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kompoz [17]
3 years ago
13

Due to an uncertainty whether or not a new tax is applicable to printing companies, ABC Printers submitted a legal query to the

Bureau of Internal Revenue on that issue. The BIR issued a ruling that printing companies are not covered by the new law. Relying on this ruling, ABC Printers did not pay said tax. Subsequently, however, the BIR reversed the ruling and issued a new one stating that the tax covers printing companies. Could the BIR now assess ABC Printers for back taxes corresponding to the years before the new ruling?
Business
1 answer:
liubo4ka [24]3 years ago
8 0

Answer:

No, a reversal of a ruling shall not be given a retroactive application if it will be prejudicial to the taxpayer.

Explanation:

Based on the information provided it can be said that No, a reversal of a ruling shall not be given a retroactive application if it will be prejudicial to the taxpayer. Meaning that the BIR can not assess ABC Printers for back taxes because ABC Printers was following the rulings made by BIR at that time correctly, the change in ruling applies to taxes only after the change has been made and not before. Therefore as long as ABC Printers begins paying taxes now, then the BIR has no standing.

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Diego, age 28, married Dolores, age 27, in 2017. Their salaries for the year amounted to $88,750 and they had interest income of
viva [34]

Answer and Explanation:

a. What is the amount of their adjusted gross income?

Adjusted Gross Income ( AGI ) = $88,750 + $2,660 - $5,170

= $86,240

Adjusted Gross Income ( AGI ) = $86,240

b. In order to minimize taxable income, Diego and Dolores will in the amount of

From the above box, Here Diego, Dolores both are married so,  Standard Deduction in 2017 is $12,700

In order to minimize taxable income, Diego and Dolores will in the amount of $12,700

c. What is the amount of their taxable income?

Taxable income = AGI - Standard deduction - exemptions

= $86,240 - 12,700 - [ 2 * $4,050 ]

= 73,540 - 8,100

= $65,440

Taxable income = $65,440

d. What is their tax liability for 2017?

from Tax bracket for married filling jointly in 2017 table.

Tax liability = [ 18,650 * 10% ] + [ 15% [ 65,440 - 18,650 ] ]

= 1,865 + [ 15% * 46,790 ]

= 1,865 + 7,018.5

= $8,883.5

Tax liability = $8,883.5

4 0
3 years ago
A firm has the following accounts and financial data for 2007:
Oksi-84 [34.3K]

Answer:

The correct answer is $302.40.

Explanation:

According to the scenario, the computation can be done as:

To calculate firms' earning first we less cost of goods and total operating expenses from sales revenue:

= $3,060 - $1,800 - 600

= $660

Now we deduct the interest expense, then

= $660 - $126

= $534

Now we deduct tax rate, then

= $534 × $213.60    ( $534× 40%)

= $320.40

Now we finally deduct the dividends to get the firm's earning to common shareholder's, then

= $320.40 - 18

= $302.40

Hence, the firm's earning to common shareholder's is $302.40.

5 0
3 years ago
You have just created the "perfect" ad. It communicates the full mix of benefits upon which the brand is differentiated and posi
Mademuasel [1]

Answer:

A) its value proposition

Explanation:

A good brand value proposition should state all the benefits of your product or service since it is the promise that your brand (or company) is delivering to  potential or current customers in order for them to purchase your product or service instead of the competition's.

4 0
3 years ago
What is Bh2 x4hg plz help
BabaBlast [244]

Answer:

its a combustion

Explanation:

6 0
3 years ago
Read 2 more answers
Identify which of the following microeconomic topics can have an impact on macroeconomic topics?
Anestetic [448]

Answer: B. How do people decide how much to save for the future, or whether they should borrow to spend beyond their current means?

Explanation:

It should be noted that microeconomics has to do with studying of economic agents like the individuals and the firms and how their decision affects the society while macroeconomics deals with the whole economy.

The microeconomic topics can have an impact on macroeconomic topics is option B "How do people decide how much to save for the future, or whether they should borrow to spend beyond their current means".

This is because savings and expenditure have an impact on the economy had whole and this can lead to certain decisions to be taken by the government.

8 0
3 years ago
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