Mr. Borbon had the following data for his income tax return for the current year: Sales Personal Exemption Cost of Sales Administrative and Selling Expenses Personal Expenses Professional Income Php 490, 000 150, 000 200, 000 120, 000 70, 000 320,000 Graduated Income Tax Rate Effective January 1, 2018 Initial Basis 0-250,000 Over 250, 000 but not over 400, 000 Over 400,000 but not over 800,000 Over 800, 000 but not over 2,000, 000 Over 2, 000, 000 but not over 8, 000, 000 Over 8, 000, 000 Tax due In Excess |-0- +20% of the excess over 250,000 +25% of the excess over 400,000 +30% of the excess over 800, 000 +32% of the excess over 2, 000, 000 +35% of the excess over 8, 000, 000 -어 -0- 30,000 130,000 490, 000 2, 410, 000 If he opted to be taxed by 8%, how much is the tax due? O P70,000 O P64,800 O P44,800 O P133,000

Mr. Borbon had the following data for his income tax return for the current year: Sales Personal Exemption Cost of Sales Administrative and Selling Expenses Personal Expenses Professional Income Php 490, 000 150, 000 200, 000 120, 000 70, 000 320,000 Graduated Income Tax Rate Effective January 1, 2018 Initial Basis 0-250,000 Over 250, 000 but not over 400, 000 Over 400,000 but not over 800,000 Over 800, 000 but not over 2,000, 000 Over 2, 000, 000 but not over 8, 000, 000 Over 8, 000, 000 Tax due In Excess |-0- +20% of the excess over 250,000 +25% of the excess over 400,000 +30% of the excess over 800, 000 +32% of the excess over 2, 000, 000 +35% of the excess over 8, 000, 000 -어 -0- 30,000 130,000 490, 000 2, 410, 000 If he opted to be taxed by 8%, how much is the tax due? O P70,000 O P64,800 O P44,800 O P133,000

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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Mr. Borbon had the following data for his income tax return for the current year: Php 490, 000 150, 000 200, 000 120, 000 70, 000 320,000 Sales Personal Exemption Cost of Sales Administrative and Selling Expenses Personal Expenses Professional Income Graduated Income Tax Rate Effective January 1, 2018 Initial Basis 0-250,000 Over 250, 000 but not over 400, 000 Over 400,000 but not over 800,000 Over 800, 000 but not over 2,000, 000 Over 2, 000, 000 but not over 8, 000, 000 Over 8, 000, 000 Tax due In Excess -0- -0- |-0- +20% of the excess over 250,000 30,000 130,000 490, 000 2, 410, 000 +25% of the excess over 400,000 +30% of the excess over 800, 000 +32% of the excess over 2, 000, 000 +35% of the excess over 8, 000, 000 How much is the income tax due is he uses itemized deduction? O Php 24,000 O Php 52,500 O Php 42,500 O Php 10,000
A derived its income from its self-operated talpakan business. The details of his business for 2021 are as follows: Gross Receipts - P100,000.00 Operating Expenses - P50,000.00 Income taxes withheld in general - P10,000.00 Question: Assuming that the tax rate is 25%, what is the income tax payable of A? Group of answer choices P2,500.00 P12,500.00 P25,000.00 P15,000.00
Determine the amount of average income tax liability per tax return, for each income range provided, using the information in the below table. Taxable Income and Total Tax Liability are in thousands. Note: Enter your answers in whole dollars and not in thousands. Round the final answers to the nearest dollar value. Ranges of Adjusted Gross Income Item Under $15,000 $15,000 to under $30,000 $30,000 to under $50,000 $50,000 to under $100,000 $100,000 to under $200,000 $200,000 or more Number of returns 30,714,103 27,409,921 28,925,796 37,546,954 24,179,726 11,615,632 Taxable income $ 5,378,125 $ 189,335,926 $ 639,279,718 $ 1,912,915,663 $ 2,687,808,279 $ 6,249,255,422 Total tax liability $ 534,617 $ 15,640,244 $ 56,577,985 $ 216,089,667 $ 386,158,662 $ 1,592,115,179 Average tax rate*Footnote asterisk 9.94% 8.26% 8.85% 11.30% 14.37% 25.48% *Footnote asteriskThe average tax rate is total tax liability divided by taxable income.
