Curandang submitted a sworn statement regarding the alleged tax evasion practices of Chitie Corporation. This led the BIR to recover P20,000,000 unpaid taxes. How much net tax informer's reward shall be paid to Mr. Curandang
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Curandang submitted a sworn statement regarding the alleged tax evasion practices of Chitie Corporation. This led the BIR to recover P20,000,000 unpaid taxes. How much net tax informer's reward shall be paid to Mr. Curandang?
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- Mrs. Smith, the legal wife of Mr. Smith who is the city treasurer of Baguio, provided an information to the Bureau of internal revenue unpaid taxes leading to the recovery of P9,500,000. REQUIRED: 1. How much is the net amount to be received by the informant after deduction of final taxes?Mr. Curandang submitted a sworn statement regarding the alleged tax evasion practices of Chitie Corporation. This led the BIR to recover P20,000,000 unpaid taxes. How much net tax informer’s reward shall be paid to Mr. Curandang? P 1,800,000 P 900,000 P 1,600,000 P 1,000,000Ms. Kirsten provided information to the BIR leading to the recovery of P8,000,000 unpaid taxes. Compute for a. Final withholding tax b. Net amount to be released to the tax informer
- A concerned government employee furnished the BIR a statement detailing the improper tax practices of a corporate taxpayer. The information was instrumental to the collection of P500,000 tax. How much informer's tax reward after tax shall be released to the informant?Mrs. Smith, the legal wife of Mr. Smith who is the city treasurer of Baguio, provided an information to the Bureau of internal revenue unpaid taxes leading to the recovery of P9,500,000. How much is the net amount to be received by the informant after deduction of final taxes? * a. P950,000 b. P1,000,0000 c. P855,000 d. 0A concerned citizen furnished the BIR a statement detailing the improper tax practices of a corporate taxpayer. The information was instrumental to the collection of P200,000 tax. How much is the final tax ? a.P20,000b.P18,000c.P2,000d.P0
- OBTUSE DULL Co. is involved in a tax dispute. OBTUSE has wrongfully paid taxes and is claiming for refund of the taxes it has previously paid. As of December 31, 20x1, OBTUSE's legal counsel was very confident that OBTUSE will be able to recover the tax refund amounting to P40M in the coming year. The entry to recognize the probable receipt of the tax refund includes Select the correct response: a debit to receivable and a credit to gain a debit to receivable none of these a debit to prepaid asset a credit to gainMr. Stanhope has an MBA degree from Stanford University and has successfully operated a business for 18 years. The revenue agent who audited Mr. Stanhope's Form 1040 discovered a glaring error resulting in a $17,500 underpayment of tax. When questioned by the revenue agent about the error, Mr. Stanhope just shrugged and offered no logical explanation. Required: a. If the error resulted from Mr. Stanhope's blatant disregard of a tax rule, compute the penalty for negligence. b. Is Mr. Stanhope's level of education and business experience likely to be a factor considered by the revenue agent in determining negligence? Complete this question by entering your answers in the tabs below. Required A Required B If the error resulted from Mr. Stanhope's blatant disregard of a tax rule, compute the penalty for negligence. Accuracy-related penalty4. Tax avoidance is deliberately ignoring a specific provision in the Income Tax Act. True or False 5. Ms. Burke had employment income of $52,100, a loss from her unincorporated business of $51,000 and interest income of $8,200. As the result of dispositions of capital property, she had capital gains of $22,400 and capital losses of $28.200. During the year she also paid childcare costs of $3.100 and paid spousal support to her ex-husband of $5, 100. Based on the above information answer the following three (3) questions O Ms. Burke's total income under ITA 3(a) is: A: $1,100 C: $52,100 D: $60,300 (i) Mrs. Burke's income under ITA 3(b) and allowable capital loss carry over are: A: nil ($0) and $5.800 B: negative $5,800 and $0 C: nil ($0) and $2.900 D: negative $2900 and $0 (ii) Ms. Burke's Net Income for Tax Purposes is: A: A loss of $4,700 B: $1,100 C: A loss of $1,800 D: $0 6. An individual was required to make instalments payments for 2020 if their net tax owing in 2020 is more than…
- 4. Tax avoidance is deliberately ignoring a specific provision in the Income Tax Act. True or False 5. Ms. Burke had employment income of $52,100, a loss from her unincorporated business of $51,000 and interest income of $8,200. As the result of dispositions of capital property, she had capital gains of $22,400 and capital losses of $28.200. During the year she also paid childcare costs of $3,100 and paid spousal support to her ex-husband of $5,100. Based on the above information answer the following three (3) questions () Ms. Burke's total income under ITA 3(a) is: A: $1,100 B: $9,300 C: $52,100 D: $60,300 (6) Mrs. Burke's income under ITA 3(b) and allowable capital loss carry over are: A: nil ($0) and $5,800 B: negative $5,800 and $0 C: nil (S0) and $2.900 D: negative $2900 and $0 (ii) Ms. Burke's Net Income for Tax Purposes is: A: A loss of $4,700 B: $1,100 C:A loss of $1,800 D: S0 6. An individual was required to make instalments payments for 2020 if their net tax owing in 2020 is…Mr. Stanhope has an MBA degree from Stanford University and has successfully operated a business for 18 years. The revenue agent who audited Mr. Stanhope's Form 1040 discovered a glaring error resulting in a $16,200 underpayment of tax. When questioned by the revenue agent about the error, Mr. Stanhope just shrugged and offered no logical explanation. Required: a. If the error resulted from Mr. Stanhope's blatant disregard of a tax rule, compute the penalty for negligence. b. Is Mr. Stanhope's level of education and business experience likely to be a factor considered by the revenue agent in determining negligence? Complete this question by entering your answers in the tabs below. Required A Required B X Answer is complete but not entirely correct. If the error resulted from Mr. Stanhope's blatant disregard of a tax rule, compute the penalty for negligence. Accuracy-related penalty $ 3,440 X Required A Required B >I. Final Income taxation is characterized by: 1. Full taxes are withheld by the income payor at source. 2. Recipient receives the income net of tax 3. Payor is the one required by law to remit the tax to government 4. Recipient need not file an income tax return 5. Tax withheld constitutes full tax due and deemed final payments EXAMPLE: Mr. C is a depositor of W bank and earns an interest income of P8,000 in a 6-month time deposit on year 2020. This interest income is subject to 20% final tax or P1,600. Requirements: Discuss final income tax using the names and amounts given. For example, In final income taxation, Mr. receives the income of P6,400 net of tax.
