nad the follovwing data for his Inco year: Php 490, 000 150, 000 200, 000 120, 000 70, 000 320,000 Sales Personal Exemption Cost of Sales Administrative and Selling Expenses Personal Expenses Professional Income Graduated Income Tax Rate Effective January 1, 2018 Initial Basis 0-250,000 Over 250, 000 but not over 400, 000 Over 400,000 but not over 800,000 Over 800, 000 but not over 2,000, 000 Over 2, 000, 000 but not over 8, 000, 000 Over 8, 000, 000 Tax due In Excess -0- -0- -0- +20% of the excess over 30,000 130,000 490, 000 2, 410, 000 +25% of the excess over +30% of the excess over +32% of the excess over +35% of the excess over How much is the income tax due is he uses itemized deduction?

nad the follovwing data for his Inco year: Php 490, 000 150, 000 200, 000 120, 000 70, 000 320,000 Sales Personal Exemption Cost of Sales Administrative and Selling Expenses Personal Expenses Professional Income Graduated Income Tax Rate Effective January 1, 2018 Initial Basis 0-250,000 Over 250, 000 but not over 400, 000 Over 400,000 but not over 800,000 Over 800, 000 but not over 2,000, 000 Over 2, 000, 000 but not over 8, 000, 000 Over 8, 000, 000 Tax due In Excess -0- -0- -0- +20% of the excess over 30,000 130,000 490, 000 2, 410, 000 +25% of the excess over +30% of the excess over +32% of the excess over +35% of the excess over How much is the income tax due is he uses itemized deduction?

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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PROBLEMS employee of Plum Hollow Country Chib, carned $1,200 during the first 27. Using the information below, determine the amount of the payroll tax expense for B. Harper Company. In your answer list the amounts for FICA (OASDI and Medicare), SUTA, FUTA and the total. Taxable Earnings Employee K. Addington $500 K. Wilcox 450 T. Sharma 350 Assume: FICA tax rates are: OASDI 6.2% on a limit of $102,000 and Medicare 1.45% State Unemployment tax rate is 5.0% on the first $7,000 Federal Unemployment tax rate is 0.8% on the first $7,000 ANSWER: FICA-Social Security FICA-Medicare SUTA FUTA Total
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GRADUATED TAX TABLE UNDER TRAIN LAW (January 1, 2018 to December 31, 2022) Over But not over The Tax shall be Plus Of Excess Over 250,000 250,000 400,000 20% 250,000 400,000 800,000 30,000 25% 400,000 800,000 2,000,000 130,000 30% 800,000 2,000,000 8,000,000 490,000 32% 2,000,000 8,000,000 2,410,000 35% 8,000,000
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Salary $15000, deduction $12000, tax rate 10%, withholding $1000. Find amount returned.
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