Daniel 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?
Mr. Borbon had the following data for his income tax return for the current year: Php 490, 000 150, 000 200, 000 120, 000 70, 000 320,000 Sales Personal Exemption Cost of Sales Administrative and Selling Expenses Personal Expenses Professional Income If he opted to be taxed by 8%, how much is the tax base?
Find the amounts that are missing from this summary of an income tax return: a. Gross income $42,685 b. Adjustments to income $3,670 c. Adjusted gross income d. Deductions $8,978 e. Adjusted gross income less deductions f. Exemptions (4 $3,100) $12,400 g. Taxable income Vince Bottolito's adjusted gross income on his federal tax return was $53.748. He claimed the standard deduction of $4,850, and one exemption at $3,100. What was Vince's taxable income? The Valek's gross income last vear was $64.890. They had adjustments to income totaling S3.829. Their deductions totaled $12.502. and they had four exemptions at S3.100 each. Find their taxable income.
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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 P310,000.
A. The following data were gathered pertaining to the business of person for a taxable quarter in 2018: Vat-registered Taxable sales P1,200,000 Zero-rated sales P600,000 Exempt Sales P450,000 Input tax- taxable P67,500 Input tax- zero rated P15,000 Input tax-exempt P22,500 Input tax that cannot be attributed specifically to any transaction, P30,000. Assuming all applicable input taxes are to be claimed as credits against output ta es, the VAT payable is:
es Required: Determine the amount of average income tax liability per tax return, for each income range provided, using the information in the below table. Taxable Income and Total Tax Liability are in thousands. Note: Enter your answers in whole dollars and not in thousands. Round the final answers to the nearest dollar value. Item Number of returns Taxable income Total tax liability Average tax rate* Ranges of Adjusted Gross Income $15,000 to under $30,000 27,410,421 $ 189,345,926 $ 15,590,244 Under $15,000 30,714,603 $ 5,388,125 $ 532,117 9.88% *The average tax rate is total tax liability divided by taxable income. Under $15,000 $15,000 to under $30,000 $30,000 to under $50,000 $50,000 to under $100,000 $100,000 to under $200,000 $200,000 or more $30,000 to under $50,000 to under $50,000 $100,000 37,547,454 28,926,296 $ 1,912,925,663 $ 639,289,718 $215,589,667 $56,077,985 8.23% 8.77% 11.27% $100,000 to under $200,000 24,180,226 $ 2,687,818, 279 $385,658,662 14.35% $200,000 or more…
A derived its income from its self-operated talpakan business. The details of his business for 2021 are as follows: Gross Receipts - P100,000.00 Operating Expenses - P50,000.00 Income taxes withheld in general - P10,000.00 Question: Where is the income taxes withheld be credited? Group of answer choices Tax payable Tax credit None of the above Taxable income
The following cumulative balances during the year 2018 on income and expenses were provided by Tupac Shakur, a resident citizen. 1st quarter 2nd quarter 3rd quarter 4th quarter Gross sales 300,000.00 650,000.00 910,000.00 1,200,000.00 Cost of Sales 120,000.00 262,000.00 405,890.00 426,700.00 Creditable Withholding Tax - 5,000.00 25,000.00 25,000.00 Dividends-domestic corporation 20,000.00 20,000.00 30,000.00 30,000.00 Interest income - domestic BPI 4,000.00 8,000.00 12,000.00 16,000.00 UCPB 8,000.00 12,000.00 16,000.00 18,000.00 METROBANK 5,000.00 10,000.00 15,000.00 30,000.00 CAPITAL GAIN ON SALE OF LAND 150,000.00 150,000.00 150,000.00 150,000.00 >SELLING PRICE IS P600,000…