Gabriela has the following income for the quarter
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Gabriela has the following income for the quarter: a. Professional income,
P80,000 b. Income from her business, P30,000 c. Compensation income,
P40,000 d. Interest income from bank deposit, P10,000. What amount of
income will Gabriela report in her quarterly income tax return?
P80,000
P110,000
P120,000
P150,000
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- Danny received the following interest and dividend payments this year. What amount should Danny include in his gross income? a. 2,500 b. 1,500 c. 3,700 d. 2,200Anna has the following income for the quarter: a. Professional income P80,000 b. Income from her business P30,000 c. Compensation income P40,000 d. Interest income from bank deposit P10,000. 1. What amount of income will Anna report in her quarterly income tax return? a. P80,000 b. P110,000 c. P120,000 d. P150,000 2. If Anna, opted to use 8% rate, how much is her income tax due in her quarterly ITR? a. P6,400 b. P8,800 c. P9,600 d. P12,000Below is a graph of the Robinson's annual expenses. How much will the Robinsons pay in state/local taxes if their gross annual household income is S85,420? a.$3.559.17 b. $8,542.00 C. $20.500.80 d. $29,897.00
- Last year Diana's annual income was $31,305. Use the following Income Tax relationship to calculate how much Diana paid last year in income tax. Round your answer to the nearest dollar. Only enter the number. Do not enter the dollar sign. For example: 11,526 The file Income Tax Calculations can be opened and printed. Income Tax Calculations Annual Income: Total Amount of Income Tax: Maximum Total Maximum Amount of Income Within Each Bracket Amount of Actual Income Within Marginal Tax Maximum Amount of Tax Within Each Amount of Actual Maximum Total Income for Each Rate per Tax Within Each Bracket Amount of Tax Bracket Each Bracket $100 earned Within Each Bracket Bracket more than $37 tax more than $518,400 $153,225 no more than $311,050 $35 tax $105,857.50 no more than $518,400 $153,225 no more than $44,050 $32 tax $14,096 $207,350 no more than $47,367.50 no more than $77,775 $24 tax $18,666 $163,300 no more than $33,271.50 no more than $45,400 $22 tax $9,988 $85,525 no more than…Mary Singh, has the following information for her İncome Tax Return this year: Net Taxable Capital Gains Annual Union Dues Employment Income RRŠP Deduction First Time Home Buyer's Credit CPP Payroll Deduction from her T4 Slip Mary's T1 Income Tax Return Net income, Line 23600 for this year is? $10,000 $2,000 $40,000 $10,000 $5,000 $2,000Using the TRAIN ACT TAX CODE below how much annual tax will be paid by Juan who earns Php. 45,000 a month and had a monthly contributions of the following: GSIS
- 9. Compute the prescribed minimum withholding tax of a manager whose monthly salary is P120 000 with transportation allowance of P20 000 and cost of living allowance of P25 000. How much will be her net earnings?Calculating Social Security and Medicare Taxes Assume a Social Security tax rate of 6.2% is applied to maximum earnings of $128,400 and a Medicare tax rate of 1.45% is applied to all earnings. What is the social security tax paid if jose 's gross income is $145,780.00 for the year.Use the following information for the next two questions:Shirley is a sales clerk in a certain mall. She earned P410,000.00 in 2019.9. What is the tax rate based on the graduated tax schedule?a. 20% of the excess over P250,000b. P30,000 + 25% of the excess over P400,000c. P130,000 + 30% of the excess over P800,000d. P490,000 + 32% of the excess over P2,000,000 10.What is the tax due?a. 2,500b. 10,000c. 30,000d. 32,50
- Suppose your annual income is $29182 and there are two tax brackets: 10% for $0-$20,000 and 30% for everything above $20,000. What percentage of your income will you pay in taxes? Enter your answer in decimal.Dennis receives $11,100 during the current tax year from Blanca for some office space in Anaheim, California. The rent covers eight months, from August 1 of the current year to March 31 of the following year. The amount also includes a security deposit of $1,500. How much should Dennis report as rental income in the current tax year? a. $1,200. b. $6,000. c. $9,600. d. $11,100.Income Tax Credits (LO. 6) Refer to Exhibit 8-5 and 8A-1 SCHEDULE EIC (EARNED INCOME CREDIT) 2018 EARNED INCOME CREDIT TABLE to answer the following questions. Determine the total allowable 2018 earned income credit in each of the following situations: a. Rina is single and earns $6,800 in salary for the year. In addition, she receives $2,200 in unemployment compensation during the year. b. C. Lachlan is single with one dependent child. During the year, he earns $8,000 as a waiter and receives alimony of $10,000 and child support of $5,000. Zorica is a single parent with two dependent children. She earns $19,000 from her job as a mechanic. She also receives $3,000 in child support from her ex-husband. d. Elliot and Pam are married and have three dependent children. Elliot and Pam earn $12,000 and $9,000 from their jobs, respectively. They receive $800 in interest and $1,000 in dividend income. Assume the taxpayer files a joint return.