M11SW-Illd-2 - Ana, a private employee, ary of P25,000.00, rice sub
Q: . Taxpayer incurred the following for the taxable period: Supplies purchased P80,000 Supplies used…
A: Under Cash basis, expenses shall be Deductible only when actually paid. Amortization and unpaid…
Q: P75,000, respectively. C, new partner, acquire A and B. Land is undervalued by P30,000 prios 4. What…
A: The meaning of partnership business is two or more persons bringing the capital to form the business…
Q: Accounting Sundae Inc. sells land to Parfait Co. for 9k. The land had cost S 10k 5 years ago.…
A: Routine transactions, such as customer billings and supplier invoicing, should not be recorded using…
Q: 1. Ana (resident citizen), earning compensation income and from self-employment, provided the…
A: The income of an individual generated from compensation and self-employment is calculated on a…
Q: 15 ABC Corp. registered in 2010 made available the following financial information for TY2021:…
A: Answer: Income Statement Gross sales PHP 100,000,000 Less: Cost of Sales…
Q: Compute the taxable income. A. Zero B. P4,000,000 C. P5,000,000 D. P29,000,000
A: The taxability of income of the nonstock nonprofit educational institutions depends upon whether the…
Q: amount paid as transportation and insurance cost
A: Option a is wrong because transportation and insurance cost is part of cost of the photocopier and…
Q: The common carriers’ tax due and payable is
A: Tax is the amount which is to be paid by the taxpayer to the government on the basis of the taxable…
Q: PQ16.08 Equipment that cost $144,000 and on which $120,000 of accumulated depreciation has been…
A: Journal Entry to record disposal of the Equipment Accounts Debit Credit Cash a/c $36,000…
Q: Our company has purchased a machine for 600.000 TL excluding 18% VAT. He paid 47.200 TL, including…
A: As per IAS 16, the cost of property, plant, and equipment includes the purchase price, any other…
Q: The entity purchases P20,000 fixtures for its use on account. Which of the following will be…
A: Purchase of fixtures of P20,000 on account Journal entry will be as follows Fixture…
Q: MC48 On July 16, 2019, Rudy Project Company purchased all the ase cash. Iris Company's total…
A: Goodwill: Generally speaking, goodwill is an intangible asset that is related with the acquisition…
Q: Ana, a self-employed resident citizen provided the following data for 2018 taxable year: Sales…
A: SOLUTION- COMPUTATION OF TAX DUE - GROSS SALES 2800000 LESS- TAX EXEMPT INCOME (250000)…
Q: (LO. 6) Beckett Corporation has nexus with States A and B. Apportionable income for the year totals…
A: Tax liability: When a person or an entity earns an income, then that income is taxed on the basis…
Q: 11. Sand Corp exchanged equip used in its operations and pay $2,000 cash to Dake Corp for similiar…
A: A commercial substance means that due to the transaction future cash flow of a business changes.
Q: GIVEN: Taxpayer is a proprietary educational institution. Taxable period is 2021. • Financial data:…
A: Income Tax: - Income Tax is the tax that is imposed by the government on the income generated by a…
Q: In 2018, a domestic corporation paid for the monthly rental of a residential house of its branch…
A: Fringe benefits tax is applicable on the fringe benefits. Fringe benefits means services or…
Q: Compute for the VAT payable. 1) On January 30, 2021, XYZ Corporation, a non-VAT registered company,…
A: Guideline: “Since you have asked multiple question, we will solve the first question for you. If…
Q: Clal statements. Taxable income was S1,000,000 for 2022. A December 31, 2022, Miller Company had…
A: Solution: Income tax expense for the year = Current tax - Reversal of Deferred tax liability -…
Q: The amount of sale to qualified PWDS INCLUSIVE of VAT is P1,120,000. Under the law, senior citizens…
A: The question is related to Taxation.
