What is the tax formula for calculating your tax liability every
income year? Write the formula...
What is the tax formula for calculating your tax liability every
income year? Write the formula
out in full. Explain each element of the tax formula with reference
to the relevant provisions of
the ITAA97.
Write a program, called NationalTax, that will simulate
calculating a citizen's income tax for the year.
A country uses lettered ID's to identify its citizens. Valid
ID's will be either 8 or 9 characters long. All characters entered
will be alphabetic characters only (a-z or A-Z).
Display a welcome message.
Prompt the user for their ID and read it in.
Next, determine if the ID is valid based on its length.
If it is not valid, simply state that the...
What is the tax liability for an individual with $48,000 of
income if the tax rate is 15% on income up to $25,350 and 28% on
income over $25,350?
A. $13,440.00
B. $13,104.00
C. $10,495.50
D. $10,144.50
BONUS OBLIGATION1.) Arthur Corporation pays bonuses to its
sales manager and two sales agents. The company had profit for 2020
of P 3,000,000 before bonuses and income taxes. Assume-a.) The sales manager gets 8% and each sales agent gets 6% of
profit before tax and bonuses.b.) Each bonus is 12% of profit after income tax and
bonuses.c.) Sales manager gets 12% and each sales agent gets 10% of
profit after bonuses but before income tax.REQUIRED:Determine the amount of bonus of...
In Australia, when calculating the total tax liability of an
individual resident what happens with dividends earned from an
investment and franked credits
Example: An individual made $10,000 from dividends and $3,000 of
those were franked credits.
Question: using this formula income tax = (taxable income x tax
rate) - tax offsets. Would I add the 10,000 to the taxable income
and then add the 3,000 franked credits to the tax offsets. If not
how and where would I input...
Why is the current tax liability (income tax payable or current
tax payable) at the end of a reporting period not usually equal to
the Income tax expense for that period?
The Yellow Corporation reports a deferred income tax liability
of $732,000 in its December 31, Year One, balance sheet. a. Why are
differences created between a company’s reported net income and the
taxable income figure shown on its income tax return? b. What is
meant by the term “temporary tax difference”? c. In general, what
is the meaning of a deferred income tax liability? d. In analyzing
a company, liabilities are generally viewed as a negative. Why do
company officials...
The Yellow Corporation reports a deferred income tax liability
of $732,000 in its December 31, Year One, balance sheet. a. Why are
differences created between a company’s reported net income and the
taxable income figure shown on its income tax return? b. What is
meant by the term “temporary tax difference”? c. In general, what
is the meaning of a deferred income tax liability? d. In analyzing
a company, liabilities are generally viewed as a negative. Why do
company officials...
What are the steps to calculate deferred income tax liability?
Thanks
The Sample Corporation prepared the following income statements
and income tax returns for Year 1 through Year 4.
Income Statement
Year 1
Year 2
Year 3
Year 4
Sales
$1,000
$1,000
$1,000
$1,000
Operating expenses
650
650
650
650
Pretax net income
$350
$350
$350
$350
Provisions for income taxes
140
140
140
140
Net income
$210
$210
$210
$210
Income Tax Return
Year 1
Year 2
Year 3...
The tax liability of RGV corporation with ordinary income of $
110,000 is ________.
Range of taxable
income Marginal
rate
$0 to $50,000 15%
50,000 to 75,000 25
75,000 to 100,000 34
100,000 to 335,000 39
335,000 to 10,000,000 34
10,000,000 to 15,000,000 35
15,000,000 to 18,333,333 38
Over
18,333,333 35
A. 42,900
B. 26,150
C. 27,150
D. 28,150
What is the average tax rate for RGV corporation?
24.04%
23.77%
34%
39%
show calculations