How much is the income tax due under CREATE Law if the taxpayer is a domestic corporation?
Q: Among the highlights of train law, which do you think is advantageous for the taxpayer? Explain
A: Tax is the compulsory payment made by one person to its government.
Q: Income is taxable, unless specifically included in the IRS. What are some examples of tax…
A: Taxable income is the measurement of income which is used to calculate the amount of tax that needs…
Q: What is DONNER's current tax expense?
A: Current tax expense refers to the tax payable by the Company relating to the current year.
Q: tax-exempt corporations
A: Tax-exempt status is given to the nonprofit corporation in order to exempt them from paying income…
Q: Compute the taxable income of Domex subject to the regular corporate income tax.
A: Domex Corporation - Resident foreign Corporation Phils Abroad Gross Income from Business…
Q: Every citizen or resident of the United States is required to file a federal tax return if his or…
A: Lets talk about the federal law enacted. As per federal tax law, Every citizen or resident of the…
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A: The federal government developed the earned income tax credit (EITC) to help low-income and some…
Q: Why would a taxpayer file a tax return if not required to do so?
A: A person is required to file the income tax return as per their respective country’s taxation law.…
Q: Can you cite IRS Publication 17 in a formal legal tax memorandum? Why or why not?
A: The answer for the theory question on the citation of IRS Publication 17 is discussed hereunder :…
Q: Which tax is NOT withheld from an employee? Select one: Federal tax State tax Mortgage tax All of…
A:
Q: Determine the types of payment made to non-resident person which is subject to withholding tax and…
A: Hi student Since there are multiple questions, we will answer only first question. If you want…
Q: current and future tax consequences of transactions accounted for
A: (Note: Since you have posted multiple questions, we will solve the first question for you. For the…
Q: Compute the additional tax due or refund they have when filing their tax return.
A: It has been given in the question that the withholding tax has been $11,000 and there is a gross tax…
Q: What is the tax liability for a single person with taxable income of $27,880? What is the tax…
A: Tax liability for a single person with taxable income of $27,880 Taxable Income = $27,880 Tax…
Q: An individual taxpayer can adopt either the calendar or fiscal year period for purposes of filing…
A: Tax return:- A tax return is referred as the form or forms that is filled with a tax authority and…
Q: What is the statute of limitations for income tax returns?
A: Given: The concept of a statute of limitations for the income tax returns.
Q: What are some of the other types of income that must be reported on an taxpayer's tax return? How is…
A: Taxable income is any remuneration received by a person or corporation that is utilized to evaluate…
Q: Question: What are the tax consequences to A and to B as a result of these transactions? Be sure to…
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Q: How is Gross Income defined in the Tax Code and what are the implications to individual and business…
A: Hi, since you have asked multiple questions, we are answering the 1st question for you. To get the…
Q: What are some common taxpayer penalties?
A: Common taxpayer penalties are those fines or penalties which are to be paid in case of non…
Q: What types of organizations qualify for section 199a of the 2018 tax law
A: QBI stands for Qualified business income which is defined as the net amount of the qualified items…
Q: If you are a tax adviser, would you advise to claim the deduction in full amount or be capitalized…
A: Claim of deduction in form of Capitalized and Depreciation If an entity opt for the deduction of…
Q: Who are considered “person” or “entities” or “taxpayers” for tax purposes? _____________________
A: The below mention definition of PERSON is as per Income Tax Act . As per income tax act , there are…
Q: What is the effect on the tax liability of a taxpayer who does not protest an assessmer
A: Deficiency Taxes: It is the amount of tax as per the tax authority which is not paid by the…
Q: Explain the Tax Treatment of Personal and Qualified Residences?
A: Tax Treatment of Personal and Qualified Residence: During one taxable, one taxpayer can choose 2…
Q: What are the tax implications of Social Security? Is it taxable at the Federal Level?, the State…
A: If you have other substantial income in addition to socoal security benefits, then you have to pay…
Q: Why is recordkeeping so important as a taxpayer and tax preparer?
