How much of the following amounts received in 2021 will be included in the tax return for the year 2021?
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- Given that your gross income for 2020 was $180,000 and your taxable income was $140,000. Calculate: a. the marginal tax rate b. the average tax rate c. the effective tax rate. SHOW WORK14. Leslie Inc. has correctly determined the following information related to operations for 2018: Revenue from sales Expenses Income before income taxes P7,000,000 4,000,000 P3,000,000 In reviewing the records, you discovered the following items: During 2018, the company discovered an error in depreciation in 2017. The correction of this error, which has not been recorded, will result in an increase in depreciation for 2017 of P200,000. During 2018, the company sustained a loss of P400,000 because of flood, which destroyed its inventory. The company charged retained earnings and credited inventory for P400,000.Using accrual basis, how much is the reportable gross income in 2021? A. 8,000,000B. 9,000,000C. 11,000,000D. 12,000,000
- Compute the income tax due in 2021. A. 50,000B. 800,000C. 290,000D. 400,000How much is the total income tax expense recorded for the year ended December 31, 2019? a. P246,000 b. P270,000 c. P540,000 d. P786,000What amount should be reported as net income for 2021? A. 4500000 B. 5600000 C. 3850000 D. 6250000
- How about if the question is How much is the income tax payable assuming the taxable year is 2021? a. 330,000 b. 775,000 c. 800,000 d. 3,180,000What is the 'UNLEVERED PROFIT AFTER TAX' in the year 2019? Rs. 0.41 million Rs. 0.51 million Rs. 0.91 million Rs. 3.80 millionWhat is the taxable income for the year 2020? A. P25,000 B. P75,000 C. P280,620 D. P300,000
- Consider the following data for 2021 from an after-tax cash flow analysis. Before-Tax-and-Loan Cash Flow = $23,690 Loan Principal Payment = $3,299 Loan Interest Payment = $3,993 Depreciation Deduction = $12,865 Taxes Due = $2,323 After-Tax Cash Flow = $14,075 What is the taxable income for 2021? O $3,533 O $10,817 O $6,832 $16,398d. Compute for the total income tax expense for years 2020, 2021, 2022, and 2023. e. Compute for the years 2020, 2021, 2022, and 2023.Consider the following data for 2019 from an after tax cash flow analysis.What is the after tax cash flow for 2019? Before-Tax-and-Loan = $23,000Loan Principal Payment = $3,203 Loan Interest Payment = $3,878. Depreciation Deduction = $12,490 Taxable Income = $6,633 Taxes Due = $1,658. a. $20,744 b. $14,262 c. $3,430 d. $1,175.
