The taxpayer is a resident citizen, married, with gross income from business of P500,000, business expenses...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The taxpayer is a resident citizen, married, with gross income from business of P500,000, business expenses with supporting receipts of P40,000 and premiums on health insurance of P3,000. 1. In choosing the itemized deductions of gross income, the taxable income is ? 2. If the taxpayer choose the optional standard deduction, the taxable income is? Optional Standard Deduction. The taxpayer is a married resident citizen with the following data in 2020: Revenues from services Capital gain on sale of asset held for 2 years Dividend from resident corporation P300,000 10,000 15,000 22,000 5,000 Direct costs of the services Capital loss on sale of asset held for 6 months 3. In choosing the optional standard deduction. the taxable income is? Capital Expenditure. A store building was constructed on January 2, 2010 with a cost of P570,000, Its estimated useful life is 16 years with scrap value of P70,000 after 16 years. In January 2015 replacement of some worn-out parts of the building costing P50,000 was spent. After the repairs, the building was appraised with a fair market value of P770,000. 4. The allowable deduction for depreciation for the year 2015 assuming the straight-line method is used is? The taxpayer is a resident citizen, married, with gross income from business of P500,000, business expenses with supporting receipts of P40,000 and premiums on health insurance of P3,000. 1. In choosing the itemized deductions of gross income, the taxable income is ? 2. If the taxpayer choose the optional standard deduction, the taxable income is? Optional Standard Deduction. The taxpayer is a married resident citizen with the following data in 2020: Revenues from services Capital gain on sale of asset held for 2 years Dividend from resident corporation P300,000 10,000 15,000 22,000 5,000 Direct costs of the services Capital loss on sale of asset held for 6 months 3. In choosing the optional standard deduction. the taxable income is? Capital Expenditure. A store building was constructed on January 2, 2010 with a cost of P570,000, Its estimated useful life is 16 years with scrap value of P70,000 after 16 years. In January 2015 replacement of some worn-out parts of the building costing P50,000 was spent. After the repairs, the building was appraised with a fair market value of P770,000. 4. The allowable deduction for depreciation for the year 2015 assuming the straight-line method is used is?
Expert Answer:
Answer rating: 100% (QA)
Lets address each question step by step 1 In choosing the itemized deductions of gross income the taxable income is To calculate the taxable income us... View the full answer
Related Book For
South-Western Federal Taxation 2018 Comprehensive
ISBN: 9781337386005
41st Edition
Authors: David M. Maloney, William H. Hoffman, Jr., William A. Raabe, James C. Young
Posted Date:
Students also viewed these accounting questions
-
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-5. Ivan's grandfather died and left a portfolio of municipal bonds. In 2012, they pay Ivan...
-
1. Which of the following is correct? I. A citizen of the Philippines residing therein is taxable on all income derived from sources within and without the Philippines II. A non-resident citizen is...
-
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-6. On December 12, Irene purchased the building where her store is located. She paid...
-
Explain why it has been suggested that the new rules in IFRS 16 could bring the biggest shake-up to retailers financial statements for decades.
-
Will the future value be larger or smaller if we compound an initial amount more often than annually, for example, every 6 months, or semiannually, holding the stated interest rate constant? Why?
-
An investor purchased a 182-day, $100 000 T-bill on its issue date. It yielded 3.85%. The investor held the T-bill for 67 days, then sold it for $98 853.84. (a) What was the original price of the...
-
If you drop a brick from a height of \(50 \mathrm{~mm}\) onto your toe, it probably won't hurt much, but if you drop the brick from a height of \(0.5 \mathrm{~m}\), it will hurt. The force of gravity...
-
What elements of the termination process may be responsible for making a project unsuccessful?
-
Eisentrout Corporation has two production departments, Machining and Customizing. The company uses a job-order costing system and computes a predetermined overhead rate in each production department....
-
It is often asserted that educational systems in developing countries, especially in rural areas, are unsuited to the real social and economic needs of development. Do you agree or disagree with this...
-
A fixed-income portfolio manager believes that within one year the credit spread of ABC firm will fall. Next week, ABC Corporation will be coming to market with a 15-year senior bond issue at par...
-
What would your appraisal be on a one-story house 45 ft by 55 ft, at a replacement cost of $30 per sq ft allowing for a 2.5% annual depreciation over 4 years?
-
A Taste of the Wild Inc. uses the percent of sales method of estimating uncollectible receivables. Based on past history, of 2% of credit sales are expected to be uncollectible. Sales for the current...
-
A bill of material is as follows: the end item Z is made from 2 units of B, one unit of C, and one unit of D. Each B requires 3 units of E and 2 units of F. Each C requires 2 units of E. Each D...
-
The profit function in dollars for an sno-cone vender can be given by x P(x) = + 2 35x 62.50, where x is the number of sno-cones sold. a) Find the number of sno-cones necessary to maximize profit. b)...
-
Peanut butter & chips. Recall that to improve its food allocation, Feeding America has established an internal market where local food banks are given a budget of fake money (called "Shares")...
-
Question 3 (20 marks) Leasee Bhd entered into a contract with Lessor Bhd to lease an asset for a period of 5 year. The leased asset will be transferred to ABC Bhd at RM113,724 on 1 January 2020 and...
-
14. In testing the existence assertion, an auditor ordinarily works from the a. Financial statements to the accounting records. b. General journal to the general ledger. c. Supporting evidence to the...
-
Jeff, a 52% owner of an S corporation, has a stock basis of zero at the beginning of the year. Jeff's basis in a $10,000 loan made to the corporation and evidenced by a corporate note has been...
-
Sarah owns a vacation cabin in the Tennessee mountains. Without considering the cabin, she has gross income of $65,000. During the year, she rents the cabin for two weeks for $2,500 and uses it...
-
Sean, a limited partner in Ivy Nursery, is informed that his portion of the entity's current loss is $18,000. As a limited partner, can Sean assume that his share of the partnership loss is a passive...
-
For the Lyman series, what is the wavelength of the line with the second longest wavelength? Would it be visible to the human eye?
-
In 1924 French theorist Louis de Broglie (1892 1987, Nobel laureate in physics 1929) proposed that matter has a wavelike nature expressed by \(\lambda=\frac{h}{m v}\). Show that his relation agrees...
-
Write the Hamiltonian for the electron in a hydrogenic atom. Assume that the nucleus is fixed in position.
Study smarter with the SolutionInn App