Upload
carlos-munoz
View
6
Download
0
Embed Size (px)
DESCRIPTION
hahaha
Citation preview
#4
Income
Professional fees-Lawyer 700,000
Salaries & bonus received from university 300,000
Casino winnings 50,000Royalty from books 50,000
1,100,000Expenses
Salaries, bonuses & allowances-
160,000Rent expenses -84,000Light & water -36,000Stationary & supplies -15,000Dues & subscriptions -18,000Donations to churches -10,000Taxes and licenses -20,000Representation (1% of professional fees) -7,000Depreciation-Office equipment -24,000Repairs & maintenance -8,000 -382,000
Personal exemption -150,000
Taxable Gross Income 568,000
1. Taxable Gross Income - 568,000
2. Total allowed itemized deductions - 382,000
3. Income Tax Payable – 141,760