Calculating Income Tax Expense?
Lance Lawn Services reports warranty expense by estimating the amount that eventually will be paid to satisfy warranties on its product sales. For tax purposes, the expense is deducted when the cost is incurred. At December 31, 2013, Lance has a warranty liability of $1 million and taxable income of $75 million. At December 31, 2012, Lance reported a deferred tax asset of $435,000 related to this difference in reporting warranties, its only temporary difference. The enacted tax rate is 40% each year. The questions is: Prepare the appropriate journal entry to record Lance’s income tax provision for 2013. I am really confused on why the tax expense is not 30 mil? I know I am not performing the right calculations with the warranty expense. I am just not sure what to do here. Any assistance would be greatly appreciated. If anyone can give me calculations (so I can learn how to do it) that would be great. Thanks in advance.
How do you estimate revenue from personal income tax?
Here is a very handy Federal Tax Return Calculator & Estimator.[1] By entering your information in the 6 steps of the tax calculator, Liberty Tax will calculate your estimated federal tax refund or amount due, and then help you file your return with ease.Footnotes[1] Tax Calculator - Estimator for Income Tax Return & Refund | Liberty Tax®
How can one make good income tax estimates?
So believe it or not, this is actually a relatively easy question to answer, and with some basic excel skills you can create a spreadsheet to calculate whatever that number may be.On a spreadsheet, create rows for your gross income, 401(k) contributions, and mortgage interest (and whatever other tax-deductible items you may want to look at).Then create a row for net income, where you will subtract all tax-deductible contributions from your gross income. Have a separate row where you will enter your tax rate as a percentage, then simply multiply your net income by your tax rate to get the income taxes paid.To see how making pre-tax contributions to a 401(k) or paying mortgage interest might lower your taxes, I would recommend simply creating a duplicate column right next to the first. But instead of putting "0" in the 401(k) and/or mortgage interest row, enter the numbers you expect to be contributing/paying. This should automatically update the row displaying your expected taxes,You can then compare the results from column 1 to column 2 to see the difference different tax-deductible items make on your income taxes.I hope this answers your question. I have a lot of experience with excel, so if this is not clear let me know and I can put together a quick spreadsheet for you in 5 minutes.
What are the best way to calculate income tax online?
Income from salary is the sum of Basic salary + HRA + Special Allowance + Transport Allowance + any other allowance. Some components of your salary are exempt from tax, such as telephone bills reimbursement, leave travel allowance. If you receive HRA and live on rent, you can claim exemption on HRA. Calculate exempt portion of HRA, by using this HRA Calculator.On top of these exemptions, a standard deduction of Rs 40,000 was introduced in budget 2018. This has been increased to Rs 50,000 in budget 2019.Let's understand income tax calculation by way of an example. Neha receives a Basic Salary of Rs 50,000 per month. HRA of Rs 25,000. Special Allowance of Rs 13,000 per month. LTA of Rs 20,000 annually. Neha pays a rent of Rs 20,000 and lives in Delhi.Income from salary is the sum of Basic salary + HRA + Special Allowance + Transport Allowance + any other allowance. Some components of your salary are exempt from tax, such as telephone bills reimbursement, leave travel allowance. If you receive HRA and live on rent, you can claim exemption on HRA. Calculate exempt portion of HRA exemptions, a standard deduction of Rs 40,000 was introduced in budget 2018. This has been increased to Rs 50,000 in budget 2019.Let's understand income tax calculation by way of an example. Neha receives a Basic Salary of Rs 50,000 per month. HRA of Rs 25,000. Special Allowance of Rs 13,000 per month. LTA of Rs 20,000 annually. Neha pays a rent of Rs 20,000 and lives in Delhi.
Can someone help me estimate taxes for self employed income on $47000. NH resident.?
Single taxpayer under the age of 65 NET PROFIT from the schedule C of the 1040 tax form 47000 and page 1 line 12 business income is 47000. Adjusted gross income is 43680 on the 1040 tax form page 1 line 37 and page 2 line 38 43680 AGI amount. Business income or loss (Schedule C & E subject to self-employment taxes) $47,000 One-half of self-employment tax (Schedule SE) $3,320 Adjusted gross income (AGI) $43,680 Taxable income $34,330 Tax* $4,764 Total tax before refundable credits $11,405 Make work pay tax credit $400 Self-employment tax (Schedule SE) $6,641 Your taxes are estimated at $11,005. This is 23.41% of your total income of $47,000. Your total tax payments and refundable credits for the year were $0. Your outstanding tax bill is estimated at $11,005. Your income puts you in the 25.00% tax bracket.
How do I calculate income tax for INR 800000?
Hi,Greetings.Tax for Rs. 800000/- for FY-2017–118 might be shows as below:-Assuming there is no HRA or other benefits and also no investment made to save taxes.If these details are given, the calculation will change accordingly.tax on first 2,50,000/-= Nil Zero tax_ exempt limitfurther from 2,50,000 to 5,00,000- 5% tax =Rs. 12500from Rs. 5,00,000 to Rs. 8,00,000- 20% = Rs. 60,000/-So total tax payable: Rs-Zero+ 12500+60000= Rs.72500/-Add: 3% Education cess on Rs. 72500/- =Rs2175/-So total amount payable as tax = Rs. 72500+2175= Rs.74675/-I hope I answered your query well.Feel free to reconnect.Regards:
Is there an online tax calculator to assist in estimating total US Federal taxes owed for the current year?
Google for online tax calculators. Some prominent companies who offer these:Intuit/TurboTax: TaxCaster - Free Tax CalculatorH&R BlockFree Income Tax Calculator and EstimatorTaxActEstimate Your Tax Refund Free – TaxAct Tax CalculatorThe IRS also has links to free tax filing software, but they may not be available this early in the year.
Help me estimate my tax refund?
I am filing a tax return this year...My employer is taking a long time to send me my W-2...I lost my job during the end of the year and my gross income was around 7782...I can't see how much I paid in federal withholding taxes because I have no w-2 yet...Can someone estimate how much I might have paid in taxes or how much I should get back...I live in Michigan and I have no dependants other than my girlfriend...I also paid union dues to my employer so I am not sure if I can get those back...I am about to be 21 years old and I am wondering if I can qualify for the earned income credit or if I have to be 25
How to estimate tax return off Army LES?
I know there's still another month to go until the end of the year so to speak but I was trying to get an estimate of if we will owe or get a tax return in 2013. I was wondering if anyone knew which amounts on an Army LES you would use for wages and deductions. I always wait for my W2 but I'm just curious and want to get an idea of what range I'm looking at - thanks.
How do I calculate the income tax in the 2017-18 financial year?
Income tax is a tax that is levied by the government on the income that is generated by the people through different sources of income. Every taxpayer should file his ITR annually to know the amount of tax to be paid for the particular year. Income tax is a form of revenue for the government which it uses for the benefits of the citizen by providing them with facilities.To calculate the income tax for a year Form 16 should be filled. Form 16 is the income certificate which is issued by the employer. It has all the details that help the taxpayer to file the ITR with the income tax department. Form 16 has two parts. Part A is the proof of the tax deducted by the employer, and part B has the details of the total income, tax paid and other details. Basically, part A has all the information about the employee and the employer and part B has the details of the salary. if you want to know the amount of the tax that is to be paid for the particular year beforehand, then you can use the income tax calculator that I have been using which is provided by ICICI Prudential. it is a very easy and convenient tool to use.I think you should try their tax calculator tool and know the amount of tax that is to be paid.