Mr. Joshie, a Filipino citizen and a resident of Baguio City, won P10,000 in a PCSO draw last May 8, 2018. His income tax is
Q: In Australia: How to get the final tax for Kim Johnson for taxable income of $233,000. Assume he is…
A: To calculate the final tax for Kim Johnson, you will need to consider the following:
Q: a. Marginal tax rate b. Marginal tax rate de de % %
A: The marginal tax rate denotes the percentage of tax levied on each additional dollar of taxable…
Q: Katrina has wages of $161,000 in 2023. She also operates a small business that generated net profits…
A: For the year 2023, the self- employment tax is 15.3 percent of self-employment income up to $160,200…
Q: Campbell, a single taxpayer, earns $411,000 in taxable income and $2,880 in interest from an…
A: Income tax refers to the tax that is imposed on the income of an individual or corporation on their…
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: What are the U.S. tax implications to Janna?
A: A Qualified Electing Fund (QEF) election is a tax designation allowing U.S. shareholders in Passive…
Q: Chuck, a single taxpayer, earns $76,000 in taxable income and $11,100 in interest from an investment…
A: “Since you have posted a question with multiple sub parts, we will provide the solution only to the…
Q: Natoy, a non-VAT taxpayer sold to Mariel, a VAT taxpayer, his goods for P50,000. The next day,…
A: Value-added tax (VAT) - It is type of flat tax levied on an item. It is kind of sales tax owned by…
Q: Jorge and Anita, married taxpayers, earn $157,000 in taxable income and $47,000 in interest from an…
A: Marginal tax rate: It is the rate at which assessee 's incremental dollar in taxable earnings is…
Q: Marc, a single taxpayer, earns $60,000 in taxable income and $5,000 in interest from an investment…
A: It is the average rate at which income of individual is taxed.
Q: Toby and Nancy are engaged and plan to get married. In 2022. Toby is a full-time student and earns…
A: Filing status seems to be a classification that specifies the sort of tax return form that needs to…
Q: Toby and Nancy are engaged and plan to get married. During 2023, Toby is a full-time student and…
A: Introduction:Filing status seems to be a classification that specifies the sort of tax return form…
Q: Business Income-Philippines 1,000,000.00 Business Income-Abroad 500,000.00 Rent Income on property…
A: Particulars Amount Amount Income from Business Business income- Philippines…
Q: Jorge and Anita, married taxpayers, earn $157,000 in taxable income and $47,000 in interest from an…
A: First, we need to determine which tax bracket Jorge and Anita are currently in. According to the…
Q: Jorge and Anita, married taxpayers, earn $159,600 in taxable income and $42,400 in interest from an…
A: The objective of this question is to calculate the federal tax, average tax rate, effective tax…
Q: Campbell, a single taxpayer, earns $430,000 in taxable income and $3,500 in interest from an…
A: Taxable income = $430,000Federal Tax = $52,832 + ($430,000 - $231,250) x 35% =…
Q: Jorge and Anita, married taxpayers, earn $96,500 in taxable income and $77,500 in interest from an…
A: The taxpayer pays taxes on the taxable income however certain incomes are not subject to tax. The…
Q: Sandra, an Australian resident taxpayer, operates a restaurant in Sydney as a sole trader. For the…
A: The objective of the question is to calculate Sandra's taxable income for the year ended 30 June…
Q: The table below shows an income tax schedule for the imaginary country of Republica. Kermit is a…
A: Tax compliance is a mandatory financial charge or other type of levy imposed on a taxpayer by a…
Q: Greg Murphy is a California resident. He is 35 years old and a single taxpayer. In 2022, he has…
A: Deductions are the particular amounts that taxpayers or organizations are permitted to deduct from…
Q: Jorge and Anita, married taxpayers, earn $163,600 in taxable income and $43,400 in interest from an…
A: The taxpayer pays taxes on the taxable income however certain incomes are not subject to tax. The…
Q: acques is an alien assigned in the Philippines to manage the regional area headquarters of Deli…
A:
Q: Jorge and Anita, married taxpayers, earn $150,000 in taxable income and $40,000 in interest from an…
A: The marginal tax rate is the rate of extra tax that must be paid for each new dollar of earnings…
Q: etermine the final tax for Kim Johnson for taxabl sident and do not have private health insurance.
