EXAM_79017_13969011

Franklin Stewart arrived at the following tax information: Gross salary Interest earnings Eligible dividend income Basic personal amount Union dues Moving expense (58 km for employment) $ 52,00€ 330 128 3,650 8,470 2,950 What amount will Franklin report as taxable income? (Round your answer to the nearest dollar amount. Omit the "S" sign in your response) Taxable income

K You are provided with the following amounts for Diane Welsey for the current year: View the amounts. Based on the amounts, what is the net income reported by Diane Welsey pursuant to ITA 3 for the current year? A. $49,660 OB. $65,460 OC. $57,560 OD. $51,560 Ask my instructor Amounts Net employment income (ITA 5 to 8) Interest income (ITA 12) Taxable amount of dividends Taxable capital gains (ITA 38 to 55) Allowable capital losses (ITA 38 to 55) RRSP deduction (allowed pursuant to ITA 60) $ 54,000 8,700 1,460 6,000 7,900 12,600 $ I

Problem 1. Mr. ABC, a resident Filipino Citizen, shows his income and expenses during a calendar year: Required:1a. Compute the taxable compensation income during the year assuming that Mr. ABC is a rank-and-file employee. 1b. Compute the table compensation income subject to regular tax during the year assuming that Mr. ABC is a managerial employee. 1c. Compute the total taxable income subject to regular tax during the year assuming that Mr. ABC is a rank-and-file employee. 1d. Compute the total income tax due if Mr. ABC is a rank-and-file employee and he opted to use Optional Standard Deduction. 1e. Compute the total income tax due if Mr. ABC is a rank-and-file employee and he opted to use the 8% preferential tax.

Franklin Stewart arrived at the following tax information: Gross salary Interest earnings Eligible dividend income Basic personal amount Union dues Moving expense (50 km for employment) $ 47,780 225 100 12,069 3,890 1,150 What amount will Franklin report as taxable income? (Round your answer your response.) Taxable income $

Direction: compute the gross taxable income (please do letter d and e)

Question 6: What is the earnings threshold over which an employee whose filing status is Married Filing Separately will be subject to the additional Medicare tax? Answer: А. O $117,000 В. O $125,000 С. O S200,000 D. O $250,000

1. The original Social Security tax rate was _____ of taxable earnings. Answer:   A.    10%     B.    1%     C.    5%     D.    7% 2. The 2021 Social Security wage base is _____. Answer:   A.    $100,000     B.    $113,700     C.    $125,000     D.    $142,800 3.  What is the earnings threshold over which an employee whose filing status is Married Filing Separately will be subject to the additional Medicare tax? Answer:   A.    $117,000     B.    $125,000     C.    $200,000     D.    $250,000

How do I calculate the taxpayer's 2019 qualifying business income deduction for a qualified trade or business with these specifics: Filing status: SingleTaxable income: $180,000Net capital gains: $0Qualified business income (QBI): $80,000W–2 wages: $20,000

Becker CPA Review 15-5 Calculate the taxpayer's 2019 qualifying business income deduction for a qualified trade or business.   Filing status: Single Taxable income: $100,000 Net capital gains: $0 Qualified business income (QBI): $30,000 W–2 wages: $10,000   a.$5,000 b.$70,000 c.$20,000 d.$6,000

Rako

You are provided with the following amounts for Sarah Feeley for the current year: View the amounts. Based on the amounts, what is the net income reported by Sarah Feeley pursuant to ITA 3 for the current year? OA. $60,180 O B. $65,080 OC. $57,680 O D. $72,480 Amounts Net employment income (ITA 5 to 8) Interest income (ITA 12) Taxable amount of dividends Taxable capital gains (ITA 38 to 55) Allowable capital losses (ITA 38 to 55) RRSP deduction (allowed pursuant to ITA 60) Print Done $ $ $ 62,000 7,600 1,380 4,900 7,400 10,800 - X

Question 11: The Additional Medicare Tax is owed on a portion of employee earnings by which of the following individuals? Answer: A. O Joe Stinson's filing status is married filing jointly. He earns $174,000 during the year. В. O Jeanette Yancy's filing status is head of household. She earns $194,000 during the year. C. O Keanu Levine's filing status is married filing separately. He earns $132,000 during the year. D. O Carolyn Hughe's filing status is qualifying widow. She earns $187,000 during the year.

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provide both answer

Compute the income tax payable, if any. PURELY SELF-EMPLOYED INDIVIDUALS WHO AVAILED 8% Relevant information: YOU are engaged solely in the business of selling goods and merchandise in TY 2021. In compliance with the existing rules in doing business, you applied for your TIN where your home BIR RDO (select the BIR which has jurisdiction over the place of your residence) assigned you Taxpayer Identification No. 123-456-789-0000. Additional information: For the year 2021, you chose 8% tax rate Your financial records showed the following: Gross Sales – Php2,000,000 Cost of Sales – Php 1,000,000 Expenses – Salaries and wages of staff – Php 360,000 Depreciation of car used in delivery – Php 100,000 Representation expense – Php 10,000 Office Rent expense – Php 360,000 Rent expense on your condominium – Php – 240,000 Utilities in office – Php 120,000 Electricity expenses in condominium – Php 60,000 Registration fees of delivery car and other taxes – Php 5,000 Gas and oil – Php 120,000…

Direction: compute the gross taxable income

11.A taxpayer is claiming tax preparation expense as a legal and professional fee.  They paid $430 at your office last year.  The forms breakdown by cost is as follows:  Form 1040- $100 Form Sch. C- $125 Form SE- $55 Form 8867- $75 Form 8863- $75  What is the correct amount that can be deducted on their Schedule C for the current year?  Choose one answer.   a. $280     b. $180     c. $355     d. $430

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