How much can he deduct as a business expense on his income tax return
Q: ella, a non-VAT taxpayer sold to Millie, a VAT taxpayer, his goods for P 50,000. The next day,…
A: Note: The Q Currency is Php hence, we are assuming the Q is from Phillipins. In Philippines VAT…
Q: PPP is a Filipino residing in Muntinlupa City. Aside from being employed as an accounting supervisor…
A: Optional Standard deduction is a standard deduction of 40% which is allowed to be deducted from the…
Q: Helen is a U.S. citizen and a CPA who moved to London, England, three years ago to work for a…
A: Foreign earned income exclusion is $108,700 for 2021. As the which year has to be taken is not…
Q: Anne is a painter and owns house painting company. Last month she painted the lake cottage of amber,…
A: Income tax: Income tax is a tax levied on an individual’s income (taxable income). It is a direct…
Q: Sandra, a non-VAT taxpayer sold to Kyle, a VAT taxpayer, his goods for P50,000. The next day, Kyle…
A: $1 = Php 45 Cost paid by PCSI = P123,200 Received by PCSI = $70
Q: The Value-added tax payable of Kyle is:
A: VAT is an acronym of the value added tax. It is a type of tax but falls under indirect tax category.…
Q: Nicanor, a non-VAT taxpayer sold to Kyle, a VAT taxpayer, his goods for P 50,000. The next day, Kyle…
A:
Q: Natoy, a non-VAT taxpayer sold to Mariel, a VAT taxpayer, his goods for P50,000. The next day,…
A: Value-added tax (VAT) - It is type of flat tax levied on an item. It is kind of sales tax owned by…
Q: What amount can Seth claim as an itemized deduction for taxes paid during the current year? a.$9,100…
A: The amount Seth can claim as an itemized deduction for taxes paid during the current year: b.…
Q: Nancy, a non-VAT taxpayer sold to Kyle, a VAT taxpayer, his goods for P50,000. The next day, Kyle…
A: The VAT rate in Phillipines is 12% for the year 2021.…
Q: Luma, who works for Microsoft Corp and owns 10,000 shares of American Airlines borrowed the…
A: IRS has a concept of imputed interest. Imputed interest is calculated when the loan is lent at no…
Q: Of the following individuals who would be a resident or deemed resident of Canada for tax purposes…
A: The answer for the multiple choice question and relevant explanation are presented hereunder : There…
Q: Helen is U.S. citizen and a CPA who moved to London, England, three years ago to work for a British…
A: Exclusion of foreign income earned: The conditions must be one of the following to be qualified to…
Q: Leona sold California real estate for $632,000 and she does not meet any of the exceptions for…
A: Withholding rate is 3 1/3 % of total sale price. So the withholding tax = 632000* 0.03333% = $ 21046
Q: Jordan pays $3,000 in tuition to New York University for completion of his Masters in Tax degree.…
A: If you’re self-employed, you can deduct the cost of education for your trade or business on Schedule…
Q: Jenny is a student from Sweden who comes to Australia to study for a four-year bachelor degree in…
A: Tax is the term which is defined as the compulsory charge that is in percentage form and it is…
Q: Janna is a sole proprietor engaged in the distribution of real estate. During the year, he sold a…
A: For taxation purpose, sale proceeds shall be considered as fair market value Taxable amount = Fair…
Q: Tom and Rachel are married and living together in California. Their income is as follows: Tom's…
A: In all of the community property states , income from interest shall be considered one half of by…
Q: fringe benefits tax
A: Fringe benefits refer to the amount given to the employee in addition to their wages. These are paid…
Q: Isko owns a residential condominium unit in Manila Prime Towers Condominium (MPTC), which he later…
A: BIR is stands for Bureau of Internal Revenue.
