The donor's tax due, including increments
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- Adolfo Kiloboy, a wealthy businessman and a resident citizen of the Philippines, donated to his friends during 2020: a.) January 15 – 180,000 b.) March 12 – 80,000 c.) April 5 – 100,000 d.) June 27 – 75,000 The donor’s tax due on January 15 is:2. How much is the donor's tax In January 2018, Don Nor donated commercial land to his second cousin. The value in the tax declaration is P2million pesos while the zonal value is P1.7million pesos. 102,000 O 120,000 87,000 O 105,00061. 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 Marc 22, 2021 To Goyo - Cash in the amount of Php 5 Million made on April 19, 2021 How much is the donor’s tax to be paid on Janaury 31, 2021? Answer:________________
- Compute the income tax due for 2021 if Yolanda is a resident foreign corporation: P5,750,000 P2,750,000 P8,500,000 P6,800,00018. Adoption Credit. (Obj. 2) In 2019, a married couple paid $6,000 in qualified adoption expenses to adopt a child that is a U.S. citizen. In 2020, they paid an additional $4,200 in qualified adoption expenses. The adoption was finalized in 2020. a. Compute the couples' adoption credit if their modified AGI in both years is $115,000. In what year(s) is the credit taken? b. How would your answer to Part a. change if the couples' modified AGI was $224,800 in both years? c. How would your answer to Part a. change if the couple adopted a child with special needs? d. How would your answer to Part a. change if the adoption fell through?1. Mr. A, a Filipino citizen made the following gifts to his children for calendar year 2021: Phil. USA Canada Australia Net gift P500,000 P410,000 P300,000 P100,000 Donor's tax paid 30,000 P20,000P 5,000 Required: Compute the donor's to still due after tax credit.
- Meryam Ahmed has net tax owing for 2016 of $5,000, net tax owing for 2017 of $8,000 and estimated net tax owing for 2018 of $6,500. If she wishes to pay using the Canada Revenue Agency's instalment payment calculation, what would be her payment be on September 15, 2018? a) $1250 Ob) $1625 c) $2000 d) $2750Nicanor 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?V4. Lawyer is a cash basis taxpayer. Lawyer transmits via the USPS a bill for $5,000 on December 24, 2022, for services rendered during this year. The client pays the bill on January 5, 2023. In what year will the income from this transaction be recognized for tax purposes under cash method? Cite specific tax code/tax law in your response.
- 2. profile-image Arthur received a gift of virtual currency with a fair market value of $25,000 from his friend, Julie, who has no documentation to substantiate her basis. If the annual tax exclusion amount was $16,000 at the time of the gift, what is Arthur’s basis?12. Kookie, a resident of and working in Manila, filed his income tax return and paid the tax or taxable year 2021 on June 15, 2022 in Naga City. If the amount of tax shown thereon is PHP 12,000, the total surcharges (exclusive of interest) is a. PHP 6,000 b. PHP 3,000 c. PHP 9,000 d. PHP 15,000Question 8: Gift aid donation scheme. Brenda has employment income of £55,000 each year and makes a payment of £3,600 to the RSPB under the gift aid scheme. Calculate Brenda's income tax liability for the tax year 2021/22.