How much is the income tax payable for each quarter?
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The following cumulative balances during the year 2018 on income and expenses were provided by Tupac Shakur, a resident citizen.
| 1st quarter | 2nd quarter | 3rd quarter | 4th quarter | ||
| Gross sales | 300,000.00 | 650,000.00 | 910,000.00 | 1,200,000.00 | |
| Cost of Sales | 120,000.00 | 262,000.00 | 405,890.00 | 426,700.00 | |
| Creditable Withholding Tax | - | 5,000.00 | 25,000.00 | 25,000.00 | |
| Dividends-domestic corporation | 20,000.00 | 20,000.00 | 30,000.00 | 30,000.00 | |
| Interest income - domestic | |||||
| BPI | 4,000.00 | 8,000.00 | 12,000.00 | 16,000.00 | |
| UCPB | 8,000.00 | 12,000.00 | 16,000.00 | 18,000.00 | |
| METROBANK | 5,000.00 | 10,000.00 | 15,000.00 | 30,000.00 | |
| 150,000.00 | 150,000.00 | 150,000.00 | 150,000.00 | ||
| >SELLING PRICE IS P600,000 COST IS P450,000 |
How much is the income tax payable for each quarter?
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- A derived its income from its self-operated talpakan business. The details of his business for 2021 are as follows: Gross Receipts - P100,000.00 Operating Expenses - P50,000.00 Income taxes withheld in general - P10,000.00 Question: Assuming that the tax rate is 25%, what is the income tax payable of A? Group of answer choices P2,500.00 P12,500.00 P25,000.00 P15,000.00A VAT-registered taxpayer has the following VAT-exclusive data for the month of January 2017:Accounts receivable, January 1, 2017P 500,000Sales on account for the month of January1,000,000Cash sales for the month of January300,000Accounts receivable, January 31, 2017700,000Cash purchases for the month of January 2017 400,000 a.How much is the output tax for the month of January, 2017 using 12% rate assuming the taxpayer is a trader. b.How much is the output tax for January, 2017 using 12% rate assuming the taxpayer is service providerIn the third quarter of 2017, a taxpayer engaged in the sale of services whose annual grossreceipts do not exceed P1,919,500 has the following data:Accounts receivable, beginning of the quarter 50,000Sales during the quarter, on account 100,000Accounts receivable, end of quarter 75,000Purchase of supplies, total invoice amount 11,200The percentage tax due for the quarter is_______________Assuming the taxpayer is VAT-registered, the VAT payable is __________________
- Use the 2016 marginal tax rates to compute the tax owed by the following person. A head of household with a taxable income of $89,000 and a $7000 tax credit Click the icon to view the 2016 marginal tax rates. The tax owed is $ (Type an integer or a decimal. Round to the nearest cent as needed.) 2016 Marginal Tax Rates Tax Rate 10% 15% 25% 28% 33% 35% 39.6% 2016 Marginal Tax Rates, Standard Deductions, and Exemptions Married and each partner files a separate tax return Unmarried, divorced, or legally separated Single up to $9275 $9276 to $37,650 $37,651 to $91,150 $91,151 to $190,150 $190,151 to $413,350 $413,351 to $415,050 more than $415,050 $6300 Standard Deduction Exemptions (per $4050 person) Married Filing Separately Married Filing Jointly up to $9275 up to $18,550 $9276 to $37,650 $18,551 to $75,300 $37,651 to $75,950 $75,301 to $151,900 $75,951 to $115,725 $151,901 to $231,450 $115,726 to $206,675 $231,451 to $413,350 $206,676 to $233,475 $413,351 to $466,950 more than $233,475…A. The following data were gathered pertaining to the business of person for a taxable quarter in 2018: Vat-registered Taxable sales P1,200,000 Zero-rated sales P600,000 Exempt Sales P450,000 Input tax- taxable P67,500 Input tax- zero rated P15,000 Input tax-exempt P22,500 Input tax that cannot be attributed specifically to any transaction, P30,000. Assuming all applicable input taxes are to be claimed as credits against output ta es, the VAT payable is:Bridgeport Inc. reports the following pre-tax incomes (losses) for both financial reporting purposes and tax purposes: Year 2018 2019 2020 2021 (a) Accounting Income 2019 (Loss) $131.000 2020 2021 97,000 (306,000) 223.000 The tax rates listed were all enacted by the beginning of 2018. Bridgeport reports under the ASPE future/deferred income taxes method. 