Q: Alexandra, single with no dependents, has waterfront rental property in Maine, but she is a…
A: Income Taxes- Taxes at the federal and state levels are imposed on the income of people, businesses,…
Q: First Metro Pacific was able to persuade Francis to join the company as its Assistant Vice President…
A: Francis joined the company as Assistant Vice President for Finance. Company included the car plan in…
Q: ackie, a non-business taxpayer, paid for the following relevant figures (in pesos) anent his…
A: Dutiable Goods are calculated on a CIF basis. Note 1. CIF is Cost, Insurance, and Freight (here…
Q: Robyn is a taxpayer painted her office, which she uses for her business purposes. She has paid…
A: Robyn is a tax payer painted her office which is used for the purpose of business; she has paid…
Q: Inday is settling the estate of his Filipino husband Nicanor, who died intestate in the Netherlands…
A: It is charged on transmission of property by resident and non-resident decedents. It is based on…
Q: The taxpayer is a non-resident citizen. In the Philippines, his business gross income is 550,000 and…
A: Non Resident citizen are liable for the income tax for the income received from the sources within…
Q: As a senior engineer for a large consulting firm, Ray earned $113,000 last year. Ray is married with…
A: Ray, a senior engineer of a large consulting firm earned last year = $113000 Ray is married with two…
Q: Nicanor is a married man with surviving spouse: Community Properties: Real Property located in…
A: Taxable estate = Gross estate - deduction Gross estate includes all property, real or personal,…
Q: Nicanor, a Non-Resident Alien residing in Canada, bought 20,000 (@par value of Php 100) shares of…
A: Cost of securities = 20000 shares x 100 = P2000000 Sales price = P 4000000
Q: Karen Most has a federal tax levy of $2,100.50 against her. If Most is single with two personal…
A: Federal tax levy: The amount of taxes levied on an employee's take-home pay, based on the levy rate…
Q: Tacurong, a resident citizen, won $1,000,000 from the US lottery. Is the lottery winning subject to…
A: Tax is the amount which a person is required to pay. It is a compulsory payment and nobody can deny…
Q: Kimberly is a self-employed taxpayer. She recently spent $3,300 for airfare to travel to Italy. What…
A: Total deductible amount is the total amount spent on the business operations.
Q: Jeff is a single taxpayer who sold his home when he was transferred from NY to Denver by his…
A: Exclusion gain is the amount which is obtained when a house is sold and is the capital gain is…
Q: Josie is a resident citizen who earned the following during the current taxable year: (1) Royalty…
A: Regular income tax or Ordinary income tax refers to the tax levied on: Income from wages or salary…
Q: Simon is a resident for tax purposes. During the year he derived gross wages of $50,000 from his…
A: The taxable income is the income on which the taxpayers has to pay the income tax yearly. The…
Q: A taxpayer engaged in manufacturing operations bought a machine with a salvage value of P50,000 and…
A: Hi student Since there are multiple questions, we will answer only one question. First question can…
Q: Nicanor, a non-VAT taxpayer sold to Kyle, a VAT taxpayer, his goods for P 50,000. The next day, Kyle…
A: GIVEN Nicanor, a non-VAT taxpayer sold to Kyle, a VAT taxpayer, his goods for P 50,000. The…
Q: Kimberly is a self-employed taxpayer. She recently spent $3,300 for airfare to travel to Italy. What…
A: Since the trip appears more of personal purpose, as the maximum number of days are spent on personal…
Q: Nicanor left the following bank deposits upon his death: • Uno Bank - Php 1,000,000 • Dos Bank - Php…
A: The heirs will opt for final tax and bank will collect final with holding tax at rate of 6% on 6…
Q: Kimberly is a self-employed taxpayer. She recently spent $3,300 for airfare to travel to Italy. What…
A: The purpose of the trip is business, the entire amount can be claimed as a deduction.
Q: Sandra, a non-VAT taxpayer sold to Kyle, a VAT taxpayer, his goods for P50,000. The next day, Kyle…
A:
Q: Tom and Rachel are married and living together in California. Their income is as follows: Tom's…
A: INTRODUCTION: Income tax is a tax paid to the government depending on your earnings (and profit, in…
Q: Kimberly is a self-employed taxpayer. She recently spent $3,300 for airfare to travel to Italy. What…
A: As per business entity concept, all revenues and expenses that are related with business, that,…
Q: Jenny is a student from Sweden who comes to Australia to study for a four-year bachelor’s degree in…
A: Tax refers to a percentile form of mandatory charged which is levied on the desired incomes or…
Q: Nathan had a car that he acquired for $45,000 5 years ago. It was stolen in the current tax year,…
A: given Nathan had a car that he acquired for $45,000 5 years ago. It was stolen in the current tax…
Q: Steven is a thirty-year-old Australian resident for tax purposes. He is single with no dependant and…
A: Tax can only be applied on profits if the person is incurring loss , there is no taxable income.
