the insolvent person is deductible from the gross estate?
A: The determination of claim against the insolvent person that is deductible from the gross estate is…
Q: Sele 00 S10,000 $12.000 $12,500 12/31/YRS 12/31/YRS 00 00 s of the above transacions and what is the…
A: Capital Gains are taxed at different rate depending on their holding period. If the asset is sold…
Q: 10) During 2020, Canadian resident Mark Forbes has calculated his Taxable Income to be $53,175.…
A: Canadas’ Federal tax rates for 2020: 15% on the first $48,535 of taxable income, plus 5% on the…
Q: arrying amount of
A: The tax base is the total income of the individual that is subject to tax. It includes all the…
Q: The total tax on an income of $256,600 is: Select one: a. $96,194 b. $113,900 c. $112,944 d.…
A: First 50,000 will taxed at 15%, Next 25,000 will taxed at 25%, Next 25,000 will be taxed at 34% and…
Q: How much is the income tax payable assuming the taxable year is 2021? a. 330,000
A: Corporate tax is the tax liability calculated on the income earned by the company. It is reported…
Q: Which passive income is subject to regular tax? Dividend income from resident corporation…
A: Answer: The passive income are those income which are not always regular and there is based on…
Q: Mr. A, a resident citizen, earns the following passive incomes, gross of final taxes: INTEREST…
A: Tax refers to a payment which is collected by the government, or the revenue collection authority.…
Q: Current liabilities include interest revenue received in advance, with a carrying amount if P1,000.…
A: Tax base is the value that is assessed for an item in balance sheet as per taxation of that…
Q: The value of a house is P185,000.00. A community which has an assessment of property at 85% of the…
A: Given: Value of house = P185,000 Assessable value = 85% Tax rate = 24.85 per thousand Pesos
Q: If the offshore banking unit can claim allowable deduction of P 2,830,000, how much is the offshore…
A: The offshore banking units means the banking units that are the branch of foreign banks approved by…
Q: c. His $454,000 of taxable income includes $47,000 of long-term capital gain that is taxed at…
A: Solution:- Given, Henrich is a single tax payer Taxable Income = $454,000 His taxable income…
Q: A & S company has taken a loan of D10,000,000 from Trust Standard Chartered Bank Gambia Ltd. at 15%…
A: Cost of loan is the effective interest payable by the borrower on the loan taken.
Q: If the cost of debt after tax for Sohar Textiles is 0.156 and its tax rate is 0.233 then what is the…
A: The term debt is a financial term that depicts the amount borrowed by one person from another…
Q: 54. In relation to transaction #1, How much is the capital gains tax due, if any? A. PO C.…
A: Capital gain refers to the concept where the profit earned on the asset sale which has increase in…
Q: 1. How much is the tax due on a taxable income of P150,000 a. 0 b. 1,250 c. 50,000 d. 30,000
A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Choose a,b,c,d,e for the following: Question 1 - Debt x Interest Rate x Tax Rate: a. gives us the…
A: The amount of interest is computed:
Q: Yana Corp. has a profit before tax of P90 million. If the company's times interest covered ratio is…
A: Interest coverage ratio = Profit before Tax and Interest / Interest expense Interest coverage ratio…
Q: at is the income tax due if X corporation is a regular domestic corporation? P75,000 P60,000…
A: Domestic corporation are subjected to corporate tax rate and also depending on assets held by them…
Q: Taxpayer Q has net taxable income of $30,000 from Country Y which imposes a 40 percent income tax.…
A: Foreign tax credit Along with deduction and exemption, the foreign tax credit is one of the three…
Q: ow much is the income tax payable assuming the taxable year is 2021? a. 330,000
A: Income Tax : It is the amount of income which levied by the Government of the state on the income…
Q: What is the firm’s EBITDA?
A: EBITDA (Earnings before interest, tax, depreciation & amortization): It is one of the metrics…
Q: Current liabilities include interest revenue received in advance, with a carrying amount if P1,000.…
A: Under Cash basis of taxation, income and expenses are recognized in the year when they are actually…
Q: Interest Expense 250,000.00 Interest Income form 5/6 30,000.00 Interest Income form Bank Deposits…
A: Deductible Interest expense : Interest expense is the charge for the funds provided to the…
Q: Calculate the tax rate if the tax amount is $ 64.50 on a purchase of $780?
