Buco Tax
2
#4 Income Professional fees- Lawyer 700,00 0 Salaries & bonus received from university 300,00 0 Casino winnings 50,000 Royalty from books 50,000 1,100, 000 Expens es Salaries, bonuses & allowances - 160,0 00 Rent expenses - 84,00 0 Light & water - 36,00 0 Stationary & supplies - 15,00 0 Dues & subscriptions - 18,00 0 Donations to churches - 10,00 0 Taxes and licenses - 20,00 0 Representation (1% of professional fees) - 7,000 Depreciation-Office equipment - 24,00 0
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Transcript of Buco Tax
#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
