Maria is a resident Citizen, non vat tax payer. taxable period:2020 Gross sales php 2,500,000 other operating income 200,000 non-operating income 100,000 cost of sales 1,000,000 operating expenses 500,000 Compute for the 8% optimal tax. show computation 180,000 196,000 204,000 224,000

Maria is a resident Citizen, non vat tax payer. taxable period:2020 Gross sales php 2,500,000 other operating income 200,000 non-operating income 100,000 cost of sales 1,000,000 operating expenses 500,000 Compute for the 8% optimal tax. show computation 180,000 196,000 204,000 224,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Mianel, an employee of XYZ Corp. is receiving regular monthly compensation in the amount of…

A: Monthly Compensation = 100,000 Non taxable deductions: GSIS = 9,000 Philhealth = 687.50 HDMF =…

Q: Given the following tax structure: Salary $ 27,000 $ 45,000 Taxpayer Mae Pedro Required: a. What is…

A: Progressive vs Regressive Tax In contrast to regressive taxes, which have the opposite effect,…

Q: Gros

A: 9. Mr. Jordon is a resident citizen :- In this case his income in…

Q: John has an income of 160000 , What would be his total tax liability based on the tax structure ?…

A: Given income of John is 160000 In case of slab rate of tax, tax liability has to be calculated based…

Q: Ali Amanda, a resdent person for tax purposes, earned an employment income of 15,000 cedis, Business…

A: To calculate Ali Amanda's total assessable income for the year 2021, we need to consider her various…

Q: Sheryl's AGI Is $250,700. Her current tax liability is $52,138. Last year, her tax liability was…

A: Given, Sheryl's AGI = $250,700 Current Tax Liability = $52,138 Last year's tax…

Q: 2 Mr. A is a Doctor having his own medical office in Alsancak/ Izmir. He calculated his gross…

A: Income tax seems to be a form of tax imposed by government agencies on income earned by enterprises…

Q: Given the following tax structure: Salary $ 21,500 $ 43,000 $ 21,500 Taxpayer Mae Pedro Venita Total…

A: Horizontal Equitable :— Horizontal Equitable States that If there is a Same Level of Income of Two…

Q: Borden Company received a federal tax levy on John Kline. Kline is single, claims 2 personal…

A: Federal tax levy is the tax levied by the employer and deduct tax on the salary withdrawn.

Q: ong earns $100,000 taxable income as an interior designer and is taxed at an average rate of 20…

A: solution : part a) given : song earns =$100,000 taxable income current average tax rate…

Q: Vinitpaul has the following information: AGI for 2022 Withholding for 2022 Total tax for 2021 Total…

A: Every taxpayer is liable to pay the amount of income tax payable on time. When a taxpayer does not…

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

A: Working Note :- Optional standard…

Q: Carson Holiday has a federal tax levy of $4,119.90 against him. If Holiday is single with three…

A: Taxable income is the amount of income computed to measure the amount of taxes to be paid to the…

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: Vinitpaul has the following information: AGI for 2022 Withholding for 2022 Total tax for 2021 Total…

A: Income tax penalty: Every taxpayer is liable to pay the payable amount of income tax on time. When…

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: Note: Apply Philippine Taxation Nicanor registered as a non-VAT taxpayer in 2019 with a capital of…

A: Every person in Philippine is required to take VAT registration if its Gross sales are more than the…

Q: Jackie forecasts the following for the taxable year 2023.

A: In Phillipines there is a system of optional standard deduction for…

Q: Use the following information for the next two questions: Shirley is a sales clerk in a certain…

A: Income is taxed on the income earned .Using income tax slab , Income is charged on the income tax…

Q: Meman

A: The objective of the question is to calculate the income tax for Memanara, a single individual, for…

Q: 1) 2) PTS 3) The taxable income of Goblin is : Goblin's total final taxes on his passive income is…

A: Tax accounting Tax accounting is the practice of generating tax liabilities and assets in an…

Q: Tax rate is 20 % STCG is 320000 Salary income is 150000 Maximum exemption is $ 170000

A: Formula: Tax payable amount = Taxable income x Tax rate

Q: Stan a resident citizen, won P 2,000,000 in a raffle draw in PCSO. The tax on the above transaction…

A: Under the old law that is NIRC, PCSO and lotto winnings were not subjected to any amount of tax that…

