The taxpayer is a resident citizen and the taxable period is the 2nd quarter. Receipts/earnings/balances during the period are as follows: 1st quarter expenses paid in 2nd quarter is 15,000; 2nd quarter expenses paid in 2nd quarter is 20,000; 3rd quarter expenses paid in 2nd quarter is 5,000; 1st quarter incurred but unpaid is 8,000; and 2nd quarter incurred but unpaid is 11,000. How much is the total expenses in the 2nd quarter using cash basis?
Q: Jack, an employee of Desert Sky, Inc., has gross salary for May of $18,000. The entire amount is…
A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…
Q: An air-conditioning installer works part time and has a taxable income of$6,520. The state income…
A: Let us assume “L” as the percentage and “P” as the whole number
Q: A taxpayer made available the following financial information: Gross sales - Php 10,000,000 Cost of…
A: Income tax due is the amount of tax which is due on income taxable during the year.
Q: Osprey Corporation, an accrual basis taxpayer, reported taxable income for 2021 and paid $15,000 on…
A:
Q: A certain taxpayer paid the following bill from a VAT-registered supplier of office supplies. The…
A: A VAT registered tax payer shall be eligible to claim Input Tax Credit paid on purchases which is…
Q: A taxpayer made available the following financial information: Gross receipts - Php…
A: Allowable deduction = Cost of service + Transportation and travel + Salaries and wages +…
Q: The tax payer is a resident citizen. The receipts/earnings/balances during the taxable period are as…
A: SOLUTION EXPLANATION- PARTICULARS AMOUNT TAXABLE WINNING FROM GAMBLING 900000 900000 INTEREST…
Q: A taxpayer made available the following financial information: Gross receipts - Php 10,000,000 Cost…
A: Income Tax in philipines: Income tax of domestic corporations is based on their gross income less…
Q: A lessor rents his 3 commercial and 8 residential units for monthly rent of P65,000 and P15,000 per…
A: For Commercial units: Gross Receipts for the whole year = 3×P65,000×12 = P2,340,000 Therefore it…
Q: The taxpayer is a resident citizen and the taxable period is the 2nd quarter.…
A: On an accrual basis, An expense is charged in the profit and loss account that is incurred in the…
Q: A taxpayer has $6,500 in mortage interest, $4,000 in real estate taxes, $500 in tax preparation…
A: State level deductions are different from deduction for federal return, like standard deductions,…
Q: A taxpayer made available the following financial information: Gross receipts - Php…
A: Gross Receipts Php 10000000 Less: Cost Of Service Php 6000000 Salaries…
Q: The taxpayer is a resident citizen and the taxable period is the 2nd quarter.…
A: Cash basis accounting: In cash basis accounting, revenue is recognized when payment is received and…
Q: The taxpayer is a resident citizen taxpayer. His net taxable income is 1,300,000. Compute for his…
A: Tax is a charge which is charged on the taxable income of a taxpayer earned during the year by a…
Q: Ana Rosa, president of the Apoka Company, has a bonus arrangement with the company under which she…
A: Bonus = net income x rate100 + rate Provision for income tax = ( net income - bonus ) x tax rate…
Q: Heiman, a VAT registered taxpayer, had the following data in 2022: Deferred input taxes, December…
A:
Q: The taxpayer is a resident citizen and the taxable period is the 2nd quarter.…
A: Cash basis accounting: In cash basis accounting , revenue are recognized when payment is received…
Q: The Cable TV Co., an accrual basis taxpayer, allows its customers to pay by the month ($10 each…
A: Lets understand the basics. In accruals basis, revenue is recorded when earned and not when it is…
Q: A taxpayer made available the following financial information: Gross receipts - Php…
A: Total allowable deduction if the taxpayer is a domestic corporation = Cost of service +…
Q: A taxpayer registered in 2010 made available the following financial information for TY2021:…
A: Under CREATE law, tax rate for domestic corporation is 20% to 25% depending on the net income of the…
Q: Mary has Taxable Income for the current year of $425,000, of which $216,000 is spent on goods and…
A: The income of Mary is $425,000. Get expending $216,000*5%=10,800 The income of Joan income is…
Q: LSG Company is a calendar year, cash basis taxpayer. On November 1, 2018, LSG paid $9,450 cash to…
A: The expenditure is a prepayment for 18 months, so the monthly amortization is calculated as…
Q: Linda, who files as a single taxpayer, had AGI of $280,000 for2019. She incurred the following…
A: Not all expenses are allowed as a deduction as per taxation rules. It is assumed that the overall…
Q: A taxpayer made available the following financial information: Gross sales - Php 10,000,000…
A: Taxable income is the foundation income on which taxes are levied. It includes some or all of the…
Q: A taxpayer made available the following financial information: Gross receipts - Php…
A: SOLUTION- CALCULATION OF INCOME FROM BUSINESS- GROSS RECEIPTS 10000000 LESS- COST OF…
Q: Denise, a single, cash-method taxpayer, paid the following taxes in the current year: Denise's…
A: Answer:
Q: schedular tax on taxable income.