Q: Activity: MNO is a sole proprietorship owned and managed by Mario N. Ortiz. amounted to P690,000.00…
A: Sole proprietorship : Sales : P690,000 Cost of sales : P310,500 Salary : Monthly salary : P45,000…
Q: Profit and loss Appropriation Account for the year ended 31 July 2020 of the Close Corporation (CC)…
A: The general ledger account is an account which is used to record the company's transactions which…
Q: 1. BBM Diploma Distributors Corp has the following data for the year ended December 31, 2021:…
A: Since you have asked three questions under a single question but as per our protocol we provide…
Q: 2. The following data summarize the dealings in capital assets of an individual taxpayer. 000,00145…
A: The following data describe an individual taxpayer's dealings in capital assets, as mentioned in the…
Q: GIVEN: • Taxpayer is a PEZA-registered enterprise Taxable year is 2021 • Financial data Related…
A: hilippine Economic Zone Authority (PEZA) registered entities are given tax incentives such as in the…
Q: ontributed P24,0 uted P48,000 to f ship, and they ag
A: Total Capital = 24000+48000 =72000
Q: Prepare the statement of profit or loss and other comprehensive income, the statement of financial…
A: Prepare the statement of profit or loss and other comprehensive income:
Q: Calculate the taxpayer's qualifying business income deduction for a qualified trade or business:…
A: Qualifying Business Income is limited to whichever is the least from the following: 20% of…
Q: unkies Limitéd häs än assésséd lošs 2022 tax year the company earned a of R110 000. One creditor, to…
A: (A) Gross Income = R4,80,000 (B) Deductible Expenses = R1,10,000 (C)…
Q: Sand Corp exchanged equip used in its operations and pay $2,000 cash to Dake Corp for similiar equip…
A: Commercial Substance: An exchange of assets has commercial substance when there is a change in the…
Q: $20,000. Fervor incurred a net capital loss of $3,000. What is the taxable income before NOL & DRD?
A: Net income:Income resulting after making deductions regarding various operating expenses, interest…
Q: the entity purchased a m nts of P500,000. The first suance was 10%. The prese an annuity of 1 in…
A: Cost refers to the amount at which the goods are exchanged and purchased in the market by the…
Q: Hansen Corporation. a C Corporation (mot a manufacturer) reports the following items in income and…
A: Taxable income is the base income, which we earn from various fields and we pay tax on it . The…
Q: AS150.000 ; Rosie's basis in property 8 S80,000 in property B ty AS150,000; Rosie's basis in…
A: Given: The other 10% is owned by Rosie, an individual. ANC's basis in its subsidiary stock is…
Q: A derived its income from its self-operated talpakan business. The details of his business for 2021…
A: Taxable income is calculated as net income before taxes. The net income before taxes is calculated…
Q: On January 30, 2021, XYZ Corporation, a non-VAT registered company, purchased from ABC Corporation,…
A: SOLUTION- EXPLANATION- VAT RATE = 12% SALES (A) 280000 OUTPUT VAT (B)= (280000 / 1.12 )…
Q: * Interest on bank deposits, P4,500; * Capital gain on sale of land, P138,000; * Fines and penalties…
A: Taxable Income Calculation of taxable income which can be determined by the net income after…
Q: 49. The taxable income is a. P9,200,000 c. P8,200,000 b. P7,500,000 d. P7,430,000
A: Calculation of Taxable Income: Gross Income, Philippines = P10,000,000 Less: Allowable Itemized…
Q: P12.1B (LO 1,2,3,5) (Correct Intangible Asset Account) Dolphin Co., organized in 2019, has set up a…
A: Journal entries shows the recording of the transactions and every transaction dual impact that is.,…
Q: Multiple Choice B, Inc. owns a residential property it acquired for P3,000,000. It transferred…
A: Any other assets transferred by employer to employee except motor car, computer and electronic…
Q: 8, KIKO Company purchased P5,000,000 life insurance policy on its president and chief executive…
A: The internal value of an insurance policy at any moment is equal to the value of the accumulation…
Q: s $1,800, and land in whic as $25,000. s on the distribution?