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: Larry is a mixed income earner. He is a self-employed resident citizen and currently the Finance…

A: Computation of Basic/Regular Income Tax: ●Compensation income Compensation Income P 1,800,000…

Q: Mr. Borbon had the following data for his income tax return for the current year: Sales Personal…

A: The question is related to taxation. In case if the we optioned to taxed by 8% , the there will be…

Q: Assuming a 21 percent marginal tax rate, compute the after-tax cost of the following business…

A: a. Compute the after-tax expense as follows: After-tax expense = Business property and casualty…

Q: Scottie, a VAT taxpayer, billed his customer: Selling Price 1,000,000 Value Added Tax 120,000…

A: The specifics of a sale transaction have been provided. The output tax is to be calculated.

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: July 2020, Harriet sells a stamp from her stamp collection at a gain of $500. Harriet purchased the…

A: There are taxes on the capital gains that is to be paid but the tax on the capital gains depends on…

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: Based on the withholding tax table above solve the following problems: I am receiving monthly…

A: Monthly Compensation = 65000 SSS Contribution = 1500 Philhealth Contribution = 500 Pag ibig…

Q: Given the following tax structure, what minimum tax would need to be assessed on Shameika to make…

A: The tax rate can be determined using the tax liability and the taxable income. The average tax rate…

Q: What is the income tax payable to BIR?

A: Under the preferential tax rate system for a corporation registered under PEZA, tax is calculated at…

Q: S (age 45), who is in a 24% marginal tax bracket, received a traditional 5401(k) distribution of…

A: The contributions made to traditional 401(k) are allowed as a deduction and not taxed, however, the…

Q: Ms. V is the Sole proprietress of VVV Company. She has the following business income in 2020.…

A: Ms. V is the sole proprietress of VVV company. In 2020, Standard deduction = 40% Gross sales =…

Q: How much is the income tax due assuming the use of the 8% optional tax?

A: Optional tax rate is the optional which the tax payer can choose to be taxed on that rate when the…

Q: Final Income taxation is characterized by: Full taxes are withheld by the income payor at source.…

A: Here discuss about the final withhold taxes which are incurred for the certain income payments which…

Q: Priceton Salary income is $ 150000, STCG is $ 320000, Tax@20 % , Exemption from Income $ 170000…

A: Formula: Tax amount = Taxable income x Tax rate

Q: nad the follovwing data for his Inco year: Php 490, 000 150, 000 200, 000 120, 000 70, 000 320,000…

A: Particulars Amount (php) Sales 490,000 Less cost of sales (200,000) Less admin expenses…

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: The 2009 U.S. tax rates for a single person are shown below f taxable icome is over- But not over-…

A: Exemptions and deductions both reduces the taxable income, but are not considered the same thing. A…

Q: Jurisdiction X levies a flat 14 percent tax on individual income in excess of $35,000 per year.…

A: Given,Tax Rate = 14%No Tax till $35,000.

Concept explainers

Capital Gain

Any capital asset when sold can give the seller a higher or lower price from its purchase price leading to a capital gain or capital loss. The time period of holding an asset is decided based on if it is a long term or short-term capital gain. On that basis, the rate of taxation is decided if it is 20%, 15% or according to the tax brackets. The rate of taxation differs in the case of equity or debt, whether long or short term. The capital gain can be adjusted from capital loss to arrive at a net capital gain. The amount of gains and the exemption has to be reported in the tax return filed in the financial year in which the asset was transferred. The tax return can be filed quarterly, monthly, semi-annually or annually.

Question

Maria is a resident Citizen, non vat tax payer.

taxable period:2020
Gross sales	php 2,500,000
other operating income	200,000
non-operating income	100,000
cost of sales	1,000,000
operating expenses	500,000