A: Correct Answer :- C The schedular tax on taxable income.
Q: The taxpayer is a resident citizen and the taxable period is the 2nd quarter.…
A: Cash basis accounting: In cash basis accounting , revenue are recognized when payment is received…
Q: red Stone is an employee of Henrock Company. During the first part of the year, Stone earned $4,340…
A: The federal government and state governments fetched unemployment taxes. The federal government…
Q: Which of the following is true? The total tax due arising from each quarterly income tax return…
A: Tax is the amount which is charged on the taxable income and this taxable income is determined when…
Q: Below is a proposed alternative to the current federal income tax system based on a taxpayer's…
A: While calculating tax for the upper slab, the excess tax on lower slab needs to deducted in order to…
Q: A taxpayer made available the following financial information: Gross receipts - Php…
A: Allowable Deduction In the business entity the allowable deduction which includes all the expenses…
Q: engaged in renting out 250 apartment units to small families for P13,000 per month. All units are…
A: Tax refers to the percentile charges levied by the government over the income gained by an entity.
Q: Geraldine is an accrual basis taxpayer who has the following transactions during the current…
A: Net income: The bottom line of income statement which is the result of excess of earnings from…
Q: Blackburn Corporation is a calendar year taxpayer. Every year on September 1, Blackburn enters into…
A: Blackburn corporation is a calendar year tax payer. Every year on September 1, Black burn enters…
Q: A retiree working part-time as a greeter had a gross income of $7925 last year. If his federal tax…
A: Under FICA Employee pays Social Security tax 6.2% (only the first…
Q: Minda, resident citizen, invested in a 6-year bond issued by a local bank. The bond was issued by…
A: GIVEN ÷ 6 - year bond issued by local bank Interest income earned = P2000 Requirement = final tax…
Q: eason. You find that you paid $3,296.44 in Federal Taxes. Using your taxable income and the tax…
A: Answer You receive a tax refund of $280.44 because you paid more taxes last year than you should…
Q: Jerry, a cash basis taxpayer, rents office space for his business. He pays $12,000 on September 1 of…
A: Under the cash method, expenses are allowed to be deducted when cash is paid for the expense…
Q: The taxpayer is a resident citizen and the taxable period is 2021. Compute for the GROSS income…
A: Gross income: It implies to the income before deducting for any operating expenses incurred by the…
Q: ! Required information [The following information applies to the questions displayed below.]…
A: As per IRS the short term loan invested in municipal bonds is not allowed as deduction.
Q: Yolanda is a cash basis taxpayer with the following transactions during the year: Cash…
A: Business income:The income that is realized from the result of business activity is referred to as…
Q: The taxpayer is a resident citizen and the taxable period is the 2nd quarter.…
A: Taxable income using cash basis in the 2nd quarter = Collections for services rendered in 2nd…
Q: A taxpayer made available the following financial information: Gross sales - Php 10,000,000 Cost…
A: According to the Phillipines taxation, Optional standard deduction is available to individual tax…
Q: In its first tax year, the Vasquez Estate generated $50,000 of taxable interest income and $30,000…
A: Following is the calculation of executor assign as a Form 706 deduction for the payment of the fess:
Q: Phillip had a distribution of $ 1,500 from his education savings account and used $ 1,200 to pay for…
A: A income is generally a source wherein an individual earns money through Business or doing Job.Tax…
The taxpayer is a resident citizen and the taxable period is the 2nd quarter. Receipts/earnings/balances during the period are as follows: 1st quarter expenses paid in 2nd quarter is 15,000; 2nd quarter expenses paid in 2nd quarter is 20,000; 3rd quarter expenses paid in 2nd quarter is 5,000; 1st quarter incurred but unpaid is 8,000; and 2nd quarter incurred but unpaid is 11,000. How much is the total expenses in the 2nd quarter using cash basis?
