Mr. A is a resident of country X, went on 3 months assignment to Country Y > Salary income of Mr. A is 24,00,000 Of the above, Country Y taxed 3 months income of 6,00,000 @ 28% Compute tax liability of Mr. A considering full credit method and ordinary credit method. Solutia
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- As a newly hired IRS trainee, you have been asked to calculate the amount of tax refund or tax owed for the taxpayer (in $). (Enter a positive value for the amount.) Other Refund/Owe (Select one) Tax Таx Name Payments Amount Liability Credits Taxes Trent $6,998 $1,231 $885 $7,600 ---Select--- $Compute the income tax payable, if any. PURELY SELF-EMPLOYED INDIVIDUALS WHO AVAILED 8% Relevant information: YOU are engaged solely in the business of selling goods and merchandise in TY 2021. In compliance with the existing rules in doing business, you applied for your TIN where your home BIR RDO (select the BIR which has jurisdiction over the place of your residence) assigned you Taxpayer Identification No. 123-456-789-0000. Additional information: For the year 2021, you chose 8% tax rate Your financial records showed the following: Gross Sales – Php2,000,000 Cost of Sales – Php 1,000,000 Expenses – Salaries and wages of staff – Php 360,000 Depreciation of car used in delivery – Php 100,000 Representation expense – Php 10,000 Office Rent expense – Php 360,000 Rent expense on your condominium – Php – 240,000 Utilities in office – Php 120,000 Electricity expenses in condominium – Php 60,000 Registration fees of delivery car and other taxes – Php 5,000 Gas and oil – Php 120,000…Problem Solving Directions: 1. Compute for the gross taxable income and tax due of Ms. Myra dela Torre, supervisor of the telecommunication company. Basic salary of P1,401,148.83, 13th-month pay, and other benefits P90,000.00, de minimis benefits of P40,000.00, SSS/GSIS/, PHIC, and Pag-ibig contributions P16,570.60. 2. Explain the procedure of how you computed the gross taxable income and tax due of Ms. dela Torre.
- As a newly hired IRS trainee, you have been asked to calculate the amount of tax refund or tax owed for the taxpayer (in $). (Enter a positive value for the amount.) Refund/Owe (Select one) Тax Тах Other Name Payments Amount Liability Credits Таxes Hayward $3,559 $750 $3,460 ---Select--- $1. Match each form name with its associated description. Form 1099-NEC Form 1096 Form W-9 Request for Taxpayer Identification Number and Certification Nonemployee Compensation Annual Summary and Transmittal of U.S. Information Returns 2. The SUTA taxes for an employee whose year-to-date earnings prior to the current period are $12,400, who earns $1,500 during the current period, who works in a state with a credit reduction of 1.5%, and whose state imposes a SUTA tax rate of 2.5% with an associated wage base of $12,600 would be$______ 3. Which of these states does NOT levy SUTA tax on employees as well as employers? Answer: A. New Jersey B. Alaska C. Pennsylvania D. Rhode IslandMs. Cumacaliua is concurrently employed at Cumanan Corporation and Paatras Company. She received the following during the month: Cumanan 50,000 P Paatras 40,000 Professional fees P Less: 6,000 12,000 Creditable withholding tax Loan repayment SSS, PhilHealth, HDMF Net pay 7,000 3.000 40.000 P P. 22,000 ist Compute the amount subject to business tax. c. P 77,000 d. P 90,000 a. PO Her b. P 62,000 combare tue smonur
- Rental income of R70 000 is received in advance. Calculate the tax base for income received in advance for the year ended 29 February 2016. Accept that SARS will tax the rental income when the rental premises is made available to the lessee. The tax base is: a. R70 000 b. R19 600 c. R0 d. R7 000Priceton Salary income is $150000 , STCG is $ 320000 , Tax@20 % , Exemption from Income $170000 Prepare Journal entries for tax payables , alculate taxable income, Tax liability Follow USA Tax rules.Jared Goff, of LA, determined the following tax information:Gross Salary: $170,000Interest Earned: $7,000IRA Contribution: $5,000Standard Deduction: $12,200 Filing Single, calculate Jared's taxable income and tax liability. Tax Liability: blank1 - Numeric Answer Round to the nearest cent. DO NOT INCLUDE COMMAS OR $.
- 1. The Request for Taxpayer Identification Number and Certification is also known as Form _____. Answer: A. W-9 B. W-4 C. W-2 D. I-9 2. When the 4th quarter FUTA tax is NOT at least _____, the payment may be mailed at year-end with Form 940. Answer: A. $100 B. $500 C. $1,000 D. $5,000 3. The full self-employment tax rate applied to the first $142,800 of earnings is _____. Answer: A. 2.9% B. 6.2% C. 12.4% D. 15.3%With the following data, compute the NET FUTA Tax. Gross FUTA Tax DUE $ 6,750 Credit against FUTA (assume applicable) $3,100 Group of answer choices $3,100 $7,000 $3,650 $6,750Calculate the taxpayer's qualifying business income deduction for a qualified trade or business: Filing status: SingleTaxable income: $100,000Net capital gains: $0Qualified business income (QBI): $30,000W–2 wages: $10,000