Compute for the 8% optimal tax. show computation

180,000
196,000
204,000
224,000

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

K3.
Ms. Carol is the Head of Taxation of UniSA Limited. During the financial year 2020-21 she earned following income: Ms. Carol received Taka 12,00,000 as cash salary out of which basic pay was 60%, medical allowance was 20%, transport allowance was 15% and education allowance for children was 5%. The company provided her with a car for official and her family use. She is entitled for two festival bonuses as well as year end festival bonus for 10% of her basic. The maintenance cost of the car is Taka 30,000. Besides the salary of the driver is Taka 15,000 which is directly paid by the UniSA to his account. She was also provided with a residential house against which the company incurred rental expense of Taka 3,10,000. The utilities for the accommodation are monthly Taka 20,000 of which UniSA contributes 70%. Though the company has a Recognized Provident Fund, Ms. Carol did not apply for becoming the member of that Fund. As per the Provident Fund Rules, the contribution…
Given the following tax structure, what minimum tax would need to be assessed on Shameika to make the tax progressive with respect to effective tax rates? (Round your final answer to nearest whole dollar amount.) Muni-Bond Total Tax Salary $ 10,000 $ 50,000 Тахраyer Interest $ 600 $ 10,000 $ 30,000 Mihwah Shameika ??? Minimum tax
Country A has a tax rate of 5% on the first $20,000 of taxable income, then 20% on the next $30,000, then 50% on all taxable income above $50,000. Country A provides a $10,000 standard deduction. Person B earns $60,000 per year. He saves $5,000 in an 401(k). Calculate his top marginal tax rate and average tax rate. Person C earns $100,000 per year. She save $10,000 in a 401(k). Rather than use the standard deduction, she itemizes her deductions because she gives $15,000 to charity each year. Calculate the her top marginal rate and average tax rate.
A woman is in the 15% tax bucket and itemizes her deductions. How much will her tax bill be reduced if she makes a$200 tax deductible contribution to charity A. $30 B. $200 C. $0 D. $170
A woman is in the 15% tax bracket and itemizes her deductions. How much will her tax bill be reduced if she makes a $200 tax deduction contribution to charity? A. $30 B. $200 C. $ 0 D $ 170
1. How much is taxable income, if Mr. B opted for optional standard deduction? 2. If the real property is locatedd in the city, copmute the total local tax transfer tax (use the maximum rate) 3. How much is the total final taxes?
Jurisdiction X levies a flat 14 percent tax on individual income in excess of $35,000 per year.Individuals who earn $35,000 or less pay no income tax.a. Mr. Hill earned $98, 750 income this year. Compute Mr. Hill's income tax, and determine average and marginal tax rate.b. Ms. Lui earned $47,900 income this year. Compute Ms. Luis income tax and determine average and marginal tax rate.c. Ms. Archer earned $34, 100 income this year and paid no income tax. Describe Ms. Archer's average and marginal tax rate.d. What type of rate structure does Jurisdiction X use for its individual income tax?
Mustafa earns 72,000 TRY in a year. Assume that he has 8,000 TRY tax exemption. The following figure shows the marginal tax rates for different income intervals. marginal tax rate 15 25 35 40 taxable ıncome 15.000 35.000 65.000 65.000 a) Calculate total tax payments of Mustafa.b) Calculate average tax rate for Mustafa
Mr. and Mrs. Wilson are married (MFJ) with one dependent child. They report the following information for 2020: Schedule C net profit Interest income from certificate of deposit (CD) Self-employment tax on Schedule C net profit Dividend eligible for 15% rate Mrs. Wilson's salary from Brants Company Dependent care credit Itemized deductions S 66,650 2,100 9,418 12,000 75,000 500 27,000 Required: Compute AGI, taxable income, and total tax liability (including self-employment tax). Assume that Schedule C net profit is qualified business income (non-service income) under Section 199A. Assume the taxable year is 2020. Use Individual Tax Rate Schedules and Standard Deduction Table. (Do not round intermediate computations. Round your final answers to the nearest whole dollar amount.)
If you would have to pay $5,000 in taxes on $50,000 taxable income and $8,000 in taxes on $60,000 taxable income, then the marginal tax rate on the additional $10,000 of income is A.- 15 percent, and the average tax rate is 30 percent at the $60,000 income level. B.- 30 percent, and the average tax rate is about 13 percent at the $60,000 income level. C.- 30 percent, but average tax rates cannot be determined from the information given. D.- 30 percent, and the average tax rate is 20 percent at the $50,000 income level.
Ms. V is currently employed in VVV Company. She has the following income and withheld income tax in 2020. Compute for Ms. V's Income Tax from Compensation Income. * Gross Basic Salary 1,000,000 De Minimis Benefits and Mandatory contributions 13th Month Pay and Other benefits Withheld Tax in Previous Quarters by WV Co. 200,000 100,000 150,000 43,000 70,000 193,000 220,000 ZERO