Step by step
Solved in 2 steps
- The taxpayer is a resident citizen and the taxable period is the 2nd quarter. Receipts/earnings/balances during the period are as follows: 1st quarter expenses paid in 2nd quarter is 15,000; 2nd quarter expenses paid in 2nd quarter is 20,000; 3rd quarter expenses paid in 2nd quarter is 5,000; 1st quarter incurred but unpaid is 8,000; and 2nd quarter incurred but unpaid is 11,000. How much is the total expenses in the 2nd quarter using accrual basis?The taxpayer is a resident citizen and the taxable period is the 2nd quarter. Receipts/earnings/balances during the period are as follows: collections for services rendered in 2nd quarter is 50,000; collections for services rendered in 1st quarter is 20,000; collections for services to be rendered in the 3rd quarter is 30,000; uncollected billings-1st quarter is 10,000; and uncollected billings-2nd quarter is 15,000. What is the amount of taxable income in the 2nd quarter using accrual basis? 80,000 95,000 100,000 115,0001. In the third quarter of 2019, a taxpayer engaged in the sale of services whose annual gross receipts do not exceed P3M has the following data: Accounts receivable, beginning of quarter P 50,000; Sales during the quarter 100,000; Accounts receivable, end of quarter 75,000; Purchase of supplies, total invoice amount 11,200. The percentage tax due for the quarter is 2. In the third quarter of 2019, a taxpayer engaged in the sale of services whose annual gross receipts do not exceed P3M has the following data: Accounts receivable, beginning of quarter P 50,000; Sales during the quarter 100,000; Accounts receivable, end of quarter 75,000; Purchase of supplies, total invoice amount 11,200. Assuming the taxpayer is VAT-registered, the VAT payable is:
- The taxpayer is a resident citizen and the taxable period is the 2nd quarter. Receipts/earnings/balances during the period are as follows: collections for services rendered in 2nd quarter is 50,000; collections for services rendered in 1st quarter is 20,000; collections for services to be rendered in the 3rd quarter is 30,000; uncollected billings-1st quarter is 10,000; and uncollected billings-2nd quarter is 15,000. What is the amount of taxable income in the 2nd quarter using cash basis?Which of the following is true? A. The total tax due arising from each quarterly income tax return is only applicable to the taxable income for that quarter. B. The taxable compensation income of mixed-income earners are reported in each quarterly return. C. When an eligible taxpayer chooses the 8% optional tax, the P250,000 is deducted from the gross sales/receipts from business and other non-operating income in arriving at the tax base for the 8% rate. D. When a taxpayer who originally opted to be taxed at 8% breaches the VAT threshold at the middle of the year, he shall be liable to the graduated tax from the time it breaches the threshold. E. None of the other choices is true.A resident citizen has the following data for a taxable year: Ordinary income P300,000 Ordinary loss 50,000 Interest income on bank deposit 10,000 Capital gains (Assets held for 6 months) 20,000 Capital gains (Assets held for 3 years) Capital loss (Assets held for 7 months) 30,000 40,000 Determine the amount of taxable net income.
- 1. Firm B uses the calendar taxable year and the cash method of accounting. On December 31, 20x6, Firm B made certain cash payments. To what extent can it deduct the payment in 20x6? (Please note: payments for assets to be consumed in the following year are fully deductible in the 12 months or less and is consumed by the end of the following year.) year of payment if the expenditure results in a benefit with a duration of a) $3,000 compensation to a consultant who spent three weeks in January 20x7 analyzing B's internal control system. b) $500,000 to purchase a new piece of commercial real estate. The equipment was delivered on January 8, 20x7 and has a useful life of 40 years. c) $16,900 property tax to the local government for the first six months of 20x7. d) $50,000 for a two-year lease beginning on February 1, 20x7.the taxpayer withheld 5% creditable withholding tax on rental payments to various VAT-registered lessorrs. the total taxes withheld were 5,600. what is the deductible amount of rental expense?Which of the following is true? The total tax due arising from each quarterly income tax return is only applicable to the taxable income for that quarter. The taxable compensation income of mixed-income earners are reported in each quarterly return. When an eligible taxpayer chooses the 8% optional tax, the P250,000 is deducted from the gross sales/receipts from business and other non-operating income in arriving at the tax base for the 8% rate. When a taxpayer who originally opted to be taxed at 8% breaches the VAT threshold at the middle of the year, he shall be liable to the graduated tax from the time it breaches the threshold. None of the other choices is true.
- A VAT taxpayer had the following sales and purchases during the month:Sales, inclusive of VAT Php 336,000Purchases, exclusive of VAT 250,000Compute the gross income under each of the following independent cases:5. The sale is VAT-exempt.6. The sale is made to the government.Ben Fernandez a VAT-registered taxpayer had the following data for each of the months indicated of its taxable year: Data for the month of: VAT not included: July August September P 1,437,500 P2,500,000 P2,312,500 1,875,000 There was an excess input tax of P25,000 at the end of June. . How much VAT is due in Sales.. Purchases.. 750,000 2,000,000 July, August, and for the quarter?Which equation could be used to identify one of the following levels of Federal Income Tax withholding? PERCENTAGE METHOD FOR FIT WITHHOLDING - SINGLE PERSON WEEKLY PAYROLL PERIOD Allowance Rate = $63.46 Weekly Taxable Wage Over The amount of FIT withholding is -- ch w If he But not over... y rin $1 $0.00 0.10(gross pay - $51) $14.40 + 0.15(gross pay - 195) $81.90 0.20(gross pay - $645) $195 195 645 645 1,482 Select one: O A. FIT = 14.4 + 0.15g; where g = gross pay in dollars. O B. FIT = 81.9g +.2(645); where g = gross pay in dollars. O C. FIT = 81.9(0.20) + (g - 645); where g = gross pay in dollars. O D. FIT = 0.15g 14.85; where g = gross pay in dollars.