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Jackie Corp. is included in the list of top withholding agents. During the month, it paid out the following: Cash dividends to resident individual shareholders - 200,000 Prize on competitions won by a resident alien - 5,000 Local purchases of services related to the operations - 600,000 Purchase of mineral products - 800,000 Winnings on a raffle promo conducted - 20,000 Lease payment to a vessel owned by a non-resident - 60,000 How much of the withholdings can be used as tax credits of the applicable payees?   54,700 46,000 52,000 48,700

Jackie Corp. is included in the list of top withholding agents. During the month, it paid out the following: Cash dividends to resident individual shareholders - 200,000 Prize on competitions won by a resident alien - 5,000 Local purchases of services related to the operations - 600,000 Purchase of mineral products - 800,000 Winnings on a raffle promo conducted - 20,000 Lease payment to a vessel owned by a non-resident - 60,000 How much of the withholdings can be used as tax credits of the applicable payees?   54,700 46,000 52,000 48,700

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Jackie Corp. is included in the list of top withholding agents. During the month, it paid out the following:

  • Cash dividends to resident individual shareholders - 200,000
  • Prize on competitions won by a resident alien - 5,000
  • Local purchases of services related to the operations - 600,000
  • Purchase of mineral products - 800,000
  • Winnings on a raffle promo conducted - 20,000
  • Lease payment to a vessel owned by a non-resident - 60,000
How much of the withholdings can be used as tax credits of the applicable payees?
 
54,700
46,000
52,000
48,700
 
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