How much interest income is subject to final tax?
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 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: What effect do permanent differences have on deferred income taxes?
A:
Q: Explain how does the company’s effective tax rate calculated.
A: Effective interest rate: An effective interest rate is the real return on savings account or any…
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: Define tax effect theory
A: Tax effect theory explains the impact of taxes on revenue or expense of a company. This theory is…
Q: What are the two types of income tax return
A: Answer: Income tax return is the return that is filed for purpose to file income tax due to be paid…
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 are the objectives of accounting for income taxes?
A: FASB Summary of Statement No. 109 defines objectives of Accounting for Income Taxes.
Q: What is Income tax payable?
A:
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: What is meant by “tax allocation within a period”? What is the justification for such practice?
A: Tax: Tax refers to a compulsory payment or a contribution to the state revenue, levied by the…
Q: How do you calculate withholding taxes?
A: Federal income tax withholding: The amounts which the employer withheld from employees’ gross pay…
Q: What is the difference between tax reliefs and tax credits?
A: Taxes are mandatory payments placed on individuals or businesses by a government agency, whether…
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: What are the situs rules on income tax situs on sales of goods?
A: Income tax:A tax charged on the income earned by the individual or corporates by the central…
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: What is the valuation allowance for deffered tax asset
A: Deferred tax asset(DTA) arises due to payment of higher tax in current year due to the variance…
Q: What are FUTA and SUTA taxes? Is there any possible reduction in the FUTA tax rate? If so, what is…
A: Introduction: Employer payroll taxes are paid by the employer from its own funds on the basis of…
Q: What are the Sources of Tax Laws?
A: Tax: It is a mandatory fee levied by the government on the individual and organization.
Q: What is Income tax receivables?
A: Other receivables: Other receivables are the receivables other than the accounts receivable, and the…
Q: How does the disposition effect impact investor tax?
A: Introduction: The disposition effect is coined by economists Hersh Shefrin and Meir Statman in a…
Q: HOW filing status affect the preparation income tax return
A: Tax return :- A tax return is a form or series of forms submitted to the Internal Revenue Service…
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 value for IHT and capital gain tax (CGT) purposes?
A: What is Inheritance Tax?Inheritance Tax (IHT) is a tax on the estate of someone who has died,…
Q: What are the benefits or advantages of filing a consolidated income tax return?
A: The consolidated tax return represents the single tax return of the affiliated group of companies.…
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: 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: What is the Net Income After Tax?
A:
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: Distinguish between Tax Exemption and Tax Amnesty?
A:
Q: how is income tax expense calculated?
A: Income tax expense is form of direct tax which needs to be paid by individual or business…
Q: d Tax (VAT
A: Value Added Tax (VAT) is a broad tax that is levied on practically all products and services sold.…
Q: Define tax savings due to interest (TSt )
A: Tax savings are the amount saved in form of tax payable to the government. Tax savings due to…
Q: What is adjusted gross income and what influence does it have on other elements in the tax return…
A: Adjusted gross income is calculated by deducting the specific deduction from the total gross income.…
Q: What are capital gains and losses, and how are they taxed?
A: A capital gain is the amount of profit you receive when you sell a capital asset or is realized when…
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: What type of tax is sales tax
A: There are two types of tax. These are: Direct tax: Direct taxes are the taxes that are paid by the…
Q: What is tax due?
A: Tax Due: Tax due is the tax liability that is payable by any individual person or a corporate body…
Q: What is marginal tax rate?
A:
Q: What are the special features of regular income taxation?
A: Income Tax It is a tax placed on an individual. It is deducted from a person's total income. It is a…
Q: How is the federal estate tax computed?
