Answered: How much is the taxable income if the…

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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A taxpayer made available the following financial information: Gross sales - Php 10,000,000 Cost of sales – Php 6,000,000 Expenses: Salaries and wages – Php 1,000,000 Transportation and travel – Php 20,000 Rental - Php 240,000 Representation expense – Php 200,000 Depreciation expense – Php 200,000 Office supplies – Php 20,000 Miscellaneous expenses – Php 10,000 How much is the taxable income if the taxpayer is an individual opted for OSD?
A taxpayer made available the following financial information: Gross receipts - Php 10,000,000 Cost of service – Php 6,000,000 Expenses: Depreciation expense – Php 200,000 Miscellaneous expenses – Php 10,000 Office supplies – Php 20,000 Rental - Php 240,000 Representation expense – Php 100,000 Salaries and wages – Php 1,000,000 Transportation and travel – Php 20,000 How much is the total allowable deduction if the taxpayer is a domestic corporation? Group of answer choices Php 1,590,000 Php 1,570,000 Php 1,500,000 Php 7,590,000
A taxpayer made available the following financial information: Gross receipts - Php 10,000,000 Cost of service – Php 6,000,000 Expenses: Salaries and wages – Php 1,000,000 Transportation and travel – Php 20,000 Rental - Php 240,000 Representation expense – Php 100,000 Depreciation expense – Php 200,000 Office supplies – Php 20,000 Miscellaneous expenses – Php 10,000 How much is the income tax due if the taxpayer is an individual resident citizen?
A taxpayer made available the following financial information: Gross receipts - Php 10,000,000 Cost of service – Php 6,000,000 Expenses: Depreciation expense – Php 200,000 Miscellaneous expenses – Php 10,000 Office supplies – Php 20,000 Rental - Php 240,000 Representation expense – Php 100,000 Salaries and wages – Php 1,000,000 Transportation and travel – Php 20,000 How much is the total allowable deduction if the taxpayer is a resident citizen? a. 1,570,000 b. PHP 1,590,000 c, Php 1,500,000 d. Php 7,590,000
A taxpayer made available the following financial information: Gross receipts - Php 10,000,000 Cost of service – Php 6,000,000 Expenses: Salaries and wages – Php 1,000,000 Transportation and travel – Php 20,000 Rental - Php 240,000 Representation expense – Php 100,000 Depreciation expense – Php 200,000 Office supplies – Php 20,000 Miscellaneous expenses – Php 10,000 How much is the income tax due if the taxpayer is an individual resident citizen? Group of answer choices Php 621,200 Php 361,000 Php 340,000 Php 2,278,800
A taxpayer made available the following financial information: Gross receipts - Php 10,000,000 Cost of service – Php 6,000,000 Expenses: Depreciation expense – Php 200,000 Miscellaneous expenses – Php 10,000 Office supplies – Php 20,000 Rental - Php 240,000 Representation expense – Php 100,000 Salaries and wages – Php 1,000,000 Transportation and travel – Php 20,000 How much is the total allowable deduction if the taxpayer is a resident citizen? Group of answer choices Php 1,590,000 Php 7,590,000 Php 1,500,000 Php 1,570,000
A taxpayer made available the following financial information: Gross receipts - Php 10,000,000 Cost of service – Php 6,000,000 Expenses: Depreciation expense – Php 200,000 Miscellaneous expenses – Php 10,000 Office supplies – Php 20,000 Rental - Php 240,000 Representation expense – Php 100,000 Salaries and wages – Php 1,000,000 Transportation and travel – Php 20,000 How much is the total allowable deduction if the taxpayer is a resident citizen?
A taxpayer made available the following financial information: Gross receipts - Php 10,000,000 Cost of service – Php 6,000,000 Expenses: Depreciation expense – Php 200,000 Miscellaneous expenses – Php 10,000 Office supplies – Php 20,000 Rental - Php 240,000 Representation expense – Php 100,000 Salaries and wages – Php 1,000,000 Transportation and travel – Php 20,000 How much is the income tax due if the taxpayer is an individual resident citizen? a.Php 2,278,800 b. Php 621,200 c, Php 361,000 d. Php 340,000
GRADUATED TAX TABLE UNDER TRAIN LAW (January 1, 2018 to December 31, 2022) Over But not over The Tax shall be Plus of Excess Over 250,000 250,000 400,000 20% 250,000 400,000 800,000 30,000 25% 400,000 800,000 2,000,000 130,000 30% 800,000 2,000,000 8,000,000 490,000 32% 2,000,000 8,000,000 2,410,000 35% 8,000,000
asap A taxpayer made available the following financial information: Gross sales - Php 10,000,000 Cost of sales – Php 6,000,000 Expenses: Salaries and wages – Php 1,000,000 Transportation and travel – Php 20,000 Rental - Php 240,000 Representation expense – Php 100,000 Depreciation expense – Php 200,000 Office supplies – Php 20,000 Miscellaneous expenses – Php 10,000 How much is the taxable income if the taxpayer is a domestic corporation and opted for OSD? Group of answer choices b. 4,000,000 d. 2,400,000 c. 6,000,000 a. 2,410,000
11. A taxpayer made available the following financial information: Gross sales - Php 10,000,000 Cost of sales – Php 6,000,000 Expenses: Salaries and wages – Php 1,000,000 Transportation and travel – Php 20,000 Rental - Php 240,000 Representation expense – Php 200,000 Depreciation expense – Php 200,000 Office supplies – Php 20,000 Miscellaneous expenses – Php 10,000 How much is the taxable income if the taxpayer is a domestic corporation and opted for OSD? Group of answer choices Php 0 Php 4,000,000 Php 2,400,000 Php 6,000,000
a taxpayer has the following financial results for a particular year: business profit - a enterprise $10,000 business loss - b enterprise 3,000 other sources of income - pension 12,000 property income - interest 5,000 allowable capital losses on sale of land 20,000 allowable business investment loss 2,000 taxable capital gains on sale of securities 15,000 other deductions 3,000 employment income 30,000 required: determine the taxpayer's net income for tax purposes in accordance with the statutory scheme formula.

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How much is the taxable income if the taxpayer is an ordinary partnership and opted for OSD? Group of answer choices a. 2,410,000 b. 2,400,000 c. 6,000,000 d. 4,000,000