Colyong, a government employee, receives a full 13rth month pay of 20,000 exclusive of 14,000 other benefits. He was deducted 18,000 during the year for premium for his SSS, PHIC, and HDMF contributions. Compute Colyong's taxable compensation income * 222,000 226,000 240,000 254,000
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- The distributable net income (DNI) for the Oshiro estate is $27,000, including $4,800 of tax-exempt interest income. If the executor distributes $9,000 to the beneficiaries in a year other than the final year, what amount may be taken as an income distribution deduction?In its first tax year, the Vasquez Estate generated $50,000 of taxable interest income and $30,000 of tax-exempt interest income. It paid fiduciary fees of $8,000. The estate is subject to a 40% marginal estate tax and a 37% marginal income tax rate. a. How much should the executor assign as a Form 706 deduction for the payment of the fees? b. Express this computation as a Microsoft Excel command.The distributable net income (DNI) for the Hamilton estate is 27000, including 4800 of tax exempt interest income. If the executor distibutes 9000 to the beneficiaries in a year other than the final year, what amount may be taken as an income distribution deduction?
- Jackie forecasts the following for the taxable year 2023. Gross profit from regular operations - 5,600,000 Other operating income - 400,000 Non-operating income - 50,000 Cost of Sales - 3,700,000 Deductible Expenses - 1,800,000 Assuming Jackie is a corporate taxpayer, how much is the optional standard deduction? A. 2,400,000 B. 3,880,000 C. 2,420,000 D. 3,900,0001. In year 6, Garland Corp. contributed $40,000 to a qualified Becker charitable organization. Garland's year 6 taxable income before the deduction for charitable contributions was $410,000. Included in that amount is a $20,000 dividends received deduction. Garland also had carryover contributions of $5,000 from the prior year. In year 6, what amount can Garland deduct as charitable contributions? a. $40,000 b. $41,000 c. $43,000 d. $45,000Roger has provided you with the following information: Year 1: Assessable income = $50,000; Deductions = $100,000 Year 2: Assessable income = $300,000; Non-assessable non-exempt income = $100,000; Deductions = $100,000 Year 3: Assessable income = $100,000; Exempt income = $200,000; Deductions = $300,000 Advise Roger as to his taxable income/loss each year. Would your advice be any different if the taxpayer was Roger Pty Ltd?
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