A: Federal estates tax is the tax collected on the transfer of a person’s assets to its beneficiaries…
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- Cynthia found various ways to make use of her money to generate income. The following summarizes all the income she was able to derive from her use of money: • Interest income from loans granted to online sellers who did not have enough capital on their own - P25,000 • Interest income on a 90-day time deposit with BPI. The amount of deposit is P500,000 which pays 7% interest per annum. The interest was already credited to her account. • Interest income on her savings account maintained in her cooperative - P5,000 • Interest income on promissory notes of clients – P7,000 How much interest income is subject to final tax? a. P40,750 b. P15,750 c. P13,750 d. P8,750Cynthia found various ways to make use of her money to generate income. The following summarizes all the income she was able to derive from her use of money: • Interest income from loans granted to online sellers who did not have enough capital on their own - P25,000 • Interest income on a 90-day time deposit with BPI. The amount of deposit is P500,000 which pays 7% interest per annum. The interest was already credited to her account. • Interest income on her savings account maintained in her cooperative - P5,000 • Interest income on promissory notes of clients – P7,000 How much interest income is subject to final tax? а. Р40,750 b. P15,750 с. Р13,750 d. P8,750Heather borrowed $4700 on her credit card to purchase new furniture. Find the monthly interest charges, which are 1.8% per month on the unpaid balance. Find the interest charges if she moves the debt to a credit card charging 0.7% per month on the unpaid balance. What are the interest charges at 1.8% a month? What are the interest charges at 0.7% a month? What are the savings that using the 0.7% card brings over the 1.8% card?
- Alphy Jurarim used a credit card from Citibank to help pay for tuition expenses while in college and now owes $5232.25.The interest charges are 1.75% per month. (a) Find the interest charges. (b) Find the interest charges if he moves the debt to a credit card charging .8% per month on the unpaid balance. (c) Find the savingsMrs. Shimizu borrowed money from a bank. She received from the bank P1,342 and promised torepay P1,500 at the end of 10 months. Determine (a) simple interest rate (b) discount offered asBanker’s discount. Show your complete solution.1. Rayleene is getting a loan to buy a used car from a seller on Kijiji. The price of the car is $9200.00. She has a down payment of $500.00 and is able to negotiate an interest rate of 4.5% from her bank. Rayleene is trying to decide whether to get her loan for 3 or 4 years. a. Use an online personal loan calculator to fill in the following table to help her decide: Amount of Principal Interest Rate Length of Loan 3 year loan 4 year loan Monthly Payment Total Payments (Monthly Payment x # of months) Total Cost of the Loan (Total Payments – Principal) b. Should Rayleene take her car loan out for 3 or 4 years? Why?
- Interest Earned. On June 1, Mia deposited $5,600 in an MMDA that pays 3% interest. On October 31, Mia invested $1,200 in a three-month CD that pays 4%. At the end of the year, how much interest will Mia have earned, assuming she hasn't taken anything out of the money market deposit account? Assuming she hasn't taken anything out of the money market deposit account, the amount of interest Mia will have earned is (Round to the nearest cent.).Interest Earned. On June 1, Mia deposited $5,500 in an MMDA that pays 3% interest. On October 31, Mia invested $1,400 in a three-month CD that pays 2.99%. At the end of the year, how much interest will Mia have earned, assuming she hasn't taken anything out of the money market deposit account? Assuming she hasn't taken anything out of the money market deposit account, the amount of interest Mia will have earned is $___________Please help me answer the following time value of money question. Edison borrowed $10,000 from the Niederriter Loan Company. He has to pay off the loan in 36 monthly payments of $500. What interest rate is he being charged?
- Sara made 10 payments of $108.50 to the credit union. The original loan amount was $1000. After she had made all the payments, how much interest did she pay?As Kate borrowed an amount of 15,000 Php from a lending company that charges a simple interest rate of 11%. What is the rate of interest? and What is the initial or principal amount?Assume that Louisa carried an average balance of $1,000 from her credit card purchases over the past year. The A.P.R. on her credit card for the past year was 19.99%. Approximately how much interest would Louisa have paid over the course of the year? She would have paid interest charges of $2,000. She would have paid interest charges of $20. The credit card company would have paid Louisa $20. She would have paid interest charges of $200.