Total income subject to Philippine income tax assuming Jasmine is a resident citizen Jasmine has the following items of income Business income Professional fees Compensation income 400,000 Philippines Abroad P200,000 100,000 P100,000 50,000 Rent income Interest income 300,000 30,000 200,000 40,000
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- You pay personal taxes on your calculated _________________ income. Group of answer choices A.marginal B.taxable C.adjusted gross D. grossAssuming Carding uses OSD, how much is the net taxable income from profession? a. 460,000 b. 540,000 c. 600,000 d. 610,000Using the Tax Schedule for Head of Household, calculate the tax for a head of household with a taxable income of $200,000. 2017 Tax Rate Schedules Schedule X-Single Schedule Z-Head of household If line 5 is: The tax is: of the Íí line 5 is: The tax is: of the junowe Jou In OVerー Ovar- ーノ10 ーBAO ーan0 $0+ 10% S9,325 $0+10% $13,350 9,325 37,950 932.50 + 15% 9,525 13,350 1,335+ 15% 13,350 37,950 5,226.25 + 25% 50,800 131,200 6,952.50+25% 50,800 191,650 16,713.75 + 28% 131,200 212,500 27,052.50 + 28% 131,200 49,816.50 + 33% 117,202.60 + 35% 212,500 416,700 191,650 416,70D 46,643.75 +33% 191,650 212,500. 416,700 416,700 444,550 and greater 416,700 418,400 120,910.25+35% 416,700 418,400 and greater 121,505.25 + 39.6% 418,400 444,550 126,950+39.6% 444,550 Schedule Y-2-Married filing separately Schedule Y-1-Married filing jointly or Qualifying widow(er) of the lf line 5 is: of the amount If line 5 is: The tax is: The tax is: But no! Over- ーノPAQ $9,325 Over- OVerー ーJBA0 $18,650 $0 + 10% $0+10%…
- Following are the income details of Mr. Albert is in UK for the tax year 2019-2020 Other income Savings income Total income Net Income 16,300 1100 17400 ANSWER QUESTION NO 19 AND 20 Question 19 The tax liability of Mr. Albert on other income will be: a. £3800 b. £1040 c. £3260 d. £760 Clear my choice Question 20 The tax liability of Mr. Albert on Savings income will be: a. £20 b. £0 c. £220 d. £5000Franklin Stewart arrived at the following tax information: Gross salary Interest earnings Eligible dividend income Basic personal amount Union dues Moving expense (58 km for employment) $ 52,00€ 330 128 3,650 8,470 2,950 What amount will Franklin report as taxable income? (Round your answer to the nearest dollar amount. Omit the "S" sign in your response) Taxable incomeFranklin 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 $
- Problem 9-23 (Algorithmic) (LO. 4, 5) Chris and Heather are engaged and plan to get married. During 2023, Chris is a full-time student and earns $7,600 from a part-time job. With this income, student loans, savings, and nontaxable scholarships, he is self-supporting. For the year, Heather is employed and has wages of $79,200. Click here to access the standard deduction table to use. Click here to access the Tax Rate Schedules. If an amount is zero, enter, "0". Do not round your intermediate computations. Round your final answer to the nearest whole dollar. a. Compute the following: Gross income and AGI Standard deduction (single) Taxable income Income tax Q Search Filing Single S PRE ta Chris LA L Heather 1 Filing Single b. Assume that Chris and Heather get married in 2023 and file a joint return. What is their taxable income and income tax? Round your final answer to the nearest whole dollar. SA SA SA 7:29 2/8/2Use compute the income tux oved by the followrng Sing al male me the 2016 Marginal tax netes to berson, dependlente Crross income Adjusments Dedictions $94,000 $4000 $26000 mortgegl $ 4402 broperty taxes interes $ 1000 Charitalle contributions Tax Credit = None The income tax owed is$ FindCompute for the Income Tax for the below data: MRS. MR. Gross Sales of the Business P4,000,000 Cost of Sales and expenses of the business 1,900,000 Gross Receipts from profession P300,000 Cost and Expenses in the practice of profession 120,000
- Problem 10-37 (Algorithmic) (LO. 6, 7, 8, 9, 10, 11) Amy and Mitchell share equally (50%) in the profits, losses, and capital of the accrual basis AM Products LLC. Amy is a managing member of the LLC (treated as a general partner) and is a U.S. person. At the beginning of the current tax year, Amy's tax basis capital account has a balance of $736,000, and the LLC has debts of $478,400 payable to unrelated parties. All debts are recourse to the LLC, but neither of the LLC members has personally guaranteed them. The following information about AM's operations for the current year is obtained from the LLC's records. Operating income W-2 wages Depreciation expense Interest income Long-term capital loss Long-term capital gain Charitable contribution (cash) Cash distribution to Amy Unadjusted basis of partnership property immediately after acquisition $1,104,000 200,000 300,000 11,040 7,360 22,080 11,090 55,200 1,600,000 Operating income equals revenue less operating expenses (other than…What is the formula for finding taxable income when you are given allowances Select one: O A. Taxable Income = Gross Pay + (Allowances x $63.46) %3D O B. Taxable income Gross Pay - (Allowances x $63.46) %3D O C. Taxable Income Gross Pay/(Allowances x $63.46) O D. Faxable Income Gross Pay - (Allowances/$63.46) %3DFor an accrual basis taxpayer, which of the following statements is TRUE regarding prepaid income? a.Group of answer choices b.Prepaid dues & subscriptions are recognized immediately c.Prepaid rent is recognized immediately d.Prepaid royalties are recognized when earned e.Prepaid interest is recognized as it is earned