36. The following interest payments were made by an individual income taxpayer in 2022:Sua12/8TUCKTueboey Tudor:TDGETOLva1 ne gosInterest on loan from BDO used to financea businessInterest on loan from Pag-Ibig to buildresidenceA. 80,000B. 82,500C. 175,000D. 221, 500Interest on loan obtained from brotherand used in businessInterest on loan from BPI used to buycomputer equipment in the officeInterest for late payment of value-addedtaxInterest on purchase price of residentiallot bought on installmentsInterest payment on a debt which hasprescribedThe deductible amount of interest isOP 50,000100,00025,00030,0002,5002,00012,000

Deductible interest expense refers to the interest payments that an individual or business can…

36. The following interest payments were made by an individual income taxpayer in 2022: Interest on loan from BDO used to finance a business Interest on loan from Pag-Ibig to build residence B: Broder Tuce T TUS otro 10737 11 IC Ro Interest on loan obtained from brother and used in business A. 80,000 B. 82,500 C. 175,000 D. 221, 500 Interest on loan from BPI used to buy computer equipment in the office Interest for late payment of value-added tax Interest on purchase price of residential lot bought on installments Interest payment on a debt which has prescribed The deductible amount of interest is O P 50,000 100,000 25,000 30,000 2,500 2,000 12,000

36. The following interest payments were made by an individual income taxpayer in 2022: Interest on loan from BDO used to finance a business Interest on loan from Pag-Ibig to build residence B: Broder Tuce T TUS otro 10737 11 IC Ro Interest on loan obtained from brother and used in business A. 80,000 B. 82,500 C. 175,000 D. 221, 500 Interest on loan from BPI used to buy computer equipment in the office Interest for late payment of value-added tax Interest on purchase price of residential lot bought on installments Interest payment on a debt which has prescribed The deductible amount of interest is O P 50,000 100,000 25,000 30,000 2,500 2,000 12,000

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter13: Tax Credits And Payment Procedures

Section: Chapter Questions

Problem 25P: LO.2 Oak Corporation has the following general business credit carryovers. If the general business...

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LO.2 Oak Corporation has the following general business credit carryovers. If the general business credit generated by activities during 2019 equals 36,000 and the total credit allowed during the current year is 60,000 (based on tax liability), what amounts of the current general business credit and carryovers are utilized against the 2019 income tax liability? What is the amount of unused credit carried forward to 2020?
14. Leslie Inc. has correctly determined the following information related to operations for 2018: Revenue from sales Expenses Income before income taxes P7,000,000 4,000,000 P3,000,000 In reviewing the records, you discovered the following items: During 2018, the company discovered an error in depreciation in 2017. The correction of this error, which has not been recorded, will result in an increase in depreciation for 2017 of P200,000. During 2018, the company sustained a loss of P400,000 because of flood, which destroyed its inventory. The company charged retained earnings and credited inventory for P400,000.
1. soru At the end of 2019, The Business with 20% Corporate tax rate has Expenses: TL3.150.000 and Revenues: TL3.375.000. How much is the Tax Payable if the business prepaid income tax of TL15.000 during the accounting period? a.TL30.000 b.TL15.000 c.TL45.000 d.TL60.000
Compute the income tax due in 2021. A. 50,000B. 800,000C. 290,000D. 400,000
13. Pat generated self-employment income in 2019 of $76,000. The self-employment tax is: a. b. C. d. $0. $5,369.23. $10,738.46. $11,628.00.
1. What self-employment tax rate is applied to earnings that exceed $142,800 in a year and also do NOT exceed the additional Medicare tax threshold? Answer: A. 15.3% B. 12.4% C. 2.9% D. 1.45% 2. What is the standard credit applied to the FUTA tax rate in non-credit reduction states? Answer: A. 0.6% B. 0.9% C. 5.4% D. 6% 3. An employer in a non-credit reduction state would pay FUTA taxes of _____ for an employee whose year-to-date earnings prior to the current period are $7,200 and who earns $1,100 during the current period. Answer: A. $0 B. $6.60 C. $43.20 D. $49.80
13. In 2022, Mr. Sun Ho was charged interest expense on a business related loan in the amount of PHP 60,000. His interest income on bank account with BPI is PHP 720. How much is the deductible interest expense? a. None b. PHP 59,856 c. PHP 144 d. PHP 60,000
How much is the gross income under accrual basis? * A. 2019:P1,400,000; 2020: P1,200,000 B. 2019: P1,400,000; 2020: P1,720,000 C. 2019: P500,000; 2020: P720,000 D. 2019: P800,000; 2020: P920,000
27. Which of the following is a type of regular income tax a. Individual Income tax b. Corporate Income Tax c. Mixed Earner Income Tax O d. Both A and B 28. A taxpayer using GAAP cash - basis on a calendar year shall compute the taxable income using * a. Tax cash basis on a calendar year b. Tax cash basis on a fiscal year c. Tax accrual basis on a calendar year d. Tax accrual basis on a fiscal year
How much is the total income tax expense recorded for the year ended December 31, 2019? a. P246,000 b. P270,000 c. P540,000 d. P786,000
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Self-Study Problem 2.13 A taxpayer (payor ex-spouse) is required to pay an ex-spouse (recipient ex-spouse) alimony of $12,000 per year. Determine how much alimony is deductible by the payor ex-spouse and how much alimony is recognized as income by the recipient ex-spouse based on the following information: If an answer is zero, enter "0". Details a. The payments are made in 2021 as part of a divorce decree executed in 2018. The divorce decree is modified in 2021 to explicitly apply the provisions of the TCJA. b. The payments are made in 2021 as part of a divorce decree executed in 2016. c. The payments are made in 2021 as part of a divorce decree executed in 2021. Deductible by payor Includable by recipient 00 00