Calculate the property tax payment for $3578 annual taxes, paid quarterly.
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Calculate the property tax payment for $3578 annual taxes, paid quarterly.
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- Don't give answer in image formatPlease calculate the rental income for tax purposes. In July 2022, an individual acquires a rental property for $ 20,000. $110,000 is allocated to the land and $160,000 is allocated to the building. The property is rented for $ 1,800 per month. Condo fees are $50 per month, property taxes are $1,000 per year and interest expense for 2022 is $6,100. Note: the building was acquired after 1987 for residential use; therefore, a class 1 asset (CCA rate = 4%)Received rent from ruck in 2019 $87,000 Municipal bond income $111,000 Depreciation for tax purposes in excess of book depreciation $51,000 Installment sales profit to be taxed in 2019 $153,000 Tubom had pre tax accounting income of $1,800,000 and a tax rate of 30% in 2018, its first year of operations. For 2018, what is the amount of income taxes payable?
- Find the tax owed on a purchase of $183.11 if the state sales tax rate is 6%.Find the property tax on a vacant lot with an assessed value of $32,900 and a tax rate of $4.52 per $100 of assessed value. The property tax is $. (Round to the nearest cent.) HOLENFor the current year, LNS corporation reported the following taxable income at the end of its first, second, and third quarters. Quarter-End Cumulative Taxable Income First $ 1,850,000 Second 2,520,000 Third 3,600,000 What are LNS’s minimum first, second, third, and fourth quarter estimated tax payments, using the annualized income method?
- What are the after tax proceeds of the property sale? Answer is a three digit number with the correct symbol. Tax rate 30% Corporate net income - $200 Depreciated tax value of property sold - $150 Sale proceeds from sale of property - $450 Capital expenditures - $142.25For the current year, LNS corporation reported the following taxable income at the end of its first, second, and third quarters. Quarter-End First Second Third Installment What are LNS's minimum first-, second-, third-, and fourth-quarter estimated tax payments, using the annualized income method? Note: Enter all amounts as positive values. Leave no answer blank. Enter zero if applicable. Round "Annualization Factor" for Fourth quarter to 7 places. Round other intermediate computations and final answers to the nearest whole dollar amount. First quarter Second quarter Third quarter Fourth Cumulative quarter Taxable Income $ 1,700,000 2,636,000 3,681,000 Taxable Income $ 1,700,000 $ 1,700,000 $ 2,636,000 $ 3,681,000 Annualization Factor 4 $ 4 $ 2 S $ 1.3333333 Annual Estimated Taxable Income 6,800,000 6,800,000 5,272,000 4,908,000 Answer is not complete. Tax on estimated taxable income $ 6,800,000 $ 6,800,000 $5,272,000 $ 4,895,730 Percentage of Tax Required To Be Paid 25 50 75 100 %0 %…Kellman Jerkirer Inc. has a December 31 year-end. The local municipality billed the entire 2022 property taxes of $20,000 on April 1, 2022. Kellman paid $4,000 of the 2022 property taxes on May 31, 2022. Required: Calculate the balance of the property tax payable or prepaid property tax account as at May 31, 2022.$fill in the blank 1
- The Snella Company reports 2023 Pre-tax Net Income of $10,000. The following items exist: Municipal Bond Interest Revenue Fine paid to EPA Unearned Revenues $80 $200 $ 50 The tax rate is 20%. Indicate the amounts for 2023 Income Tax Expense and 12/31/23 Income Tax Payable, respectively. Select one: Oa. $2,064, $2,054 O b. $1,984, $1,954 O c. $1,984, $2,034 O d. $2,024, $2,014 Oe. $2,024, $2,034The taxpayer is a resident citizen and the taxable period is the 2nd quarter. Receipts/earnings/balances during the period are as follows: collections for services rendered in 2nd quarter is 50,000; collections for services rendered in 1st quarter is 20,000; collections for services to be rendered in the 3rd quarter is 30,000; uncollected billings-1st quarter is 10,000; and uncollected billings-2nd quarter is 15,000. What is the amount of taxable income in the 2nd quarter using cash basis?Arndt, Inc. reported the following for 2021 and 2022 ($ in millions): 2021 2022 Revenues $ 888 $ 980 Expenses 760 800 Pretax accounting income (income statement) $ 128 $ 180 Taxable income (tax return) $ 116 $ 200 Tax rate: 25% Expenses each year include $30 million from a two-year casualty insurance policy purchased in 2021 for $60 million. The cost is tax deductible in 2021. Expenses include $2 million insurance premiums each year for life insurance on key executives. Arndt sells one-year subscriptions to a weekly journal. Subscription sales collected and taxable in 2021 and 2022 were $33 million and $35 million, respectively. Subscriptions included in 2021 and 2022 financial reporting revenues were $25 million ($10 million collected in 2020 but not recognized as revenue until 2021) and $33 million, respectively. Hint: View this as two temporary differences—one reversing in 2021; one originating in 2021. 2021…
