Donler Tax Service performed services on account for $10,200 and paid expenses totaling $5,400. What is Donler's Net Income or Net Loss?
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- Use the following information and the flow chart from the module to calculate: Adjusted gross income ( AGI) Taxable income Show your work for each calculation to receive full credit. An individual has the following information for the current tax year. Assume they do not itemize and they file as head of household. Income from wages, $80,000 Interest earned on savings, $150 IRA contribution, $5,000 Checking account interest earned, $75 Standard deduction for Head of Household: $20,800 Child and Dependent Care Tax credit, $3,000 Filing status: Head of HouseholdHow are you determining income before income tax answer of $166,000?Compute for the tax due of the following individuals using the RA 10963 tax table. Show computations. 1. A business has net income before tax of P2,410,000.
- Use the Tax Rate Tables, Exhibit 18-3, to calculate the tax liability (in $) for the taxpayer. Name Filing Status Taxable Income Tax Liability Rua head of household $165,400Daniel Simmons arrived at thefollowing tax information:Gross salary,$62,250Dividend income,$140Standarddeduction, $12,400Interest earnings,$75Adjustments toincome, $850 What amount would Daniel report astaxable income?What is the amount of taxes for the head of a household with taxable income of $62,525.
- For each of the following items indicate if the expense is: A. An adjustment for AGI (above the line) B. Deduction from AGI(below the line/itemized deduction) C. Neither 1. Premiums paid on personal life insurance 2. State income taxes paid 3. Loss on sale of personal auto 4. Fees paid for tax return preparation 5. Federal income taxes paid 6. Contributions to Health Savings Account 7. Donations to Charity 8. Health insurance premiums paid by a self-employed individual 9. Interest paid on home mortgage indebtedness of $250,000 10. Union dues not reimbursed by an employer(G.) An increase in the Deferred Tax Liability account on the balance sheet is recorded by a ____________ to the Income Tax Expense account. (debit / credit) (H.) An income statement that reports current tax expense of $85,200 and deferred tax benefit of $23,400 will report total income tax expense of $___________. (I.) A valuation account is needed whenever it is judged to be ____________ that a portion of a deferred tax asset ______________ realized. (more likely than not / equally likely ; will be / will not be) (J.) If the tax return shows total taxes due for the period of $75,800 but the income statement shows total income tax expense of $54,900, the difference of $20,900 is referred to as deferred tax _____________. (expense / benefit)Compute the total deductible expenses for purposes of determining the regular income tax due from X, a professional practitioner, who incurred the following expenses during the period: Salaries of household maids. P 50.000 Salaries of office staff. Office utilities.. 30.000 12,000 8.000 Depreciation of personal car. . 15,000 Depreciation of office equipment.. 20,000 Office supplies..
- You are provided with the following amounts for Sarah Feeley for the current year: View the amounts. Based on the amounts, what is the net income reported by Sarah Feeley pursuant to ITA 3 for the current year? OA. $60,180 O B. $65,080 OC. $57,680 O D. $72,480 Amounts Net employment income (ITA 5 to 8) Interest income (ITA 12) Taxable amount of dividends Taxable capital gains (ITA 38 to 55) Allowable capital losses (ITA 38 to 55) RRSP deduction (allowed pursuant to ITA 60) Print Done $ $ $ 62,000 7,600 1,380 4,900 7,400 10,800 - XFranklin Stewart arrived at the following tax information: Gross salary Interest earnings Eligible dividend income Basic personal amount Union dues Moving expense (50 km for employment) $ 47,780 225 100 12,069 3,890 1,150 What amount will Franklin report as taxable income? (Round your answer your response.) Taxable income $You pay personal taxes on your calculated ____ income. a. adjusted gross b. marginal c. taxable d. gross
