Compute for theREGULAR ITIMIZED DEDUCTIONS to be claimed against gross income 500,000 650,000 660,000 810,000 Compute for the SPECIAL ITIMIZED DEDUCTIONS to be claimed against gross income

Q: In 2021, ABC Corp., a non-VAT taxpayer sold goods to the Bureau of Internal Revenue in the amount of…

A: Any goods sold to the government as per National Internal Revenue code of section 114(c) final VAT…

Q: Lucas, a single U.S. citizen, works in Denmark for MNC Corp during all of 2019. His MNC salary is…

A: Answer: Any US citizen who is earning money even from foreign source is taxable in the gross income…

Q: USCO incurred $110,000 in interest exp $5,500,000. The tax book value of USC How much of the…

A: Given : Interest expense= $110000 Foreign source =5500000 US source Income = 55000000   The interest…

Q: Jackie forecasts the following for the taxable year 2023. Gross profit from regular operations -…

A: Working Note :-                                   Optional standard…

Q: Jose is a resident Citizen Taxable period 2021   Gross Sales php 2,500,000 Other operating income…

A: Allowable Expenses: These  are costs incurred for running  business  and  can be deducted from…

Q: A taxpayer calculated federal tax of $25,712 prior to their non-refundable tax credits. The credits…

A: Non-refundable tax credits are such that can be set off from federal tax payable, directly. Excess…

Q: A Single Taxpayer In US Has The Following Information: Item US$ Gross Income 500,000 Exclusions…

A: Calculation of taxable income.  Taxable Income = Gross Income - Exclusions - Deductions for Gross…

Q: What would be the individual's total federal tax (federal tax less credits) in 2022?   Group of…

A: To calculate the individual's total federal tax in 2022, we need to determine their taxable income…

Q: Hayabusa is a resident citizen earning compensation and business income for 2021 as follows:

A: working note tax computation. 250,000 tax rate 0% 250,000 to 400,000 tax rate 20% 400,000 to…

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: In 2022, Liane Stanfield has net income of $102,000. This includes foreign non-business income of…

A: Net Income: $102,000Foreign Non-Business Income: $30,000Foreign Tax Withheld: $6,000Net Capital Loss…

Q: How much is the income tax payable of Ana?

A: Calculating Ana's income tax payable derives from various sources of Income.

Q: Gadsden, who is subject to a 40% marginal Federal gift tax rate, made a gift of a sculpture to…

A: Federal Tax -For the United States government, the federal income tax is the main source of income.…

Q: Mr. Mark, Filipino resident and living with his adopted minor son, shows the following financial…

A: Mr. Mark, Filipino resident income are : Gross compensation income = P1300000 Capital gain =…

Q: Compute for the Income tax Given: Taxpayer is a proprietary educational institution. Taxable…

A: Gross taxable income is the total amount of income earned by an individual or entity before any…

Q: A taxpayer has $6,500 in mortage interest, $4,000 in real estate taxes, $500 in tax preparation…

A: State level deductions are different from deduction for federal return, like standard deductions,…

Q: Mr. Jerico, a nonresident Filipino actor, shot his movie under Star Cinema, Inc. (domestic…

A: The taxability of an income is based on the residential status of the individual. The ordinary…

Q: K Ltd. paid an employee a tax-free travel allowance of $5,300 based on 9,000 kilometres of…

A: Tax-free allowance deduction refers to certain expenses or allowances that are excluded from an…

Q: 18. Cypress, a resident citizen, received the following prizes and winnings during the current…

A: A resident of the Philippines is someone who fits the qualifications established by the Philippines'…

Q: the total surcharges (exclusive of interest) is

A: As per Philippians Law the surcharge excluding interest is 25% of tax due.

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: Assuming ABC is a resident citizen with two dependents including her senior citizen mother, how much…

A: Taxable Income:- It is an income that is liable to pay tax to the government bodies as per the rules…

Q: Harold  is a resident Citizen,vat tax payer. taxable period:2020   Gross sales php 5,000,000 other…

A: Optimal Tax - It is a tax amount calculated on the income without considering any deduction out of…

Q: Maria is a resident Citizen taxable period:2021   Gross sales php 2,500,000 other operating income…

A: Taxable income: It implies to the income of the taxpayer that is subjected to the tax charge or on…

Q: Question: How much is the total creditable input tax for 1st Quarter?

A: Capital goods are those goods which the business purchases for its own use in order to manufacture…

Q: In 2022, Liane Stanfield has net income of $102,000. This includes foreign non- business income of…

A: The foreign nonbusiness tax credit is the amount of credit that is available based on the amount of…

Q: GIVEN: Taxpayer is a proprietary educational institution. Taxable period is 2021. • Financial data:…

A: Income Tax: - Income Tax is the tax that is imposed by the government on the income generated by a…

Q: es to private 1,680,000 90,00 tities

A: VAT is Value Added Tax charged in the Phillipines @ 12% rate on…

Q: Senior citizens earning P300,000 a year from compensation income are exempted from income taxation.…

A:

Q: Levi received the following interest payments this year. What amount must Levi include in his gross…

A: Solution: Correct answer : (A) $ 2,120 1. Bonds issued by city of Morgantown and State of West…

Q: During the year ended 30 Jun 2020, Ms Ria,, a resident of Australia, has received rents of $41879…

A: Taxable income is an amount of a person's or entity's total income that is subject to government…

Q: Maria is a resident Citizen, non vat tax payer. taxable period:2020   Gross sales php 2,500,000…

A: Optimal Tax - It is the amount of tax calculation for the maximum income earned during the year to…

Q: Subject: Taxation Theory, Practice and Law Question:  Part-A What is ‘fringe benefit tax’ (FBT)?…

A: Employers must pay a fringe benefits tax on those services provided to their employees' families or…

Q: ichard Nkambi (60 years of age and has a disability as defined) had the following receipts and…

A: Solution- Computation f tax liability Income under the head salary Salary received 540000 Uniform…

Q: Required: a. Compute the current year tax savings from the deduction assuming that Company K's…

A: Taxable Income before deduction  $71600As income less than $75000 applicable tax rate is 7%Tax…

Q: Bigham Corporation, an accrual basis calendar year taxpayer, sells its servicesunder 12-month and…

A: Accrual accounting seems to be a form of accounting in which income and costs are reported whenever…

Q: On March 18, 2021, Nicanor consulted you on the sale of his principal residence located in Recto,…

A: Capital gain tax is calculated on principal residence @ 6% of the highest value of the propety .  It…

Q: How much is the income tax due under CREATE Law if the taxpayer is a domestic corporation?

A: Under CREATE Law if the taxpayer is a domestic corporation the tax rate will be 25% for large…

Q: A resident and citizen of the Philippines who has the below income. Compute for the total income…

A: Taxable income refers to the income assessed by the tax authorities in order to subject the…