Paul is the proprietor of a home based business. He paid $25,000 to his part-time office manager who is a U.S. citizen, $8,000 to his adult son as his computer technician, and $32,000 to himself as salary. The son is a fully trained computer technician and his charges to Paul were considered to be at fair market value. How much can he deduct as a business expense on his income tax return?
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- Sheila, a single taxpayer, is a retired computer executive with a taxable income of 100,000 in the current year. She receives 30,000 per year in tax-exempt municipal bond interest. Adam and Tanya are married and have no children. Adam and Tanyas 100,000 taxable income is comprised solely of wages they earn from their jobs. Calculate and compare the amount of tax Sheila pays with Adam and Tanyas tax. How well does the ability-to-pay concept work in this situation?Enzo recently used his United SkyMiles to purchase a free round-trip ticket to Dublin, Ireland (value $1,500). The frequent flyer miles used to purchase the ticket were generated from Enzo's business travel as a CPA. Enzo's employer paid for his business trips, and he was not taxed on the travel reimbursement. a) Use an available tax research service to determine how much income, if any, Enzo will have to recognize as a result of purchasing an airline ticket with Skymiles earned from business travel. b) Write a memo communicating the results of your research.During the current year, Seth, a self-employed individual, paid the following taxes: Federal income tax $15,000 State income tax $6,500 Real estate taxes on land in South America (held as an investment) $700 State sales taxes 300 Personal property taxes based upon value $1,600 Federal self-employment tax $ 800 What amount can Seth claim as an itemized deduction for taxes paid during the current year?
- First Metro Pacific was able to persuade Francis to join the company as its Assistant Vice President for Finance which included a car plan worth P3,000,000 in its compensation The company purchased the vehicle and registered the same in favor of Francis. Assuming further that Francis is a non-resident alien not engaged in trade or business, how much is the fringe benefits tax?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?Sandra, an Australian resident taxpayer, operates a restaurant in Sydney as a sole trader. For the income year ended 30 June 2022, the assessable income derived from her business was $170,000. The deductions from the business were $84,000. She also had a weekend job at a local shopping centre from which she derived assessable income of $22,000. Her personal deductions (e.g. gifts to charities, tax agent’s fee, work related expenses) amounted to $4,200 for the year. You can assume that all these expenses can be substantiated. Sandra has an accumulated higher education loan program (HELP) liability/debt of $12,800 as at 30 June 2022. Sandra does not have private health insurance. 1. Calculate Sandra’s taxable income for the year ended 30 June 2022. 2. Calculate Sandra’s liability to the ATO for the income year ended 30 June 2022. Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for…
- Mr. Dela Cruz, a managerial employee, was given cash so he can purchase a car. The car shall be in Mr. Dela Cruz’s name. The purchase price of the car amounts to P750,000, while the cash provided amounts to P800,000. How much is the fringe benefits tax on the transaction?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: If Chuck 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? Note: For all requirements, do not round intermediate calculations. Round percentage answers to 2 decimal places.The taxpayer is a non-resident citizen. In the Philippines, his business gross income is 550,000 and his business expense is 100,000. His compensation income outside the Philippines is 600,000. How much is his taxable income in the Philippines?
- 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.Simon is a resident for tax purposes. During the year he derived gross wages of $50,000 from his employer in Sydney, $2,000 interest from Australian investments, and $8,000 of rent from an overseas property. Giving reasons, calculate the taxable income for SimonDuring the current year, Seth, a self-employed individual, paid the following taxes: Federal income tax $15,000 State income tax $6,500 Real estate taxes on land in South America (held as an investment) $700 State sales taxes 300 Personal property taxes based upon value $1,600 Federal self-employment tax $ 800 What amount can Seth claim as an itemized deduction for taxes paid during the current year? a.$9,100 b.$10,000 c.$9,900 d.$8,800 e.None of these choices are correct.