A: Given as, Received amount= $3,000, Inventory Partnership basis= $1,800, Land partnership basis=…
Q: A taxpayer registered in 2010 made available the following financial information for TY2021:…
A: Taxable income is the amount of income computed to measure the amount of taxes to be paid to the…
Q: According to IAS 37 Provisions, Contingent Liabilities and Contingent Assets how much should…
A: Solution Concept As per the provisions of IAS 37 , if the outflow of resources is more likely than…
Q: L2-4 Awe Company pays CU500,000,000 for a 30% interest in Groy Company on July 1, 19x2 when the book…
A: Investor Company: The company who takes control in another company by acquiring proportionate share…
Q: ParentCo and SubCo report the following items of income and deduction for the current year…
A: Taxable income refers to the amount that is subject to tax charged by the government. Tax refers to…
Q: 8. During the current year, Kingbird Corporation (a calendar year C corporation) had the following…
A: Charitable Contribution:-It is a deduction for US Federal income tax purposes which is defined in…
Q: The Following selected inteomation is Jorm Money Conpany's Cooperative balance sheets At decombeo 31…
A: To record the reduction in performance of the asset, the company will charge depreciation each year.…
Q: MC13 Shoshin, Inc. owns land and building in Manila used for operations and administration. The…
A: Gain on land = fair value of land - cost of land = P2800000 - P2000000 = P800000 Gain on building =…
Step by step
Solved in 2 steps
- 9. Rita's monthly deduction is 10% of her monthly gross income. If she receives a monthly gross income of P37,000, what is her take-home pay? A. P3,700 C. B40,700 B. P33,300 D. P43,300If an employee X has CNA =₱18,291.09, 13th month pay = ₱27,891.00, other benefits = ₱10,000, and ₱3,000 of the other benefits is the clothing allowance. How much of his benefits is taxable? How much is Non- Taxable?Q1. Your employer uses a flat benefit formula to determine retirement payments to its employees. The fund pays an annual benefit of $2,500 per year of service. Calculate your annual benefit payment for 25, 28 and 30 years of service.
- During 2019, Carl (a single taxpayer) has a salary of $91,500 and interest income of $11,000. Calculate the maximum contribution Carl is allowed for an educational savings account. $0 $400 $1,000 $2,000 Some other amountDarrell is an employee of Whitneys. During the current year, Darrells salary is 136,000. Whitneys net self-employment income is also 136,000. Calculate the Social Security and self-employment taxes paid by Darrell and Whitney. Write a letter to Whitney in which you state how much she will have to pay in Social Security and self-employment taxes and why she owes those amounts.Gross Income Compute how much will be included and excluded in the gross income given the following scenarios. 1. A call center agent receiving a monthly salary of P21,000 with mandatory annual deductions of P15,166, which includes SSS, PhilHealth, and Pag-Ibig contributions. What will be the amount for his annual gross income?
- Required: A married couple received $9,200 of social security benefits. a. Calculate the taxable amount of those benefits if the couple's provisional income is $20,500. b. Calculate the taxable amount of those benefits if the couple's provisional income is $38,000. c. Calculate the taxable amount of those benefits if the couple's provisional income is $56,000. Taxable amount of benefits a. b. C.Compute Darryl's total Social Security and Medicare taxes for the third quarter, if she is self-employed and earns $1,820.00 on a weekly basis. O $278.46 O $1,809.99 O $1,951.95 O $3,619.98A married couple received $11,000 of social security benefits. a. Calculate the taxable amount of those benefits if the couple's provisional income is $24,500. b. Calculate the taxable amount of those benefits if the couple's provisional income is $42,500. c. Calculate the taxable amount of those benefits if the couple's provisional income is $65,000. a. b. " Taxable amount of benefits $ 0
- Inno earns P^(180000).00 a year. If he spends (1)/(5) for food, (1)/(8) for rent, (1)/(10) for clothing, and (1)/(20) for recreation: a. How much does he spend for each? b. How much is his total expenses? c. How much does he save? d. What fractional part of his earnings is his savings?What will be the total deduction for social security and Medicare taxes on Rony's next semimonthly paycheck of $3,760.00, if she has already earned $46,560.00 this year? (Social security tax is 6.2% of gross wages up to $128,400. Medicare tax is 1.45% of all gross wages.) a. $249.39 b. $257.04 c. $272.34 d. $287.641. Pepe is a Manager working at Ayala Malls Legazpi for Taxable year 2020. He had the following data: • Basic Pay- 259,000.00 50,000.00 Holiday & OT- Incentives - 50,000.00 TOTAL 359,000.00 Travel Allowance (to be liquidated) 100,000.00 MANDATORY BENEFITS: . SSS 10,000.00 • PHIC 1,200.00 • HDMI 1,000.00 Total 12,200.00 • COMPUTE THE GROSS COMPENSATION 2. Aside from being a manager Pepe also deposited in a Bank to earn an extra income through passive income. He deposited 4,000,000 in a 180-day time deposit. The deposit pays 5% interest. Compute the final tax on the maturity of the deposit. 3. Supposed that Pepe's investment is a Six year time deposit dated January 26, 2020. Assuming Pepe terminated the deposit today, how much is the final tax to be withheld by the Bank upon termination? 4. Explain who will pat the final tax and ow? 5. Explain the different between Income Tax and final tax.