A: Record keeping is the process of maintaining and keeping all the accounting records of the business…
Q: What is the purpose of the provision in the tax law that taxes unearned income of certain minor…
A: Kiddie tax is imposed on the children below the age of 17 years. It is the tax imposed on them if…
Q: Does a sole trader have to register the business with the IRD for tax purposes in NewZealand? –…
A: IRD number is a tax tracking mechanism tool where the government checks up whether their citizen…
Q: o tax? Describe each. Thank you in advance
A: Usually, all incomes and value additions are taxed as income tax. Income tax is a direct tax which…
Q: hat are some ways taxpayers can stay up to date on the federal, state and local tax laws applicable…
A: It is important for taxpayers to be aware of the various taxes applicable on them so that there is…
Q: The tax that takes into account the status of the taxpayer
A: Status of the taxpayer means the classification of the taxpayers into groups based on age, structure…
Q: What do you believe led to the conclusion that a sole proprietorship should report its results on…
A: Sole Proprietorship: It is a type of enterprise that is run and owned by one person and there is…
Q: What is the effect of deferred tax asset and deferred tax liability on the current year’s income tax…
A: Deferred tax assets and deferred tax liability arises because of the timing differences of the…
Q: Which of the following taxes is both an employee and an employer tax?a. federal income tax.b.…
A: The correct answer is Option (d).
Q: Describe each of the various tax credits: Child Tax Credit, Earned Income Credit (EIC), Child and…
A: “Since you have posted multiple questions, we will be answering the first question only. In order to…
Q: hank
A: Tax law, the body of rules under which a public authority has a claim on taxpayers, requiring them…
Q: How is the federal estate tax computed?
A: Federal estates tax is the tax collected on the transfer of a person’s assets to its beneficiaries…
Q: May the taxpayer's liability to pay tax be a subject of set-off? Why?
A: May the taxpayer's liability to pay tax be a subject of set-off? Why?
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- GRADUATED TAX TABLE UNDER TRAIN LAW (January 1, 2018 to December 31, 2022) Over But not over The tax shall be Plus Of excess over 250,000 0 0 - P 250,000 400,000 0 20% P 250,000 400,000 800,000 30,000 25% 400,000 800,000 2,000,000 130,000 30% 800,000 2,000,000 8,000,000 490,000 32% 2,000,000 8,000,000 2,410,000 35% 8,000,000 Nicanor, a Filipino Citizen residing in Manila, had the following data for the taxable year 2021: Gross income from rent of commercial spaces,net of P 60,000 withholding tax P 1,140,000 Dividend income From domestic corporation 50,000 From resident foreign corporation 60,000 From non-resident…GRADUATED TAX TABLE UNDER TRAIN LAW (January 1, 2018 to December 31, 2022) Over But not over The tax shall be Plus Of excess over 250,000 0 0 - P 250,000 400,000 0 20% P 250,000 400,000 800,000 30,000 25% 400,000 800,000 2,000,000 130,000 30% 800,000 2,000,000 8,000,000 490,000 32% 2,000,000 8,000,000 2,410,000 35% 8,000,000 Nicanor, a Filipino Citizen residing in Manila, had the following data for the taxable year 2021: Gross income from rent of commercial spaces,net of P 60,000 withholding tax P 1,140,000 Dividend income From domestic corporation 50,000 From resident foreign corporation 60,000 From non-resident…GRADUATED TAX TABLE UNDER TRAIN LAW (January 1, 2018 to December 31, 2022) Over But not