of Business and Accountancy COLUMBAN COLLEGE‚ INC. No. 1 Mt. Apo Street‚ New Asinan Olongapo City 2200 Tel. No.: (047) 222-3329 Telefax No.: (047) 222-7789 Website: www.columban.edu.ph DEDUCTIONS FROM GROSS ESTATE 1. Classify the following into exclusive deduction or conjugal/communal deduction. a. Funeral expenses b. Judicial expenses c. Loss of exclusive properties d. Loss of conjugal/communal properties e. Claims against exclusive properties f. Claims against conjugal/communal
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tax‚ which is the gross income that obtained in business in the amount of $300‚000. He will actually have to pay "income" and "self-employment" tax on the "net" earnings from his business... not the entire $300K because presumably he has business deductions. Issue (b): How is the $25‚000 treated for purposes of federal tax income? The $25‚000 would not be reported as income. The reasons why are that the $25‚000 should have been classified as an expense on the balance sheet. It would not have
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2012 standard deduction: “$5‚950 for single filers‚ $11‚900 for married joint filers‚ $5‚950 for married taxpayers filing separately‚ and $8‚700 for head of household filers.” More types of standard deduction for people over the age of 65 include: “$1‚450 for single or head of household filers‚ and $1‚150 for married filers.” This website stated that‚ “the standard deduction can be claimed on IRS Tax Form 1040‚ IRS Tax Form 1040A‚ or IRS Tax Form 1040E7.” Above-the-Line Deductions include: “student
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objective measuring tools such as timecards or timesheets completed by supervisors to determine the total amount of payroll due each pay period. In a company‚ payroll is the sum of all financial records of salaries‚ wages‚ bonuses and deductions. The current Federal payroll service environment evolved over many years of incremental changes that have been implemented in different ways across the Government. The influence of Agency-unique interpretation of legislation‚ regulation‚ and HR
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MT 1‚ answers‚ v. 1‚ December 12 F6 RUS Monitoring Test 1 – Answers 1 (A) “ARTEMON” 1. Calculation of CPT liability Calculation of CPT liability in mln. RR marks ½ ½ Sales income Prepayments as at 31/12 Direct expenses: Cost of merchandise goods (note 1) Transportation services (note 2) Indirect expenses: Other services (note 2) Wages and salaries (note 3) SSC on wages and salaries (note 3) Immediate write-off of 30% of the cost of new fixed assets (note 4) Depreciation of the new fixed assets
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rates increase as income increases ►Federal income taxes ►FORMULA: ►Income (very broadly inclusive) ►LESS: Exclusions (income not subject to taxation) ►EQUALS Gross income ►LESS: Deductions for adjusted gross income ►EQUALS Adjusted gross income ►LESS: Greater of itemized deductions or standard deduction ►LESS: Personal exemptions ►EQUALS Taxable income ►MULTIPLIED BY: Tax rate ►EQUALS Tax owed ►LESS: Tax credits ►LESS: Tax prepayments/withholdings ►EQUALS Tax owed/refund ►ARQ: In
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background in developing a system. CONCEPTUAL LITERATURE Payroll System is a flexible compensation administration solution. It is designed to help human resource professionals as well as finance and accounting personnel to manage employee compensation‚ deductions‚ allowances‚ and benefits in an organization. The system is integrated with the Employee Information System‚ offers efficient features and functionality to manage company’s expenses. (www.blastasia.com) Payroll is an application that lends itself
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CPAs 5191 Natorp Boulevard Mason‚ OH 45040 September 6‚ 2013 Grayson Investments‚ Inc. 53 E. Marsh Ave. Smyrna‚ GA 30082 Dear Ana Marks & Blake Caldwell‚ This letter is regarding the issue of the necessity of reallocating MACRS deductions to satisfy the “economic effect” requirements of Reg. 1.704-1 and 1.704-2. Economic effect regulations tie tax allocations to economic benefits and burdens through the partners’ capital accounts. Allocations satisfy the primary economic effect
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Main Line of Business Legally Separated 16 Filing Status Widow/er Joint Filing 18 PSIC Itemized Deduction 20 Method of Deduction [Sec. 34 (A-J)‚ NIRC] 21 Method of Accounting Cash 22 Income Exempt from Income Tax? Accrual Yes No If Yes‚ fill up also Mandatory Attachments PER ACTIVITY (Part X). 24 Claiming Additional Exemptions? Yes Separate Filing 19 PSOC Optional Standard Deduction (OSD) 40% of Gross Sales/ Receipts/Revenues/Fees [Sec. 34(L)‚ NIRC‚ as amended by R.A. 9504] Others
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Agenda‚ Volume 5‚ Number 1‚ 1998‚ pages 49-60 Abolishing Income Tax Deductions for Work-Related Expenses Jonathan Baldry NDER the Australian personal income tax‚ wage and salary earners are allowed to claim tax deductions for work-related expenses (WREs). In income year 1993/94‚ 67 per cent of wage and salary earners (59 per cent of all personal income taxpayers) claimed deductions for WREs amounting to $4.86 billion‚ or 2.6 per cent of total declared wages and salaries. The most important
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