Suzanne is a single mother and a full-time employee of Company A. Her salary is R65,000 a month. Based on the fact that she is a long-standing employee, Company A has granted her son a scholarship of R24,000 for his current Grade 10 year to aid him towards his dream of becoming a chartered accountant. How much of the scholarship is subject to income tax? Select one: O a. R4,000 O b. R24,000 Ос None of it - the entire amount is exempt from income tax O d. R20,000 Thomas is a junior executive at an advertising firm and earned a basic salary of

What is the amount of self-employment tax that would be paid by Andy for the year assuming he earned $128,100 while working as an employee of the University and another S20,000 from a sales business he owns? Select one: a. S1,190.40 b. S1,726.03 C. $535.63 d. $2,825.91 e. None of these

Cody and Serena are MFJ taxpayers with two children, Emma, age 10, and Ella, age 21. Ella is a full time student at NAU and Cody and Serena provide all of her support. Cody and Serena have an AGI of $65,000. What is the amount of the other dependent tax credit they can claim for the current year? А. $1,000 В. $500 С. $0 D. $1,500

1. Gomez maintains a law firm and registered as VAT taxpayer. For a particular client, the amount of professional fee imposed by Gomez is P300,000. Compute the business tax on this particular transaction. The taxable year is 2021. A. P3,000 percentage tax B. P9,000 percentage tax C. P36,000 output VAT D. zero   2. Ana invested P100,000 in domestic stocks. She sold them at a later date for P150,000 through the Philippine Stock Exchange. Ana is not a dealer of securities. Compute the business tax. A. zero B. P1,500 C. P900

1.Ms. Evelyn is tax comiance officer at the breau of internal revenue earning monthly salary of P35,196.00. How much is Ms. Evelynis take home pay. 2.Allan S. Gala is  a sales representative at a private pharmacy. He is given a monthly rice subsidy of P2,000.00 over his monthly salary of P24,300.00. How much is his monthly net pay

Betty is a manager at a Big 4 accounting firm. She earns $120,000 per year. How much is her low income rebate?   a. $1,200   b. $600   c. Nil   d. $445

1. Jose, the 70-year old widowed father of Rolando is earning P10,000.00 a month. As his income is barely enough just for medicines alone, Jose lives with and is dependent for his chief support upon Rolando who is single. How much basic personal and additional exemptions could Rolando claim when he files his income tax return?    A. P50,000 B. P25,000 C. none D. P75,000 2. Mr. X received a letter from Mr. Y, his brother, to withdraw $1,000 from the PNB. The teller of PNB, however, issued $10,000 to Mr. X in which the latter took the entire money and spent the $9,000 immediately. Assuming that the exchange rate is P50 per $1, how much is the reportable income received by error by Mr. X? *   A. P50,000 B. P450,000 C. P500,000 D. P0 3.  A taxpayer engaged in manufacturing operations bought a machine with a salvage value of P50,000 and estimated useful life of 5 years for P650,000. What is the carrying value of the machine…

Peter and Joan are married and Joan has self-employment income of $240,000. Peter is retired. How much additional 0.9% Medicare tax will Peter and Joan owe with their 2019 income tax return? a.$0 b.$2,160 c.$360

Christine and Doug are married. In 2018, Christine earns a salary of $250,000 and Doug earns a salary of $50,000. They have no other income and work for the same employers for all of 2018. How much 0.9 percent Medicare tax for high-income taxpayers will Christine and Doug have to pay with their 2018 income tax return? a. $450 b. $900 c. $2,700 d. None

Explain the tax effect based on providing $180,000 per year for the client’s salary and $70,000 per year for his daughter’s salary if they withdraw cash from the business or pay dividends as appropriate. E. Justify the percentage of ownership the client’s daughter should have in the business based on the type of business entity recommended. Consider the tax law in reference to the recommendation and how the decision will affect the daughter’s tax return. Answer for a S-Corporation please