B, a resident citizen, received a statutory minimum wage of P250,000. He also earns P100,000 from his fishball cart. Compute his income tax due.
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B, a resident citizen, received a statutory minimum wage of P250,000. He also earns P100,000 from his fishball cart. Compute his income tax due.
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- Mr. See Pag’s is a Filipino citizen working as a sales agent in EchpiComputer Accessories Store in Las Piñas City. He earns P26,000 a month basic salary and transportation allowance of P2,000. His deductions per month include SSS P1,630, PhilHealth P350, Pag-IBIG P100 and Union Dues P50. How much is Mr. Pag’s taxable income? Answer the questions briefly.1. Is Mr. Pag liable to pay taxes in the Philippines? Why? 2. How much is his total deductions? 3. How much is his taxable income?Carlos is a resident citizen. He maintains a savings account deposit with the BPI-Baguio City Branch. For the current year, his savings earned a total of P6,000 interest. How much is the final tax on said income? * a. P300 b. P720 c. P1,200 d. P1,500US Tax System 1.) Vincent has income from taxable wages totaling $150,000. How much Social Security tax does he pay?
- What is the Tax-deductible contribution for this new permanent resident: "I am a new permanent resident and have recently moved to Canada in August 2021. I started working remotely for the Canadian company in June 2021, when I still lived in India. My salary is $119,000. I was also lucky enough to be granted $20,000 in company RSUS, which I received in September once I moved here. That puts me in a higher tax bracket. I'm looking for ways to reduce my tax payable in my first year. I know that RRSP is a great way to reduce my taxes, and my employer offers a generous GRSP and RRSP matching benefit. l'd like to take advantage of that! If I were to contribute $20,000 into the RRSP, with some of the contributions coming from company matching, how much would that contribution reduce my overall Income? Please provide details to support your answer:Justin Timberlake, a single taxpayer, earns $78, 200 in taxable income and $13,600 in interest from an investment in City of Los Angeles bonds. (Use the U.S. tax rate schedule.) Required: If Justin earns an additional $40,000 of taxable income, what is his marginal tax rate on this income? What is his marginal rate if, instead, he had $40,000 of additional deductions?1. Mr. Park is a resident Filipino citizen working as a professional artist in a prestigious TV network.He earned an annual gross income of Php2.5M for the year 2021. He is a Non-VAT registeredtaxpayer. How much is the total income tax still due? Consider withholding taxes. 2. Using the facts above, if Mr. Park is a VAT-registered taxpayer, how much is his total incometax still due? Consider withholding taxes.
- Chuck, a single taxpayer, earns $75,000 in taxable income and $10,000 in interest from an investment in City of Heflin bonds. (Use the U.S. tax rate schedule.) Required: a. If Chuck earns an additional $40,000 of taxable income, what is his marginal tax rate on this income? b. What is his marginal rate if, instead, he had $40,000 of additional deductions? (For all requirements, do not round intermediate calculations. Round percentage answers to 2 decimal places.) a. Marginal tax rate % b. Marginal tax rate %Chuck, a single taxpayer, earns $75,000 in taxable income and $10,000 in interest from an investment in City of Heflin bonds. (Use the U.S tax rate schedule.) Required: a. How much federal tax will he owe? b. What is his average tax rate? c. What is his effective tax rate? d. What is his current marginal tax rate? Complete this question by entering your answers in the tabs below. Req A Req B Req C Req D How much federal tax will he owe? (Do not round intermediate calculations. Round "Federal tax" to nearest whole dollar amount.) Federal taxChuck, a single taxpayer, earns $77,200 in taxable income and $12,400 in interest from an investment in City of Heflin bonds. (Use the U.S. tax rate schedule.) Required: a. If Chuck earns an additional $40,000 of taxable income, what is his marginal tax rate on this income? b. What is his marginal rate if, instead, he had $40,000 of additional deductions? Note: For all requirements, do not round intermediate calculations. Round percentage answers to 2 decimal places. a. Marginal tax rate b. Marginal tax rate 53.58% 30.56 %
- In Australia: How to calcualate the final tax for Kim Johnson for taxable income of $233,000. Assume he is a resident and do not have private health insurance. Kim also won a lottery of $5000 above this income?Chuck, a single taxpayer, earns $79,000 in taxable income and $14,700 in interest from an investment in City of Heflin bonds. (Use the U.S. tax rate schedule.) Required: A. If Chuck earns an additional $40,000 of taxable income, what is his marginal tax rate on this income? B. What is his marginal rate if, instead, he had $40,000 of additional deductions? Note: For all requirements, do not round intermediate calculations. Round percentage answers to 2 decimal places.Darrell is an employee of Whitneys. During the current year, Darrells salary is 136,000. Whitneys net self-employment income is also 136,000. Calculate the Social Security and self-employment taxes paid by Darrell and Whitney. Write a letter to Whitney in which you state how much she will have to pay in Social Security and self-employment taxes and why she owes those amounts.