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
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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:
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- SaeRo Yi is an employee of Danbam Corp. with a taxable income of P220,000. At the same time, he has a business. From his business, he has a gross sales of P800,000, non-operating income of P200,000. He opted to use the 8%. Compute the Income tax due.Jorge and Anita, married taxpayers, earn $169,200 in taxable income and $44,800 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? (Do not round intermediate calculations. Round your answers to 2 decimal places.) Federal tax Average tax rate Effective tax rate Marginal tax rate % % %Chuck, a single taxpayer, earns $77,200 in taxable income and $12,400 in interest from an investment in City of Heflin bonds. (Use the U.S. tax rate schedule.) Required: a. If Chuck earns an additional $40,000 of taxable income, what is his marginal tax rate on this income? b. What is his marginal rate if, instead, he had $40,000 of additional deductions? Note: For all requirements, do not round intermediate calculations. Round percentage answers to 2 decimal places. a. Marginal tax rate b. Marginal tax rate 53.58% 30.56 %
- Marc, a single taxpayer, earns $60,800 in taxable income and $5,080 in interest from an investment in city of Birmingham bonds. Using the U.S. tax rate schedule for year 2022, what is his effective tax rate? (Use tax rate schedule.)The taxpayer is a non-resident citizen. In the Philippines, his business gross income is 550,000 and his business expense is 100,000. His compensation income outside the Philippines is 600,000. How much is his taxable income in the Philippines?In 2021, Patricia (age 10) received $7,880 from a corporate bond. Patricia lives with her parents and she is claimed as a dependent in their tax return. Assuming her parent's marginal tax rate is 24%, what is Patricia's gross tax liability? 2021 Tax Rate Schedules.pdf O $0. $110. O $1473. O $999.
- How much is the Gross Estate? Mr. Pim Musay, Filipino and married died in 2021, leaving his estate in favor of his surviving spouse. The following information were made available: Real property in Baguio City was acquired during marriage. Said property is supported by a barangay certification that the spouses resided in this property at the time of Mr. Musay's death. The fair market value of this property as per latest tax declaration is P15,000,000 while the zonal valuation as of the time of death is P20,000,000. Said real property was held as a mortgage in a loan applied by the spouses. As of the time of death, the outstanding balance of the mortgage payable amounted to P5,000.000. Real property in Urdaneta, Pangasinan inherited by Mr. Musay during marriage, two and a half years ago, from his late father. The fair market value per tax declaration as of his death is P8,000,000 while the zonal valuation is P12,000,000. Said property was previously taxed at a value of P10,000,000 when…Andrew is an Australian resident adult individual taxpayer entity. During the income year, he derived and received: Wages totalling $100,000. Rent totalling $20,000. During the income year, Andrew incurred and paid the following outgoings: Interest totalling $30,000 on the loan used to buy his residential rental property. Council rates, emergency services levy, land tax & water charges totalling $5,000. Insurance of $2,000 for insurance cover for the rental property. Property management fees of $2,000. Andrew’s taxable income for the income year is: Group of answer choices $39,000 $61,000 $81,000 $91,000 $100,000 $120,000Campbell, a single taxpayer, earns $416,000 in taxable income and $2,800 in interest from an investment in State of New York bonds. (Use the U.S. tax rate schedule.) Required: a. How much federal tax will she owe? b. What is her average tax rate? c. What is her effective tax rate? d. What is her current marginal tax rate? Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D How much federal tax will she owe? Note: Do not round intermediate calculations. Round "Federal tax" to the nearest dollar. Federal tax Required A
- Kyle and Alyssa paid $1,000 and $4,000 in qualifying expenses for their two daughters Jane and Jill, respectively, to attend the University of the Pacific. Jane is a sophomore and Jill is a freshman. Kyle and Alyssa's AGI is $147,000 and they file a joint return. What is their allowable American opportunity tax credit after the credit phase-out based on AGI is taken into account?Jorge and Anita, married taxpayers, earn $161,200 in taxable income and $42,800 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?Jorge and Anita, married taxpayers, earn $158,800 in taxable income and $42,200 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. Answer is complete but not entirely correct. Federal tax $ 25,551 X Average tax rate Effective tax rate Marginal tax rate 16.09X % 12.71X % 22 %
