Please refer to Philippine Taxation in answering the following.Ms. Lily leases two doors of her three-storey commercial building to M&M onJanuary 1 of the current taxable year. The lessee, as agreed, shall make thefollowing payments:●●●Monthly rental of P 30,000Security Deposits of P 60,000 for two monthsReal Estate tax P 3,000Annual premium for fire insurance P 7,000Required: Determine the amount of gross rent income if:1) Advance rent with restriction2) Advance rent without restriction

The Philippine taxation system imposes taxes on income from various sources, including rental…

Answered: Please refer to Philippine Taxation in…

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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As a newly hired IRS trainee, you have been asked to calculate the amount of tax refund or tax owed for the taxpayer (in $). (Enter a positive value for the amount.) Refund/Owe (Select one) Тax Тах Other Name Payments Amount Liability Credits Таxes Hayward $3,559 $750 $3,460 ---Select--- $
Please calculate the rental income for tax purposes. In July 2022, an individual acquires a rental property for $ 20,000. $110,000 is allocated to the land and $160,000 is allocated to the building. The property is rented for $ 1,800 per month. Condo fees are $50 per month, property taxes are $1,000 per year and interest expense for 2022 is $6,100. Note: the building was acquired after 1987 for residential use; therefore, a class 1 asset (CCA rate = 4%)
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For each of the following independent circumstances calculate both the FUTA and SUTA tax owed by the employer:NOTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation. An employer in The U.S. Virgin Islands employs two individuals, whose taxable earnings to date (prior to the current pay period) are $5,100 and $6,900. During the current pay period, these employees earn $1,700 and $2,650, respectively. The applicable SUTA tax rate is 1.5%, and the U.S. Virgin Islands SUTA threshold is $28,900.FUTA tax = $ SUTA tax = $ An employer in Newark, New Jersey employs three individuals, whose taxable earnings to date (prior to the current pay period) are $27,800, $33,200, and $6,850. During the current pay period, these employees earn $3,200, $2,950, and $1,620, respectively. The applicable SUTA tax rate is 3.4%, and the New Jersey SUTA threshold is $35,300.FUTA tax = $SUTA tax = $ An employer…
Required information [The following information applies to the questions displayed below] Priya works for the Shine Company, a retailer of upscale jewelry. How much taxable income does Priya recognize under the following scenarios? Note: Round your answers to 2 decimal places. Leave no answer blank. Enter zero if applicable. b. Priya receives a 32 percent discount on jewelry restoration services offered by Shine Company. This year, Priya had Shine Company repair a set of antique earrings (normal repair cost $905; discounted price $615.40) Taxable income
PURELY COMPENSATION INCOME EARNER Instructions: 1. Download BIR Forms 1700 AND 2316 Version 2018 at www.bir.gov.ph. Compute the income tax payable, if any. Relevant information: YOU, single and a Filipino citizen, and a resident of Brgy. Talipapa, Quezon City is employed by PA-MINE Corp. located in N. Reyes St., Sampaloc, Manila for the calendar period 2021. During your employment, PA-MINE Corp. was able to apply for your TIN where BIR RDO No. 032 – Manila assigned you Taxpayer Identification No. 123-456-789-0000. PA-MINE Corp.’s TIN No. is 987-654-321-0000. Additional information: Your basic salary is Php 30,000 per month In addition to your basic pay, you received the following: Holiday pay – Php 10,000 Hazard pay – Php 20,000 Overtime pay – Php 20,000 Fixed transportation allowance – Php 10,000 Cost of Living Allowance – Php 20,000 13th month pay – Php 30,000 Other benefits – Php 20,000 De minimis benefit of Php – 20,000 PA-MINE Corp. has deducted the following…
Required information [The following information applies to the questions displayed below.] Clyde is a cash-method taxpayer who reports on a calendar-year basis. This year Paylate Corporation has decided to pay Clyde a year-end bonus of $1,000. Determine the amount Clyde should include in his gross income this year under the following circumstances. (Leave no answer blank. Enter zero if applicable.) b. Paylate Corporation mistakenly wrote the check for $100. Clyde received the remaining $900 after year-end. Amount to be included in gross income
Ace Computers has 6 employees and operates in Michigan. The Form 940 for the year contains the following information: Part 2: Determine your FUTA tax before adjustments. If any line does NOT apply, leave it blank. 3 Total payments to all employees 4 Payments exempt from FUTA tax- Check all that apply: 5 6 Total of payments made to each employee in excess of $7,000 Subtotal (line 4+ line 5 = line 6) What amount should be entered on line 6? O $26,509.50 O $68,509.50 O $192,869.55 O $95,019.00 4a. Fringe benefits 4b. Group-term life insurance 4c. Retirement/Pension 4d. Dependent care 4 5 68,509.50 4e. Other 26,509.50 3 6 192,869.55
4. A taxpayer did not file his income tax return for taxable year 2019 on time. On March 12, 2022, he was notified by the BIR of his failure to file the return. The taxpayer filed the return and paid the tax on April 15, 2022. Assuming that the basic tax is PHP 120,000, the total amount payable is a. PHP 210,000 b. PHP 208,800 c. PHP 156,000 d. PHP 180,000
Accrued Expenses: Entity D acquired a piece of land on April 1, 20x1. The purchase price was reduced by a credit for the real property taxes accrued during the year. Entity D records real property taxes at each month-end by adjusting the prepaid tax or tax payable account as appropriate On May 1, 20x1 Entity D paid the first of two equal installments of P72,000 for real property taxes. Requirement: What is the entry to record the payment on May 1?
If Mr. Vavalu is a non-resident citizen, how availed optional standard deduction how much is his income tax due for the year 2023?
In 2018, DFS Medical Supply collected rent revenue for 2019 tenant occupancy. For income tax reporting, the rentis taxed when collected. For financial statement reporting, the rent is recorded as deferred revenue and then recognized as income in the period tenants occupy the rental property. The deferred portion of the rent collected in 2018amounted to $300,000 at December 31, 2018. DFS had no temporary differences at the beginning of the year.Required:Assuming an income tax rate of 40% and 2018 income tax payable of $950,000, prepare the journal entry to recordincome taxes for 2018.

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