over The tax shall be Plus Of excess over 250,000 0 0 - P 250,000 400,000 0 20% P 250,000 400,000 800,000 30,000 25% 400,000 800,000 2,000,000 130,000 30% 800,000 2,000,000 8,000,000 490,000 32% 2,000,000 8,000,000 2,410,000 35% 8,000,000 Nicanor, a Filipino Citizen residing in Manila, had the following data for the taxable year 2021: Gross income from rent of commercial spaces,net of P 60,000 withholding tax P 1,140,000 Dividend income From domestic corporation 50,000 From resident foreign corporation 60,000 From non-resident…
- GRADUATED TAX TABLE UNDER TRAIN LAW (January 1, 2018 to December 31, 2022) Over But not over The tax shall be Plus Of excess over 250,000 0 0 - P 250,000 400,000 0 20% P 250,000 400,000 800,000 30,000 25% 400,000 800,000 2,000,000 130,000 30% 800,000 2,000,000 8,000,000 490,000 32% 2,000,000 8,000,000 2,410,000 35% 8,000,000 Nicanor, a Filipino Citizen residing in Manila, had the following data for the taxable year 2021: Gross income from rent of commercial spaces,net of P 60,000 withholding tax P 1,140,000 Dividend income From domestic corporation 50,000 From resident foreign corporation 60,000 From non-resident…GRADUATED TAX TABLE UNDER TRAIN LAW (January 1, 2018 to December 31, 2022) Over But not over The Tax shall be Plus Of Excess Over 250,000 250,000 400,000 20% 250,000 400,000 800,000 30,000 25% 400,000 800,000 2,000,000 130,000 30% 800,000 2,000,000 8,000,000 490,000 32% 2,000,000 8,000,000 2,410,000 35% 8,000,00014. Instructions Use the graduated tax table below if applicable: GRADUATED TAX TABLE UNDER TRAIN LAW (January 1, 2018 to December 31, 2022) Over But not over The tax shall be Plus Of excess over 250,000 0 0 - P 250,000 400,000 0 20% P 250,000 400,000 800,000 30,000 25% 400,000 800,000 2,000,000 130,000 30% 800,000 2,000,000 8,000,000 490,000 32% 2,000,000 8,000,000 2,410,000 35% 8,000,000 Nicanor was employed by ABC Corp. from April 1, 2020. He receives basic pay of Php 20,000 per month as compensation. During annualization of compensation in November, it was determined that he will also receive the following: Additional compensation allowance – Php 5,000 Cash gift – Php 5,000 Christmas bonus – Php 5,000 Loyalty award – Php 5,000 Performance bonus/productivity incentive – Php 10,000 How much is the 13th month pay? Group of answer…
- 13. Instructions Use the graduated tax table below if applicable: GRADUATED TAX TABLE UNDER TRAIN LAW (January 1, 2018 to December 31, 2022) Over But not over The tax shall be Plus Of excess over 250,000 0 0 - P 250,000 400,000 0 20% P 250,000 400,000 800,000 30,000 25% 400,000 800,000 2,000,000 130,000 30% 800,000 2,000,000 8,000,000 490,000 32% 2,000,000 8,000,000 2,410,000 35% 8,000,000 A taxpayer registered in 2020 made available the following financial information for TY2021: Balance Sheet: Asset - Php 500,000 Liability - Php 100,000 Stockholders' Equity - Php 400,000 Income Statement: Gross sales - Php 10,000,000 Cost of sales – Php 8,000,000 Operating Expenses - Php 5,000,000 How much is the income tax due under CREATE Law if the taxpayer is a domestic corporation? Group of answer choices Php 300,000 Php 600,000 Php 200,000…Use the graduated tax table if applicable: GRADUATED TAX TABLE UNDER TRAIN LAW (January 1, 2018 to December 31, 2022) Over But not over The tax shall be Plus Of excess over 250,000 0 0 - P 250,000 400,000 0 20% P 250,000 400,000 800,000 30,000 25% 400,000 800,000 2,000,000 130,000 30% 800,000 2,000,000 8,000,000 490,000 32% 2,000,000 8,000,000 2,410,000 35% 8,000,000 Nicanor is a professional Architect