Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Mar 03, 2024

Mitsubishi Inc. gave the following fringe benefits to Jose for year 2021: Brand new car (cash provided 2,500,000) Residential property (zonal value 8,000,000) Salaries

Mitsubishi Inc. gave the following fringe benefits to Jose for year 2021: Brand new car (cash provided 2,500,000) Residential property (zonal value 8,000,000) Salaries of maid and personal driver Brand new laptop and iPhone for business use Educational assistance to Jose's daughter Membership Fee - Anytime Fitness How much is the final tax on fringe benefits? 2,800,000 10,000,000 280,000 220,000 1,700,000 5,000

Step by Step Solution

★★★★★

3.40 Rating (147 Votes )

There are 3 Steps involved in it

Step: 1

To calculate the final tax on fringe benefits we need to determine the taxable value of each fringe benefit and then apply the appropriate tax rate Th... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Fundamentals Of Taxation 2015

Authors: Ana Cruz, Michael Deschamps, Frederick Niswander, Debra Prendergast, Dan Schisler, Jinhee Trone

8th Edition

1259293092, 978-1259293122, 1259293122, 978-1259293092

More Books

Students also viewed these Law questions

Question

7 + 3 ( 2 a 6 ) 9 a

Answered: 1 week ago

Question

★★★★★

Compute for the fringe benefits tax due in the following scenarios. During 201A, Alpha Corporation gave the following fringe benefits to its employees: Salaries to rank and file employees P1,000,000...

Answered: 1 week ago

Question

★★★★★

Managing Scope Changes Case Study Scope changes on a project can occur regardless of how well the project is planned or executed. Scope changes can be the result of something that was omitted during...

Answered: 1 week ago

Question

★★★★★

Write inequalities to describe the set. The slab bounded by the planes z = 0 and z = 1

Answered: 1 week ago

Question

★★★★★

The balance in the unearned fees account, before adjustment at the end of the year, is $18,000. Journalize the adjusting entry required if the amount of unearned fees at the end of the year is $3,600?

Answered: 1 week ago

Question

★★★★★

True or False: The least privilege principle ensures no unnecessary access to data exists by regulating members, so they can perform only the minimum data manipulation needed.

Answered: 1 week ago

Question

★★★★★

1. An adult model performs a task while talking to him- or herself out loud (cognitive modeling).

Answered: 1 week ago

Question

★★★★★

Jurgensen Manufacturing, Inc., plans to develop a new industrial-powered vacuum sweeper for household use that runs exclusively on rechargeable batteries. The product will take 6 months to design and...

Answered: 1 week ago

Question

★★★★★

When using the net present value method a net present value of zero indicates that the project would be acceptable. O the expected cash flows from a project must be an equal amount each year. O net...

Answered: 1 week ago

Question

★★★★★

Read the case XYZ Company: An Integrated Capital Budgeting Instructional Case and answer the following question: Should the replacement asset be purchased? That is, does it make economic (financial)...

Answered: 1 week ago

Question

★★★★★

Please show all the steps: Question 3. A pension fund has liabilities of $80 and $90 in 12 and 22 years, respectively. The yield for maturities 10,12,20,22 years is found to be 3.0%,3.1%,3.5% and...

Answered: 1 week ago

Question

★★★★★

Question 1: What is Ohms Law and how is it mathematically represented? Question 2: Explain Kirchhoffs Current Law (KCL) and Kirchhoffs Voltage Law (KVL). Question 3:What is Thevenins Theorem and how...

Answered: 1 week ago

Question

★★★★★

Q1: What is performance measurement in accounting? Q2: What are Key Performance Indicators (KPIs), and why are they important?

Answered: 1 week ago

Question

★★★★★

Q1: What are the main financial statements, and what information do they provide? Q2: Why is the cash flow statement important, and how does it differ from the income statement?

Answered: 1 week ago

Question

★★★★★

Q1: What are Generally Accepted Accounting Principles (GAAP)? Q2: What is the difference between GAAP and International Financial Reporting Standards (IFRS)?

Answered: 1 week ago

Question

★★★★★

Q1: What is cost accounting, and why is it important for businesses? Q2: Explain the difference between fixed costs and variable costs with examples.

Answered: 1 week ago

Question

★★★★★

KUALA LUMPUR (March 19): Bank Negara Malaysia (BNM) has announced a 100- basis-point cut in the statutory reserve requirement (SRR) ratio from 3% to 2%, effective March 20. (Source: The Edge) Using...

Answered: 1 week ago

Question

★★★★★

Doorharmony Company makes doorbells. It has a weighted- average cost of capital of 5% and total assets of $ 5,900,000. Doorharmony has current liabilities of $ 750,000. Its operating income for the...

Answered: 1 week ago

Question

★★★★★

Three types of payments are associated with a decree of separation or a divorce a. What are those three payments? b. Which one has a tax consequence? c. What is the timing rule regarding the...

Answered: 1 week ago

Question

★★★★★

Tyrone and Akira incurred and paid the following amounts of interest during 2014: Home acquisition debt interest $15,000 Credit card interest 5,000 Home equity loan interest 6,500 Investment interest...

Answered: 1 week ago

Question

★★★★★

Multiple choice Questions 1. Employees claim withholding allowances on Form W-4. Each withholding allowance claimed lowers their annual withholding base by what amount for calendar year 2014? a....

Answered: 1 week ago

Question

★★★★★

The consolidated income statement for Babcock International Group PLC is presented here: The income statement does not disclose any detail on the operating expenses that were subtracted in...

Answered: 1 week ago

Question

★★★★★

Vale S.A., a Brazilian mineral products company, provided the following note on a voluntary basis in its 2009 annual report: 11Cash Generation (Unaudited) Consolidated operating cash generation...

Answered: 1 week ago

Question

★★★★★

Refer to the worksheets in Exhibits 10.12 and 10.13 in which the financial statements of Arcot Company have been restated to U.S. GAAP. Required: a. Calculate each of the ratios listed below using...

Answered: 1 week ago

Previous Question Next Question