A: Each and every citizen have to pay the tax on income and taxes are progressive types that means tax…
Q: Marc, a single taxpayer, earns $64,400 in taxable income and $5,440 in interest from an investment…
A: The tax liability represents the taxes payable on the taxable income. The tax liability depends upon…
Q: Enzo recently used his United SkyMiles to purchase a free round-trip ticket to Dublin, Ireland…
A: Business travel expenses, under taxation, refer to the costs incurred by an individual or a business…
Q: Marc, a single taxpayer, earns $64,600 in taxable income and $5,460 in interest from an investment…
A: As per IRS rules 2021 , USA , the standard deduction for single filer is $…
Q: Chuck, a single taxpayer, earns $75,400 in taxable income and $10,400 in interest from an investment…
A: The objective of this question is to calculate the marginal tax rate for Chuck, a single taxpayer,…
Q: aeRo Yi is an employee of Danbam Corp. with a taxable income of P220,000. At the same time, he has a…
A: Preferential taxation is an optional taxation scheme in Philippines to tax the total of gross sales…
Q: Jorge and Anita, married taxpayers, earn $169,200 in taxable income and $44,800 in interest from an…
A: The taxpayer pays taxes on the taxable income however certain incomes are not subject to tax. The…
Q: Required: a. How much federal tax will he owe? b. What is his average tax rate? c. What is his…
A: Federal tax is a mandatory levy imposed by the government on individuals' income, profits, and…
Q: The taxpayer is a non-resident citizen. In the Philippines, his business gross income is 550,000 and…
A: Non Resident citizen are liable for the income tax for the income received from the sources within…
Q: Mr. Pim Musay, Filipino and married died in 2021, leaving his estate in favor of his surviving…
A: Gross Estate refers to the value of the property owned by the person which is the amount that…
Q: Marco Leopizzi earns £45,000 in tax year 2021-22. He also received bonus of £20,000 in a year, house…
A: Introduction:- Marco Leopizzi will be paid £45,000 in the fiscal year 2021-22. He also earned a…
Q: Chris and Heather are engaged and plan to get married. During 2023, Chris is a full-time student and…
A: A married couple's total income, credits, and deductions are all included on one tax return when…
Q: Justin earns Timberlake, a single taxpayer, earns $78, 200 in taxable income and $13,600 in interest…
A: Tax on $78,200 = ($11,000 x 10%) + ($44,725 - $11,000) x 12% + ($78,200 - $44,725) x 22%…
Q: Kyle and Alyssa paid $1,000 and $4,000 in qualifying expenses for their two daughters Jane and Jill,…
A: American Opportunity Tax Credit -The American Opportunity Tax Credit (AOTC) is a credit offered by…
Q: Jorge and Anita, married taxpayers, earn $158,800 in taxable income and $42,200 in interest from an…
A: Answer:- The taxpayer pays taxes on the taxable income however certain incomes are not subject to…
Q: Chuck, a single taxpayer, earns $79,400 in taxable income and $15,300 in interest from an investment…
A: Marginal Tax Rate: The marginal tax rate is the tax rate you pay on your highest dollar of income.…
Q: Chuck, a single taxpayer, earns $77,800 in taxable income and $11,500 in interest from an investment…
A: Tax refers to the amount charged by the government to the individual or organization on the income…
Q: Adolfo Kiloboy, a wealthy businessman and a resident citizen of the Philippines, donated to his…
A: Tax Rate on donor's tax Effective from January 1, 2018, and onwards Tax Rate - The donor’s tax for…
Mr. Joshie, a Filipino citizen and a resident of Baguio City, won P10,000 in a PCSO draw last May 8, 2018. His income tax is:
Step by step
Solved in 2 steps
- Campbell, a single taxpayer, earns $440,000 in taxable income and $4,000 in interest from an investment in State of New York bonds. (Use the U.S. tax rate schedule.) Required: How much federal tax will she owe? What is her average tax rate? What is her effective tax rate? What is her current marginal tax rate?Jorge and Anita, married taxpayers, earn $150,000 in taxable income and $40,000 in interest from an investment in City of Heflin bonds. Using the U.S. tax rate schedule for married filing jointly, how much federal tax will they owe? What is their average tax rate? What is their effective tax rate? What is their current marginal tax rate? Note: Round your percentage answers to 2 decimal places. Federal tax Average tax rate Effective tax rate Marginal tax rate % % % Schedule Y-1-Married Filing Jointly or Qualifying surviving spouse If taxable income is over: But not over: The tax is: $ 22,000 $ 89,450 $ 190,750 $364,200 $462,500 $ 693,750 $ 0 $ 22,000 $ 89,450 $ 190,750 $364,200 $ 462,500 $ 693,750 10% of taxable income $2,200 plus 12% of the excess over $22,000 $10,294 plus 22% of the excess over $89,450 $32,580 plus 24% of the excess over $190,750 $74,208 plus 32% of the excess over $364,200 $105,664 plus 35% of the excess over $462,500 $186,601.5 plus 37% of the excess over $693,750Campbell, a single taxpayer, earns $428,000 in taxable income and $3,400 in interest from an investment in State of New York bonds. (Use the U.S. tax rate schedule.) Required: How much federal tax will she owe? What is her average tax rate? What is her effective tax rate? What is her current marginal tax rate?
