Determine the tax payable or overpayment if:
Q: at type of tax. ommon carrier's tax value added tax
A: Taxes are the legal obligation of a individual or a corporation towards the government. They are the…
Q: Define Effective tax rate.
A: Tax: Tax refers to a compulsory payment or a contribution to the state revenue, levied by the…
Q: Compute the tax due assuming
A: Tax due is the amount which has to be paid to the government and the same has been computed on the…
Q: Compute the taxable income subject to regular income tax
A: Taxable income: It implies to the income of the taxpayer that is charged or subjected to income tax…
Q: When does tax allocation within a period become necessary?How should this allocation be handled?
A:
Q: The additional tax on top of the standard tax?
A: Tax is a compulsory financial charge levied by government for finding the source of public…
Q: What distinguishes an income tax from other taxes?
A: A tax is a governmental entity's required financial charge or other kind of levy put on a taxpayer…
Q: What is intraperiod tax allocation?
A:
Q: What is Income tax payable?
A:
Q: Define Deferred tax asset.
A: Items on a company's balance sheet that may be used to reduce taxable income in the future are…
Q: Define Income tax paid
A: Income tax paid is a charge or payment made to the government by the individual or the firms in a…
Q: What effect does intraperiod tax allocation have onreported net income?
A:
Q: Explain various types of taxes
A: taxes A tax may be a obligatory fee or monetary charge levied by any government on a private or a…
Q: explain what constitute the variables of tax planning
A: There are mainly four variables upon which tax consequence of all the transactions depended: These…
Q: What is the net tax consequences of these dispositions?
A: The disposition of the assets means sales, exchange, or donation of the assets. The disposition of…
Q: tax
A:
Q: What is a valuation allowance for deferred tax assets
A: A deferred tax asset is the opposite of a deferred tax liability, which can increase the amount of…
Q: Distinguish the difference between Tax Structure and Tax Rates
A: Meaning of Tax Tax is a source of revenue to the Government. Different types of taxes are paid by…
Q: What is deferred tax?
A: Balance sheet is the statement that indicates the final position of an entity.
Q: What are the different type of income tax?
A: The answer for the question on the different types of income tax is discussed hereunder : Taxes are…
Q: Define tax loss carryback and carryforward
A: Tax or Taxes: Tax is an amount paid by the persons (individuals and business entities) to a…
Q: What is a deferred tax asset and how is the value created?
A: Deferred tax asset: When Income Tax Expense account is more than the Income Tax Payable account,…
Q: Explain the difference between direct and indirect tax
A: Introduction: Tax refers to an individual's simple duty to contribute their resources. It is imposed…
Q: What is Income tax receivables?
A: Other receivables: Other receivables are the receivables other than the accounts receivable, and the…
Q: What valuation allowance is used with respect to a deferred tax asset?
A: Deferred tax asset: A deferred tax asset refers to an asset that is recognized due to a temporary…
Q: What is the difference between a progressive tax, a proportional tax, and a regressive tax?
A: Tax is an important concept in the area of finance. The United states has three types of taxes…
Q: What is the resort's net income for tax purposes?
A: Safe haven wildlife resort operate a proprietors-ship that generate $20000 in income under GAAP.…
Q: Differentiate “normal tax “ from “final tax”.
A: Tax is the amount which is paid by the tax payer on the basis of the income earned by him during a…
Q: What are the additional income taxes?
A: Income tax: Income tax is a tax levied on an individual’s income (taxable income). It is a direct…
Q: How to calculate Value-added tax
A: Value added tax is a type of tax that is charged by the central government on the sale of…
Q: Calculate the net income after tax
A: Net profit is also called the profit available to the shareholders or Profit available after meeting…
Q: What are the features of final income tax?
A: Introduction:- Final tax is one of the exemptions to the extent of the regular income tax. An…
Q: Explain deferred tax assets.
A: Temporary Difference: Temporary difference refers to the difference of one income recognized by the…
Q: final tax and income tax
A: Tax is a form of compulsory payment made to the government of the country. The amount that is…
Q: what types of taxes are deductible in full or in part?
A: The tax-deductible expense helps the business to generate revenue by decreasing the tax liability.
Q: What is the total tax expense?
A: Income Before tax is Given. Tax rate will be applied to the Income before tax
Q: What is Tax Depreciation?
A: Depreciation: Depreciation is a method of reducing the capitalized cost of long-lived operating…
Q: What is the Effect on Deferred Income Taxes?
A: Tax: Tax refers to a compulsory payment or a contribution to the state revenue, levied by the…
Q: Define the term taxes payable.
A: Tax: Tax refers to a compulsory payment or a contribution to the state revenue, levied by the…
Q: d Tax (VAT
A: Value Added Tax (VAT) is a broad tax that is levied on practically all products and services sold.…
Q: What is meant by an effective tax rate? What does it measure?
A: The effective tax rate is the percent of individual or a corporation’s income that they pays in…
Q: Define Deferred Tax Liabilities.
A: Definition: Income tax expense: The expenses which are related to the taxable income of the…
Q: Define income tax expense.
A:
Q: Why do deferred tax assets arise? Explain your answer with suitable example.
