A state corp, all of whose business os done within the city, showed the following for 2018: Entire net income $1000 Salaries to Office deducted in determining entire net income $40000 Average capital $450000 The corp's city business tax payable {assuming a 7% rate on income and a .001 rate on capital) is A. $546 B. $450 C.$70 D. $25
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1.
A state corp, all of whose business os done within the city, showed the following for 2018:
Entire net income $1000
Salaries to Office deducted in determining entire net income $40000
Average capital $450000
The corp's city business tax payable {assuming a 7% rate on income and a .001 rate on capital) is
A. $546 B. $450 C.$70 D. $25
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- Umasa Corporation reported the following information for the current year: Pretax financial income Income from exempt municipal bonds Rent received in advance P 9,000,000.00 2,000,000.00 1,500,000.00 Depreciation deduction for income tax purposes in excess of depreciation reported for financial reporting purposes Estimated tax payment for current year Income tax rate 1,000,000.00 500,000.00 30% 21. What amount of current tax liability should be reported at the year-end? B. P2,250,000 A. P1,750,000 C. P2,750,000 D. P2,850,000 22. What is the total tax expense? A. P2,700,000 B. P2,100,000 C. P2,250,000 D. P1,600,000Exercise 28-12 (LO. 1) The entity reports the following transactions for the 2022 tax year. The trustee accumulates all accounting income for the year. Operating income from a business Dividend income, all from U.S. corporations (20% tax rate) Interest income, City of San Antonio bonds Trustee fees, deductible portion Net rental losses, passive activity $500,000 30,000 40,000 (15,000) (100,000) Click here to access tax table for this problem. Carryout the tax computations to two decimal places and round the final tax liability to the nearest dollar. Compute the Federal income tax liability for the Valerio Trust by providing the following amounts: The amount of the trustee's gross income taxed at 20% for the Valerio Trust is $ The Trustee taxable income taxed at ordinary rates for the Valerio Trust is The Federal income tax liability for the Valerio Trust is $Exercise 28-12 (Algorithmic) (LO. 1) The entity reports the following transactions for the 2022 tax year. The trustee accumulates all accounting income for the year. Operating income from a business $565,000 33,900 Dividend income, all from U.S. corporations (20% tax rate) Interest income, City of San Antonio bonds 4,520,000 Trustee fees, deductible portion (16,950) Net rental losses, passive activity (113,000) Click here to access tax table for this problem. Carryout the tax computations to two decimal places and round the final tax liability to the nearest dollar. Compute the Federal income tax liability for the Valerio Trust by providing the following amounts: The amount of the trustee's gross income taxed at 20% for the Valerio Trust is $ 33,900 V. The Trustee taxable income taxed at ordinary rates for the Valerio Trust is $ 547,950 V. The Federal income tax liability for the Valerio Trust is $ x.
- ! Required information [The following information applies to the questions displayed below.] Julio and Milania are owners of Falcons Corporation, an S corporation. Each owns 50 percent of Falcons Corporation. In year 1, Julio and Milania each received distributions of $10,000 from Falcons Corporation. Sales revenue Cost of goods sold Falcons Corporation (an S Corporation) Income Statement December 31, Year 1 and Year 2 Salary to owners Julio and Milania Employee wages Depreciation expense Section 179 expense Interest income (related to business income) Municipal bond income Government fines Overall net income Distributions Year 1 $ 335,000 (42,000) Year 2 $ 465,000 (65,000) (40,000) (80,000) (30,000) (60,000) (20,000) (40,000) (30,000) (50,000) 10,000 1,700 0 $ 184,700 $ 20,000 18,500 4,400 (3,000) $ 189,900 $ 50,000a. What amount of ordinary income and separately stated items are allocated to them for year 1 based on the information above? Assume that Falcons Corporation has $200,000 of qualified property (unadjusted basis). Answer is complete but not entirely correct. Ordinary Income Allocated wages Section 179 expense Unadjusted basis of qualified property Distributions Qualified business income Municipal bond income Amount Allocated to Julio Allocated to Milania $ 135,300 $ 67,650 $ 67,650 x 65,000 32,500 32,500 30,000 15,000 15,000 200,000 100,000 100,000 $ 28,000 $ 14,000 $ 14.000 $ 10,000 $ 5,000 $ 5,000 x $ 1,300 $ 650 $ 650A domestic corporation has the following data Excess tax credits from 2022 PHP 150,000 For the year 2023: 1st QTR 2nd QTR Income, net of 1% EWT PHP 4,950,000 PHP 7,920,000 Deductions PHP 4,600,000 PHP 7,000,000 How much is the income tax payable in the 2nd Qtr? PHP 350,000 PHP 29,440 PHP 14,000 PHP 70,000
- Determine the amount of taxable income and separately stated items in each of the cases below. Assuming the corporation is a Subchapter S corporation. Ignore any carryforward items. Required: a. Corporate financial statement: net income of $53,000 including tax expense of $15,400, charitable contributions of $3,000, and depreciation expense of $37,600. Depreciation expense for tax purposes is $46,640.Red Velvet Corporation, a domestic corporation has the following data. 2021 2022 Gross Income 3,500,000.00 2,400,000.00 Taxable Income 125,000.00 500,000.00 The income tax payable for 2021 is 31,250 40,000 35,000 37,500Exercise 28-12 (Algorithmic) (LO. 1) The entity reports the following transactions for the 2021 tax year. The trustee accumulates all accounting income for the year. Operating income from a business Dividend income, all from U.S. corporations (20% tax rate) Interest income, City of San Antonio bonds Trustee fees, deductible portion Net rental losses, passive activity $795,000 47,700 6,360,000 (23,850) (159,000) Click here to access tax table for this problem. Carryout the tax computations to two decimal places and round the final tax liability to the nearest dollar. Compute the Federal income tax liability for the Valerio Trust by providing the following amounts: The amount of the trustee's gross income taxed at 20% for the Valerio Trust is $ The Trustee taxable income taxed at ordinary rates for the Valerio Trust is $ The Federal income tax liability for the Valerio Trust is $ x.
- GIVEN: Тахрауer: Tax period: Domestic corporation 2021 IN (Phils) P5,550,000 2,100,000 550,000 200,000 OUT (Abroad) 8,000,000 3,000,000 Description Business gross income Business expenses Interest income from long term bank deposit Interest income from short term bank deposit Royalty income Dividend income 5,000,000 9,250,000 6,500,000 COMPUTE: Taxable income subject to REGULAR income A. 8,450,000 В. 13,450,000 C. 22,700,000 D. 29,200,000A resident corporation has the following data on income and expenses in 2018: Gross sales ₱ 935,000 Sales returns and allowances 25,000 Sales discounts 10,000 Interest income on trade notes receivable 15,000 Cost of sales 400,000 Operating expenses with receipts 215,000 Operating expenses without receipts 200,000 How much is the taxable income using itemized deduction? a. ₱100,000 b. ₱300,000 c. ₱309,000 d. ₱349,000 ANSWER:35. A domestic corporation has the following income and expenses for 2021 taxable year: Gross sales P20,000,000 Cost of sales 10,000,000 3,800,000 48,0000,000 Operating expenses Assets How much is the income tax due? a. P1,240,000 b. P1,550,000 36. ABC Corporation, a domestic corporation has the following income and expenses for 2021 taxable year: Gross sales Cost of sales Operating expenses c. P1,860,000 d. P3,000,000 How much is the income tax due? a. P600,000 b. P700,000 P20,000,000 10,000,000 6,500,000 c. P800,000 d. P875,000