How much is the tax due

Assignment Help Accounting Basics
Reference no: EM133042538

Question - Mr. Tany Taxo is an employee of DEF Enterprises, a minimum wage earner. He earned an annual income of Php 160,000. He has a total mandatory contributions such as SSS, Philhealth and Pag-ibig amounting to Php 10,500 and received 13th month pay of Php 13,000. How much is Mr. Taxo's income tax liability?Ms. Talend, owner of a mini-groceries while she's on call working in financial consultancy services to her clients.

She has a gross sales from her business amounting to Php 2,500,000.00 for the 1st Quarter and gross receipts for her consultancy services , Php450,000.00 in 2019. Ms. Talend signified her intention to be taxed at 8% income rate. How much is her tax due?Ms. Talend, failed to signify her intention to be taxed at 8% income tax rate on gross sales in her initial quarterly income tax return, and she incurred expenses as follows:

-Cost of Sales - Php 850.000

-Operating Expenses 375.000

Required - How much is the Tax due?

Reference no: EM133042538

Questions Cloud

What could you do to increase the value of the investment : You are trying to accumulate $2,000 at the end of 5 years by contributing a fixed amount at the end of each year. What could you do to increase the value
Report and Software Artefact Assessment : Report and Software Artefact Assessment - creating a suitable private Git repository and regularly committing to your repository as you develop your solution
Determine the annual profit : On the other hand, the current sales volume is 4,000 units per year, at a price of $ 15,500 per unit. Determine the annual profit
What the total annual storage and ordering cost : The company is capable of manufacturing 1,000 units per week working from Monday to Friday. What the total annual storage and ordering cost
How much is the tax due : Mr. Tany Taxo is an employee of DEF Enterprises, a minimum wage earner. He earned an annual income of Php 160,000. How much is the Tax due
What is the amount that she should accept in this scenario : Sarah just won a settlement with an insurance company, which entitles her to receive payments of $30,363. What is the amount that she should accept
Determine the direct labor time variance : Labor standards were 7.0 hours per completed unit at a standard rate of $12.75 per hour. Determine the direct labor time variance
SHR043-6 Integrated Management Project Assignment : SHR043-6 Integrated Management Project Assignment Help and Solution, University of Bedfordshire - Assessment Writing Service
Indicate the accounts that are increased or decreased : Indicate the accounts that are increased and/or decreased and by which amount to remove the equipment from the books of Brown Company on March 31, 2015

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd