Mr. Arturo is in a quandary and approached you to help him identify which of thefollowing is considered as gross income for taxation purposes:Proceeds of loan from a bank @ 7% interest per annumBasic salaryEmployee allowances and honorariaIndebtedness to employer which was cancelled by thelatter because of their budding friendshipSelling price of crops harvested for saleCosts and expenses incurred in relation to the harvestedP90,000300,00020,00050,000400,000crops150,000a. P710,000b. P660,000c. P570,000d. P320,000

GROSS INCOME FOR TAXATION PURPOSE: Gross income refers to the total income earned by an individual…

Answered: following is considered as gross income…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Property taxes Franchise taxes $425,000 51,500 7,900 Charges for general government services Charges for public safety services Charges for health and sanitation services Issued long-term note payable Receivables at end of year: Property taxes (90% estimated to be collectible) Payments: Salary: General government Public safety 5,500 49,200 286,500 104,500 68,350 48,300 25,500 Health and sanitation Rent: General governmant Public safety 13,500 26,900 Health and sanitation 5,400 Maintenance: General government Public safety 24,400 5,100 9,400 Health and sanitation Insurance: General government Public safety ($2,300 still prepaid at end of year) Health and sanitation 8,300 11,500 16,200 22,920 Interest on debt Principal payment on debt Storage shed Equipment Supplies (20% still held) (public safety) 5,730 201,000 85,500 15,400 96,000 Investments Ordered but not received: Equipment 13,500 MacBook Pro
Based on the below data, answer as required: WITHIN OUTSIDE Gross income 8,000,000 4,000,000 Business expenses 5,000,000 3,000,000 Sale of land and warehouse (cost 2m) 3,000,000 - a. If X is a domestic corporation, how much is the taxable income and income tax due in the Philippines per annual ITR? b. If X is a resident foreign corporation, how much is the taxable income and income tax due in the Philippines per annual ITR?
Assume the Value Added Tax (VAT) rate is 5% in Oman. Nizwa Electronics Showroom purchased goods worth RO24,000 from the supplier of Muscat Electronics and makes the payment along with VAT. The input tax credit is available in Muscat Electronics account is RO 5,000. from the sale of goods and also charged VAT from the Nizwa electronics realized RO32,000 customers. Requirement: (a) Calculate VAT that will be forwarded by Muscat Electronics to the government. (b) Calculate VAT that will be forwarded by Nizwa Electronics Showroom to the government.
Payroll Factory Sales Administrative Total Wages Due $126,000 40,000 38,000 $204,000 FICA $126,000 40,000 38,000 $204,000 Amount Subject to Payroll Taxes Unemployment Tax State Federal $43,000 5,000 $48,000 $43,000 5,000 $48,000 At this point in the year, some employees have already received wages in excess of those to which payroll taxes apply. Assume that the state unemployment tax is 2.5%. The FICA rate is 7.65% on an employee's wages to $142,800 and 1.45% in excess of $142,800. Of the $204,000 wages subject to FICA tax, $20,000 of the sales wages is in excess of $142,800. Federal unemployment tax rate is 0.8% after credits. Income tax withheld amounts to $16,300 for factory, $6,900 for sales, and $5,800 for administrative.
13 - 391- The balance of the calculated VAT account is 10,000 TL, 191 The balance of the deductible VAT account is 15,000 TL, 190-The balance of the transferred VAT account is 4000 TL. How is the difference saved to which account?A) 190- To the receivable of the transferred VAT accountB) 360-To the debt of the tax and funds payable account C) 360-Tax and funds payable account receivable D) 190- To the debt of the transferred VAT accountE) None
How much is the total gross income subject to regular income tax if a domestic corporation reported the following income in 2019? Philippines Abroad P400,000 40,000 80,000 Service fee Interest income - bank P300,000 70,000 30,000 Royalties -franchise
Please show work in Excel.
D1. Account
Entity A has an incentive compensation plan under which the sales manager receives a bonus equal to 10percent of the company's income after deductions for bonus and income taxes. Income before bonus and incometaxes is P500,000. The effective income tax rate is 30 percent. How much is the amount of bonus (rounded to the nearest peso)?a. 32,710 b. 60,748 c. 30,974 d. 37,210 How much is the amount of income tax?a. 131,776 b. 140,708 c. 138,837 d. 140,187
You gets a gross salary of 10,000 a month 3 major deductions in Canada = (1) Income Tax, (2) CPP, (3) EI (1) Income tax (Federal + Province rate) = assume at 30% (2) CPP = 5.7% (3) EI = 1.58% (1) How much salary will be your net salary or take home salary? (2) How much be total burden on the company? (3) How much will Govt. income on this? ?
LAB is a PEZA Registered enterprise in the Philippines, taxable period is 2021 Related activities Unrelated activities gross income php 45,000,000 php 15,000,000 expenses 20,000,000 6,000,000 net 25,000,000 9,000,000 Compute for the tax on the income. choices P1,700,000 P2,250,000 P3,000,000 P4,500,000

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