- Marc, a single taxpayer, earns $60,000 in taxable income and $5,000 in interest from an investment in city of Birmingham bonds. Using the U.S. tax rate schedule for year 2023, what is his effective tax rate? ( Use tax rate schedule.) Note: Round your final answer to two decimal places. Multiple Choice 22 percent 13.09 percent 14.98 percent 10.62 percent None of the choices are correct. Don't use any AI. It's strictly prohibited.Jorge and Anita, married taxpayers, earn $155,600 in taxable income and $41,400 in interest from an investment in City of Heflin bonds. Using the U.S. tax rate schedule for married filing jointly, how much federal tax will they owe? What is their average tax rate? What is their effective tax rate? What is their current marginal tax rate? Note: Do not round intermediate calculations. Round your answers to 2 decimal places.1. Mr. Park is a resident Filipino citizen working as a professional artist in a prestigious TV network.He earned an annual gross income of Php2.5M for the year 2021. He is a Non-VAT registeredtaxpayer. How much is the total income tax still due? Consider withholding taxes. 2. Using the facts above, if Mr. Park is a VAT-registered taxpayer, how much is his total incometax still due? Consider withholding taxes.
- Chuck, a single taxpayer, earns $76,800 in taxable income and $11,900 in interest from an investment in City of Heflin bonds. (Use the U.S. tax rate schedule.) Required: If Chuck earns an additional $40,000 of taxable income, what is his marginal tax rate on this income? What is his marginal rate if, instead, he had $40,000 of additional deductions?Nicanor made the following donations to his children in 2021: To Jose – Agricultural land in Nueva Ecija (Zonal value Php 5 Million; Assessed value Php 4 Million) made on January 31, 2021. To Boni – New car worth Php 5 Million made on March 22, 2021 To Goyo – Cash in the amount of Php 5 Million made on April 19, 2021 1. How much is the donor’s tax to be paid on January 31, 2021? 2. How much is the donor’s tax to be paid on March 22, 2021? 3. How much is the donor’s tax to be paid on April 19, 2021?Marc, a single taxpayer, earns $64,200 in taxable income and $ 5,420 in interest from an investment in city of Birmingham bonds. Using the U.S. tax rate schedule for 2020, how much federal tax will he owe? ( Round your final answer to the nearest whole dollar.) (Use tax rate schedule.) A) $9.914 B) $14,250 C) $7,968 D) None of the choices are correct E) $7,729
- Gerry is a resident of Quebec and has been with the same employer, XYZ company for the last 3 years. Facts: Gerry’s gross salary in 2022:$96,000 ignore non-refundable tax credits for this problem Using Table A, 2022 tax rates, calculate Gerry’s taxes payable Gerry’s Taxes Payable Calculate Gerry’s average tax rate and marginal tax rate: Tax calculation Average tax rate Marginal tax rate Table ASandra, a non-VAT taxpayer sold to Kyle, a VAT taxpayer, his goods for P50,000. The next day, Kyle sells the same goods to Bimbie, a VAT taxpayer for P89,600. Bimbie on the same day, sold the same goods to PCSI Co., Inc, a VAT taxpayer, and an accredited exporter in the Philippines for P 123,200. The next day, PCSI Co., exports the same goods for $ 7000 to USA ($1 = Php 45). All amounts given are total invoice prices. Question: The Value-added tax payable of Bimbie is:s