DelemIine the Tollowing. Use the lax table below. ТАX ТАBLE If taxable income: Tax due is: 3 0% Not over P250,000 Over P250,000 but not over P400,000 Over P400,000 but not over P800,000 Over P800,000 but not over P2,000,000 Over P2,000,000 but not over P8,000,000 Over P8,000,000 3 20% of the excess over #250,000 * P30,000 + 25% of the excess over P400,000 * P130,000 + 30% of the excess over P800,000 $490,000 +32% of the excess over P2,000,000 2,410,000 + 35% of the excess over P8,000,000 1. How much is the tax due on taxable income of P150,000? ..... 2. How much is the tax due on the taxable income of P290,000? 3. Ms. Z, single earns compensation income of P3,230,000 during a taxable year. How much is the tax due of Ms.Z?

Rr.12.   1.) Calculate taxable income for 20X2   answer: 139,000   2.) Calculate taxes payable for 20X2   answer: 20,850   3.) Determine the current deferred tax liability at 12/31/X2   answer: 37200   4.) calculate total income tax expense for 20X2   answer: 58,050   5.) Compute net income after taxes for 20X2   answer: 328,950   6.) Calculate taxable income for 20X3   answer: 213,027   7.) The entry required at the end of 20X3 requires   answer: debit DTL for 26,040   8.) Compute net income after taxes for 20X3   answer: ???   9.) Calculate taxable income for 20X4   answer: 196,800   10.) Compute net income after taxes for 20X4   answer: ???   Using the information above, solve for parts 8 and 10

Given the following tax structure: Taxpayer Mae Salary $ 44,500 Pedro $ 68,500 Total Tax $ 3,738 ??? Required: a. What is the minimum tax that Pedro should pay to make the tax structure vertically equitable with respect to the amount of tax p b. This would result in what type of tax rate structure? Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required A Required B What is the minimum tax that Pedro should pay to make the tax structure vertically equitable with respect to the amount of tax paid? Minimum tax $5,754 X mirod Required P

A customer makes a taxable purchase of 44,000. Assuming the applicable sales tax rate is 8.75%, how much will the customer owe? Please round your answer to the nearest whole dollar. Do not include dollar signs. O 47,454 O 44,000 48,750 none of the above

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Name: Activity Worksheet #4 (Chapter 4) TRUE/FALSE Personal income taxes are paid only on your taxable income. 1. The key to reducing one's tax liability is to reduce taxable income rather than gross 2. income. MULTIPLE CHOICE 3. Which of the following would be considered smart financial planning? a. Turn all your income tax planning over to someone else b. Withhold too much income in order to receive a refund next year. c. Ignore the impact of income taxes in your personal financial planning d. Contribute to your employer-sponsored 401(k) retirement plan at least up to the amount of the employer's matching contribution taxes are based on one's ability to pay a. Progressive b. Regressive c. Marginal d. All of these 5. Dave Scott's total income is $42,000, but his taxable income is only $34,050. Therefore, his tax percent liability (what he owes in taxes) is 4,694. Dave's average tax rate is approximately С. 15 а. 11 b. 14 d. 25 6. Jeff is trying to decide whether to sell his baseball…

Assume that the Kelso Company operates in an industry for which NOL carryback is allowed. The Kelso Company had the following operating results: O $22,800. Year 2019 2020 2021 25% What is the income tax refund receivable? O $24,300 O $28,800. Income (loss) 54,000 57,000 (72,000) O 23,550. Tax rate 35% 30% Income tax 18,900first year of operations 17,100 0

D Exercise 5-7A (Static) Which of the following statements are true about state and local income taxes? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.) W S X F2 ? All states tax employee earnings. ? Some localities levy income tax on employees. State tax rates on employee earnings vary among states. ? Certain states have no personal income tax deduction. # 3 E JUL 7 80 F3 $ 4 R Q F4 % 5 U * 00 8 DII F8 I ( 9 J K CVBNM A F9 0 < ) 0 F10 L W P 4 F11 { [ = F12 ?

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