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- 27. Which of the following is a type of regular income tax a. Individual Income tax b. Corporate Income Tax c. Mixed Earner Income Tax O d. Both A and B 28. A taxpayer using GAAP cash - basis on a calendar year shall compute the taxable income using * a. Tax cash basis on a calendar year b. Tax cash basis on a fiscal year c. Tax accrual basis on a calendar year d. Tax accrual basis on a fiscal yearEach of the following statements is correct with respect to the farm optional method of computing self-employment tax EXCEPT: (A) If gross farm income is $8,460 or less, self-employment tax may be computed on the amount of gross farm income. (B) If gross farm income is $8,460 or less, a farmer can elect the optional method, regardless of the amount of net farm income. (C) If gross farm income is more than $8,460, a farmer can elect the optional method if net farm income is less than $6,107. (D) If gross farm income is more than $8,460 and net farm income is less than $6,107, self-employment tax, using the optional method, is computed on $8,460.List farming income of the business that will be included in the gross income for normal or income tax purposes.
- 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 HouseholdYou are self-employed. Your business earns income during the period. You are subject to which of the following taxes? A. Income Tax B. Business Tax C. A and B D. None of theseI. Final Income taxation is characterized by: 1. Full taxes are withheld by the income payor at source. 2. Recipient receives the income net of tax 3. Payor is the one required by law to remit the tax to government 4. Recipient need not file an income tax return 5. Tax withheld constitutes full tax due and deemed final payments EXAMPLE: Mr. C is a depositor of W bank and earns an interest income of P8,000 in a 6-month time deposit on year 2020. This interest income is subject to 20% final tax or P1,600. Requirements: Discuss final income tax using the names and amounts given. For example, In final income taxation, Mr. receives the income of P6,400 net of tax.
- It is a kind of withholding tax which is prescribed on certain income payments and is creditable against the income tax due of the payee for the taxable quarter/year in which the particular income was earned. a. Withholding tax on income b. Creditable withholding tax c. Final withholding tax d. All of the aboveAn employer may withhold portions of an employee's total earnings for a.state and county sales taxes. b.state unemployment taxes. c.local property taxes. d.federal unemployment taxes. e.charitable contributions.Taxable income represents the amount of tax required to be paid to the BIR. True or False You are employed. Your salary is your only source of income. You are subject to which of the following taxes? A. Income Tax B. Business Tax C. A and B D. None of these
- Use the Tax Rate Tables, Exhibit 18-3, to calculate the tax liability (in $) for the taxpayer. Name : Rua Filing Status : head of the household Taxable income : $185,400 what is the Tax Liablity ??A. Compute for the Net Taxable Income and Personal Income Tax. 1. A. Annual Basic Salary B. 13th Month Pay and Other Benefits C. Mandatory Contributions D. Annual Gross Income (A+B) E. Deductions and Exemptions (B+C) P 397,860.00 33,155.00 6,542.00 Net Taxable income (D-E) Personal Income Tax B. Compute for the 4 general deductions of the following employees: 1. A sales manager in Kopimo, Inc., a private company, earning P42,000 monthly with sales commission of P36,000 for the year. 2. A public school teacher earning P24,495 monthly with chalk allowance of P1,500, uniform allowance of P6,000 and performance bonus of P12,000. 3. An IT manager in Accentuate Corp., a private company, earning P55,000 monthly and laundry allowance of P15,000 for the whole year. C. Basic Applications. Solve for the following: 1. Conchita works as a service crew member in a fast-food chain in a mall. She has an hourly wage rate of P50. Her rest days are every Wednesday and Saturday. Consider the following…What makes the refund of state taxes taxable on the federal tax return? a. moving to Texas before your refund gets sent to you b. paying state taxes the year before and getting a refund c. claiming taxes as an itemized deduction and using standard deduction d. claiming taxes as an itemized deduction and itemizing