A: Tax amount = $64.50 Purchase = $780
Q: Applying the following hypothetical Federal Income Tax Rate Table, for a Single Tax-Filer earning…
A: Effective tax rate is the tax rate applied on total income (including non taxable income) to derive…
Q: eorporate tax rate to 45.00%. By how much would the component cost of debt used to calculate the…
A: Cost of Irredeemable debt is the amount of debt which are not repayable during the life of the…
Q: The 2010 U.S. Federal tax rate for single individuals was as follows: 10% on an adjusted gross…
A: Answer: Given is the different tax rates on slab basis Tax function: Income limit Rate Tax…
Q: Mang Panday wants to determine the taxability of the foregoing. How much is the total amount of…
A: Passive income is the income which is earned by the taxpayer during the year. It is the form of…
Q: 58. In relation to the above, how, much is Mr. Harry's tax due? A. PO C. P1,000 B. P2,000 D.…
A: Tax due refers to all the federal income taxes, interest, alternative minimum taxes and any other…
Q: The tax rates are as shown below: Taxable Income $0-50,000 50,00175,000 75,001 100,000 100,001…
A: Tax on income is the amount of charge to be paid to government calculated as a percentage of net…
Q: Using the same data in the previous question, what is the income tax due if Sandbox is a resident…
A: Resident foreign corporations (i.e. foreign corporations engaged in trade or business in the…
A loaned B P100,000.00, which in turn produced an interest of P6,000.00 per annum. All else being equal, what is the income tax payable of A for the interest?
Step by step
Solved in 2 steps
- What is the interest expense for 2020? A. P3,000,000 B. P2,040,000 C. P1,840,000 D. 0What is the total unearned interest income? *a. 2,410,000b. 1,666,000c. 1,210,000d. 166,00014. Leslie Inc. has correctly determined the following information related to operations for 2018: Revenue from sales Expenses Income before income taxes P7,000,000 4,000,000 P3,000,000 In reviewing the records, you discovered the following items: During 2018, the company discovered an error in depreciation in 2017. The correction of this error, which has not been recorded, will result in an increase in depreciation for 2017 of P200,000. During 2018, the company sustained a loss of P400,000 because of flood, which destroyed its inventory. The company charged retained earnings and credited inventory for P400,000.
- Please answer only question B, because I sent already A in a separate question. Thank you! a) The following payments are agreed for the purchase of a property at the nominal annual interest rate of 0.8%:- 100,000 euros on 01.01.2022- 50,000 Euro on 01.07.2022- 200,000 euros on 01.03.2023 What is the value of these payments on the valuation date 01.01.2022 with1. linear interest calculation?2. monthly interest at the relative interest rate?3. relative mixed interest?4. continuous interest calculation? b) On 01.01.2022, EUR 347,942.42 is paid into an account at 0.8% annual interest. At On which date (day.month.year) in 2022, the year 2022 has 365 days, will the value of the interest rate, does the value of the deposit exceed 350,000 euros for the first time?Use the compound interest formula A = P(1 + r)' and the given information to solve for t. 201 A= $42.000, P= $28,000. r= 7% T=?Suppose you have the following information for a project. Year Before-Tax Income After-Tax Cash Flows Taxes Cash Flows 0 12345 -1000 500 340 244 100 100 -72 -33.6 -10.56 24 24 Calculate the present worth of after-tax cash flows. Use an interest rate of 8%. Round your answer to 2 decimal places.
- On January 1, 2019, Allure Company sold an equipment with a carrying amount of P800,000, receiving a noninterest bearing note due in three years with a face amount of P1,000,000. There is no established market value for the equipment. The interest rate on similar obligations is 12%. The present value of 1 at 12% for three periods is .712.1. How much is the net share in the profit or loss of the associate (investment income) in 2021? P480,000 P825,000 P420,000 P135,000 2. How much is the carrying amount of the investment as of December 31, 2021? P7,815,000 P8,025,000 P7,680,000 P7,125,000Q6. What's the present value of a perpetutity that pays $1,524 per year if the aprropriate interest rate is 5.3 % ? Round answer to 2 decimal places?
- If beginning and ending interest receivable were P16,000 and P5,000, respectively. Total interest income for the period amounted to P52,000, how much would be the amount of interest collections for the period?a. P31,000 c. P52,000b. P41,000 d. P63,000How much is the gross profit realized in 2019? A. P1,600,000 B. P1,350,000 C. P500,000 D. P250,0001. You have the following information Interest charges = JD 50 000 per year Tax rate = 40% Net Income= JD 90 000 Required: What is the fim's times-interest-earned (TIE) ratio?