A: Item on an organization's monetary record that might be utilized to diminish tax for later are…
Q: Explain what is meant by this statement: “Our tax rates areprogressive.”
A: Tax is the amount levied by the government from the taxpayer on their net taxable income. Net…
Step by step
Solved in 2 steps
- Compute for the tax due (A,B,C) for the below taxable income based on the Income Tax Tables: TAXABLE INCOME (Annual) TAX DUE P300,000 A P500,000 B P800,000 C .27. Which of the following is a type of regular income tax a. Individual Income tax b. Corporate Income Tax c. Mixed Earner Income Tax O d. Both A and B 28. A taxpayer using GAAP cash - basis on a calendar year shall compute the taxable income using * a. Tax cash basis on a calendar year b. Tax cash basis on a fiscal year c. Tax accrual basis on a calendar year d. Tax accrual basis on a fiscal yearWhat is the total deferred tax liability at December 31, 20x6? What is the total deferred tax asset at December 31, 20x6? What is the current income tax expense for the year ended December 31, 20x6? What is the total income tax expense for 20x6?
- A resident citizen has the following data in 2022:Gross receipts from services, P800,000Cost of services, P200,000Long term capital gain, P15,000Short term capital loss, P5,000Dividend from a domestic corporation, P15,000Interest income from bank deposits, P10,000Operating expenses, P20,000Assuming the taxpayer chooses optional standard deduction, how much is the taxable income? Choices P486,000 P500,000 P364,500 P482,500A resident citizen has the following data in 2022:Gross receipts from services, P800,000Cost of services, P200,000Long term capital gain, P15,000Short term capital loss, P5,000Dividend from a domestic corporation, P15,000Interest income from bank deposits, P10,000Operating expenses, P20,000Assuming the taxpayer chooses optional standard deduction, how much is the taxable income? a. P500,000 b. P482,500 c. P364,500 d. P486,0001. What amount of permanent difference between book income and taxable income existed at year end?a. 520,000b. 360,000c. 800,000d. 280,0002. What amount of current tax expense should be reported? a. 786,000b. 510,000c. 750,000d. 678,0003. What amount of income tax payable should be reported?a. 498,000b. 606,000c. 330,000d. 570,0004. What amount of total tax expense should be reported?a. 714,000b. 726,000c. 642,000d. 594,000
- Required: Determine the average amount of taxable income per tax return, for each of the ranges of taxable income provided, using the information in the below table. Taxable Income and Total Tax Liability are in thousands. Note: Enter your answers in whole dollars and not in thousands. Round the final answers to the nearest dollar value. Item Number of returns Taxable income Total tax liability Average tax rate* $50,000 28,925,996 $50,000 to under $100,000 37,547,154 $15,000 to under Ranges of Adjusted Gross Income $30,000 to under Under $15,000 $30,000 30,714,303 $5,382,125 27,410,121 $189,339,926 $533,617 9.91% $15,620,244 8.25% $ 56,377,985 8.82% $ 639,283,718 $ 1,912,919,663 $ 215,889,667 11.29% $100,000 to under $200,000 24,179,926 $ 2,687,812,279 $ 385,958,662 14.36% $200,000 or more 11,615,832 $ 6,249,259,422 $ 1,591,915,179 25.47% *The average tax rate is total tax liability divided by taxable income. Under $15,000 $15,000 to under $30,000 $30,000 to under $50,000 $50,000 to…Here is the Federal Tax Rate Schedule X (see attached) that specifies the tax owed by a single taxpayer for a recent year. The given tax table can be modeled by a piecewise function (see attached), where x represents the taxable income of a single taxpayer and T(x) is the tax owed. Then Find and interpret T(20,000).Use the Tax Rate Tables, Exhibit 18-3, to calculate the tax liability (in $) for the taxpayer. Name Filing Status Taxable Income Tax Liability Rua head of household $195,200
- Which equation could be used to identify one of the following levels of Federal Income Tax withholding? PERCENTAGE METHOD FOR FIT WITHHOLDING - SINGLE PERSON WEEKLY PAYROLL PERIOD Allowance Rate = $63.46 Weekly Taxable Wage Over The amount of FIT withholding is -- ch w If he But not over... y rin $1 $0.00 0.10(gross pay - $51) $14.40 + 0.15(gross pay - 195) $81.90 0.20(gross pay - $645) $195 195 645 645 1,482 Select one: O A. FIT = 14.4 + 0.15g; where g = gross pay in dollars. O B. FIT = 81.9g +.2(645); where g = gross pay in dollars. O C. FIT = 81.9(0.20) + (g - 645); where g = gross pay in dollars. O D. FIT = 0.15g 14.85; where g = gross pay in dollars.The income tax T owed in a certain state is a function of the taxable income I, both measured in dollars. The formula is given below. T = 0.13I − 300 a) Express using functional notation the tax owed on a taxable income of $12,000. T (_______) Calculate the tax owed on a taxable income of $12,000. $ (_______) b) If your taxable income increases from $12,000 to $15,000, by how much does your tax increase? $(_______) (c) If your taxable income increases from $15,000 to $18,000, by how much does your tax increase? $(_______)1. A person had $3545 withheld for federal income taxes and had a tax liability of $3400. Would this be a refund or an additional amount due? For what amount?