Ferran operates a boutique yarn store from their own. The store had accounting income after tax of $50,000. Already deducted from that number are depreciation of $5,000, financing fees of $2,500, and salaries to arm's length employees of $10,000. CCA would be $4,000. Calculate Ferran's taxable income based on what you know about them?
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Ferran operates a boutique yarn store from their own. The store had accounting
income after tax of $50,000. Already deducted from that number are
$5,000, financing fees of $2,500, and salaries to arm's length employees of $10,000.
CCA would be $4,000.
Calculate Ferran's taxable income based on what you know about them?
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- Ferran operates a boutique yarn store from their own. The store had accountingincome after tax of $40,000. Already deducted from that number are tax expenses of$8,000, meals of $1,300, and yarn supplies expense of $5,000.Calculate Ferran's taxable income based on what you know about them?Mr. Juan Dela Cruz operates a mini bakeshop while he offers cleaning services to his clients. In 2018, his gross sales amounted to P280,000 in addition to his receipts from cleaning services of P20,000. He incurred cost of sales and operating expenses amounting to P20,000 and P5,000, respectively or a total of P30,000. He consulted you if he could avail of either the graduated income tax rates (0%-35%) or the flat 8% income tax rate. Compute for the income tax due for 2018 considering the tax option that is more favorable to him.Jill is self-employed in the commercial plant care business. The business earned $120,000 in revenue and has $36,000 in business expenses. How much does Jill owe in FICA taxes? Select answer from the options below $11,868.82. $16,955.46. $12,852.00. $18,360.00.
- G, the Manager of ABC Co., was given a fringe benefit of a Household Expense account for the salary of his driver and other personal expenses in the amount of P20,000 per month for the current year. Compute the following: 1) Grossed Up Monetary of the Fringe Benefits 2) Fringe Benefits Tax Payable 3) If G is employed in an Offshore Banking unit, compute the fringe Benefits Tax. Upload your solutions in Spreadsheet Format.In 2020, Ms. Montibon owns a grocery store with gross receipts of P1,375,000. Her cost of sales and operating expenses are P600,000 and P400,000, respectively, and with non-operating income of P100,000.1. What business tax is due to her?2. How much is the income tax due to her?3. How much tax due if she availed the OSD?Jayda, who is self-employed, maintains an office in her home that comprises 16% (370 square feet) of total floor space. Gross income for her business is $44,150, and her residence expenses are as follows: Real property taxes Interest on mortgage Operating expenses Depreciation (based on 16% business use) If required, round your final answer to the nearest dollar. a. What is Jayda's office in the home deduction based on the regular method? $ $4,860 8,100 4,050 6,395 b. What is Jayda's office in the home deduction based on the simplified method?
- Last year, Marylynn opened Baron’s Appliance Sales and Service. Her tax accountant provided the year’s results. Gross income = $320,000 Business expenses = $149,000 MACRS depreciation = $95,000 Average federal tax rate = 18.5% Average state tax rate = 6% City and county flat tax rates combined = 4.5%Determine the following for Marylynn.a. Taxable income.b. Exact amount of federal income taxes.c. Estimate of percent of the GI needed to pay all income taxes—federal, state, city and county.Jayda, who is self-employed, maintains an office in her home that comprises 26% ( 360 square feet) of total floor space. Gross income for her business is $45,650, and her residence expenses are as follows: Real property taxes Interest on mortgage Operating expenses Depreciation (based on 26% business use) If required, round your final answer to the nearest dollar. a. What is Jayda's office in the home deduction based on the regular method? 9,595 X Feedback $4,764 7,940 3,970 4,715 Check My Work Self-employed individuals are not allowed a deduction for office in the home expenses unless a portion of the residence on a regular basis under certain circumstances. b. What is Jayda's office in the home deduction based on the simplified method? 1,100 XLisa Manoban, operates a pet shop at the same time, offers interior design services to her clients. The following data were provided by Lisa for the 2018 taxable year. Pet Shop GROSS SALES 1,800,000 COST OF SALES 600,000 OPERATING EXPENSES 200,000 Interior design services GROSS SALES 1,150,000 COST OF SALES 120,000 OPERATING EXPENSES 80,000 How much is her income tax provided she opted to use the graduate rate?
- 3. Jackson reports $60,000 sales from his Schedule C business. He has utility and wages expenses of $20,000, and depreciation of $5,000. Jackson also has $20,000 income from wages as an employee. What is Jackson's self-employment tax for the year?Cindy, who is self-employed, maintains an office in her home that comprises 10% (340 square feet) of total floor space. Gross income for her business is $54,650, and her residence expenses are as follows: Real property taxes $4,092 Interest on mortgage 6,820 Operating expenses 3,410 Depreciation (based on 10% business use) 8,075 a. What is Cindy's office in the home deduction based on the regular method? b. What is Cindy's office in the home deduction based on the simplified method?What is the taxpayer's gross income in each of the following situations? Do not type a dollar sign. Use commas when appropriate as in 3,500. If the answer is zero, type a 0. a. Myra received a salary of $80,000 from her employer, Green Construction. b. In July, Green Construction gave Myra an all-expense-paid trip to Las Vegas (value of $3,200) for exceeding her sales goals. c. Darrin received $9,000 from his employer to help him pay his medical expenses not covered by insurance, this payment is not available to all employees. d. Blake received $5,000 from his deceased wife's employer to help him in his time of greatest need." e. Austin collected $50,000 as the beneficiary of a group term life insurance policy when his wife died. The premiums on the policy were paid by his deceased wife's employer.