Anna has the following income for the quarter:
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Anna has the following income for the quarter:
a. Professional income P80,000
b. Income from her business P30,000
c. Compensation income P40,000
d. Interest income from bank deposit P10,000.
1. What amount of income will Anna report in her quarterly income tax return?
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- Income Tax Credits (LO. 6) Refer to Exhibit 8-5 and 8A-1 SCHEDULE EIC (EARNED INCOME CREDIT) 2018 EARNED INCOME CREDIT TABLE to answer the following questions. Determine the total allowable 2018 earned income credit in each of the following situations: a. Rina is single and earns $6,800 in salary for the year. In addition, she receives $2,200 in unemployment compensation during the year. b. C. Lachlan is single with one dependent child. During the year, he earns $8,000 as a waiter and receives alimony of $10,000 and child support of $5,000. Zorica is a single parent with two dependent children. She earns $19,000 from her job as a mechanic. She also receives $3,000 in child support from her ex-husband. d. Elliot and Pam are married and have three dependent children. Elliot and Pam earn $12,000 and $9,000 from their jobs, respectively. They receive $800 in interest and $1,000 in dividend income. Assume the taxpayer files a joint return.Use the following information for the next two questions:Shirley is a sales clerk in a certain mall. She earned P410,000.00 in 2019.9. What is the tax rate based on the graduated tax schedule?a. 20% of the excess over P250,000b. P30,000 + 25% of the excess over P400,000c. P130,000 + 30% of the excess over P800,000d. P490,000 + 32% of the excess over P2,000,000 10.What is the tax due?a. 2,500b. 10,000c. 30,000d. 32,50Inno earns P^(180000).00 a year. If he spends (1)/(5) for food, (1)/(8) for rent, (1)/(10) for clothing, and (1)/(20) for recreation: a. How much does he spend for each? b. How much is his total expenses? c. How much does he save? d. What fractional part of his earnings is his savings?
- Dennis receives $11,100 during the current tax year from Blanca for some office space in Anaheim, California. The rent covers eight months, from August 1 of the current year to March 31 of the following year. The amount also includes a security deposit of $1,500. How much should Dennis report as rental income in the current tax year? a. $1,200. b. $6,000. c. $9,600. d. $11,100.Assume that Jane Adams pays income taxes at a 35 percent rate. What would be the after-tax amount on $100 of interest income she receives?Last year Diana's annual income was $31,305. Use the following Income Tax relationship to calculate how much Diana paid last year in income tax. Round your answer to the nearest dollar. Only enter the number. Do not enter the dollar sign. For example: 11,526 The file Income Tax Calculations can be opened and printed. Income Tax Calculations Annual Income: Total Amount of Income Tax: Maximum Total Maximum Amount of Income Within Each Bracket Amount of Actual Income Within Marginal Tax Maximum Amount of Tax Within Each Amount of Actual Maximum Total Income for Each Rate per Tax Within Each Bracket Amount of Tax Bracket Each Bracket $100 earned Within Each Bracket Bracket more than $37 tax more than $518,400 $153,225 no more than $311,050 $35 tax $105,857.50 no more than $518,400 $153,225 no more than $44,050 $32 tax $14,096 $207,350 no more than $47,367.50 no more than $77,775 $24 tax $18,666 $163,300 no more than $33,271.50 no more than $45,400 $22 tax $9,988 $85,525 no more than…
- Your client wants to transfer $500 from their chequing account into a savings account to cover tax liabilities for sales made last month.Where should they start the process?Grace Kelley earns $2,000 per week. She is married and claims 2 exemptions. What is Grace’s income tax? Use the percentage method. (Use Table 9.1 and Table 9.2.) (Round your final answer to the nearest cent.) One Withholding allowance 79.80 weekly Please use tables for withholding 2018Direction: Solve the following problems and show your complete solution. 1. Aina, who works in an accounting firm, earns a monthly salary of P35,000 per month and also receives P3,500 for a monthly allowance. Her monthly contributions are as follows: P1,466 for income tax, P300 for PhilHealth, P800 for SSS, and P100 for Pag-IBIG. Find her gross and net income for this month. salary of basic salary of P3 2. Cathy, a police officer, gets a basic P39,000 a month, monthly allowance of P2,000 and a hazard pay of P2,500. Find her annual gross income.
- Conchita Martinez will have a monthly interest and principal payment of $1,820.68. Her monthly real estate taxes will be $57.06 and her monthly homeowner's insurance payments will be $89.47. If her gross monthly income is $6,778.27, find the housing ratio. Question content area bottom Part 1 The housing ratio is= (Round to two decimal places as needed.)Sophia pays her rent quarterly in arrears and her year end is 31st December. During the year she has made payments as follows: 1st May (re quarter ending 30th Apr) £3,250 1st Aug (re quarter ending 31st Jul) £3,250 1st Nov (re quarter ending 31st Oct) £3,500Sophia anticipates that her next quarter's payment will be the same as she paid in November.How much will she show for rent on her statement of profit or loss at 31st December? (Round to the nearest whole number)Mary Singh, has the following information for her İncome Tax Return this year: Net Taxable Capital Gains Annual Union Dues Employment Income RRŠP Deduction First Time Home Buyer's Credit CPP Payroll Deduction from her T4 Slip Mary's T1 Income Tax Return Net income, Line 23600 for this year is? $10,000 $2,000 $40,000 $10,000 $5,000 $2,000