2018 Deferred Tax Expense Tax Rate 25 % Prepare the journal entries for each of the years 2018 to 2021 to record income tax. Assume the tax loss is first carried back, and that at the end of 2020, the loss carryforward benefits are judged more likely than not to be realized in the future. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts) de 25 % 30 % 30 % Prepare the journal entries for each of the years 2018 to 2021 to record income tax Assume the tax loss is first carried back, and that at…
- According to the Canada Revenue Agency, 34.4% of personal tax returns processed for the 2018 tax year had balances owing to the government. The average balance owing for 2018 was $5621 with a standard deviation of $151.76. Assume the balances follow a Normal distribution. Determine the amount owing that corresponds to the minimum of the top 10% balance $5,426.75 $5,500 $5,815.25 5615.50X, a resident citizen had the following data in the year 2021:Gross income from the practice of profession, P1,590,000Gross income from business, P3,500,000Interest income from currency bank deposit at Metro Bank, P8,300Interest income on private securities, P24,000Dividend income from domestic corporation, P26,000Interest income on loans to friends, P13,000Winnings from raffle draws, P2,000Sale of a land in Marikina not used in business (with a FMV of P2,900,000), P3,300,000Deductible business and professional expenses, P3,842,000How much should X report as his gross income?A VAT-taxpayer made the following sales during the year:Domestic Sales P100,000Export Sales P120,0001. What is the amount subject to business tax?2. Compute the Output VAT.
- Use the 2016 marginal tax rates to compute the income tax owed by the following person. Unmarried head of household with two dependent children. Gross income: $63,000 Adjustments: none Deductions: $3480 state taxes $1000 theft loss Tax credit: $3000 i Click the icon to view the 2016 marginal tax rates. The income tax owed is $. (Type an integer or a decimal. Round to the nearest cent as needed.) 2016 marginal tax rates 2016 Marginal Tax Rates, Standard Deductions, and Exemptions Unmarried and paying Unmarried, divorced, Married and each partner or legally separated Married and both files a separate tax return partners file a single more than half the cost tax return of supporting a child or parent Tax Rate Single Married Filing Separately Married Filing Jointly Head of Household 10% up to $9275 up to $9275 up to $18,550 up to $13,250 15% $9276 to $37,650 $9276 to $37,650 $18,551 to $75,300 $13,251 to $50,400 25% $37,651 to $91,150 $37,651 to $75,950 $75,301 to $151,900 $50,401 to…QUARTERLY INCOME TAX RETURNS 2-8. The following cumulative balances during the year on income and expenses were provided by Juan Dela Cruz, a resident citizen: 1st Q P300,000 120,000 20,000 2nd Q P650,000 262,000 20,000 3rd Q P910,000 P1,200,000 405,890 30,000 Year Gross Profit from Sales Business expenses Dividends-domestic corp. Interest income from BPI UCPB Metro Bank 426,700 30,000 4,000 8,000 5,000, 150,000 Selling price-P600,000; Cost-P450,000 8,000 12,000 10,000 150,000 12,000 16,000 15,000 150,000 16,000 18,000 30,000 150,000 Capital gain on sale of Land: REQUIRED: Using above information, compute the following 1. Income tax payable, first quarter 2. Income tax payable, second quarter 3. Income tax payable, third quarter 4. Income tax payable, fourth quarter 5. Total final taxes (for the year) on passive income 6. Total capital gains taxGabriela has the following income for the quarter: a. Professional income,P80,000 b. Income from her business, P30,000 c. Compensation income,P40,000 d. Interest income from bank deposit, P10,000. What amount ofincome will Gabriela report in her quarterly income tax return? P80,000P110,000P120,000P150,000