and at the same time an employee of ABC Corp. He made available the following information: Gross receipts Php 2,000,000 Cost of service Php 1,000,000 Other valid expenses 200,000 Gross compensation Php 1,000,000 Non-taxable compensation Php 200,000 Compute the annual income tax due if Nicanor will opt for graduated tax rate. Group of answer choices Php 370,000 Php 430,000 Php 350,000 Php 290,00018. Instructions Use the graduated tax table below if applicable: GRADUATED TAX TABLE UNDER TRAIN LAW (January 1, 2018 to December 31, 2022) Over But not over The tax shall be Plus Of excess over 250,000 0 0 - P 250,000 400,000 0 20% P 250,000 400,000 800,000 30,000 25% 400,000 800,000 2,000,000 130,000 30% 800,000 2,000,000 8,000,000 490,000 32% 2,000,000 8,000,000 2,410,000 35% 8,000,000 Nicanor, a businessman engaged in selling goods and services, reported gross sales of Php 1 Million and gross receipts of Php 2 Million. The company spent Php 150,000 for representation expenses. How much is the non-deductible representation expense? Group of answer choices Php 125,000 Php 105,000 Php 150,000 Php 25,000
- 16. Use the graduated tax table below if applicable: GRADUATED TAX TABLE UNDER TRAIN LAW (January 1, 2018 to December 31, 2022) Over But not over The tax shall be Plus Of excess over 250,000 0 0 - P 250,000 400,000 0 20% P 250,000 400,000 800,000 30,000 25% 400,000 800,000 2,000,000 130,000 30% 800,000 2,000,000 8,000,000 490,000 32% 2,000,000 8,000,000 2,410,000 35% 8,000,000 A taxpayer made available the following financial information: Gross receipts - Php 10,000,000 Cost of service – Php 6,000,000 Expenses: Depreciation expense – Php 200,000 Miscellaneous expenses – Php 10,000 Office supplies…INCOME TAXATION - TAX DUE TAX TABLE (Jan. 1, 2018 to Dec. 31, 2022) If taxable income is: Tax due is: Not over P250,000 Over P250,000 but not over P400,000 Over P100,000 but not over PS00,000 Over P800,000 but not over P2,000,000 Over P2,000,000 but not over PS,000.000 Over P8,000,000 * 0% * 20% of the excess over P250,000 * P30,000 + 25% of the excess over P100,000 * P130,000 + 30% of the excess over P800,000 * P190,000 + 32% of the excess over P2,000,000 * P2,410,000 + 35% of the excess over PS,000,000 1. How much is the tax due on a taxable income of P 250 000? 2. How much is the tax due on a taxable income of P 890 000? 3. Ms. Z is single with no qualified dependent, earns compensation income of P3 230 000 during a taxable year. How much is the tax due of Ms Z? 4. Mrs. Z, married and a mother of two qualified dependent children, eams compensation income of P 460 000 during 2020. How much is the tax due of Mrs.. Z? 5. The pay slip of Mr. B for the month shows the following: 472,000…12. Instructions Use the graduated tax table below if applicable: GRADUATED TAX TABLE UNDER TRAIN LAW (January 1, 2018 to December 31, 2022) Over But not over The tax shall be Plus Of excess over 250,000 0 0 - P 250,000 400,000 0 20% P 250,000 400,000 800,000 30,000 25% 400,000 800,000 2,000,000 130,000 30% 800,000 2,000,000 8,000,000 490,000 32% 2,000,000 8,000,000 2,410,000 35% 8,000,000 A taxpayer registered in 2010 made available the following financial information for TY2021: Balance Sheet: Asset - Php 500,000 Liability - Php 100,000 Stockholders' Equity - Php 400,000 Income Statement: Gross sales - Php 100,000,000 Cost of sales – Php 60,000,000 Operating Expenses - Php 30,000,000 How much is the income tax payable under CREATE Law if the taxpayer is a domestic corporation? Group of answer choices Php 2,500,000 Php 3,000,000 Php…