UNIT5HOMEWORK

1. Ch03 Financial Planning Exercise 4 Chapter 3 Financial Planning Exercise 4 Effect of tax credit vs. tax exemption By defining after-tax income, demonstrate the differences resulting from a $1,500 tax credit versus a $1,500 tax deduction for a single taxpayer in the 25% tax bracket with $41,000 of pre- tax income. Round your answers to two decimal places. (Use Exhibit 3.3.) Deduction $ Credit $

Question 25 Jasmine bought a house for $225 000. She already knows that for the first $200 000, the land transfer tax will cost $1650. Calculate the total land transfer tax. (2 marks) Land Transfer Tax Table Value of Property Rate On the first $30 000 0% On the next $60 000 0.5% (i.e., $30 001 to $90 000) On the next $60 000 1.0% (i.e., $90 001 to $150 000) On the next $50 000 1.5% (i.e., $150 001 to $200 000) On amounts in excess of $200 000 2.0% 225000–200 000 = 825000 25000.002 × 25000 1= 8500 16 50+ 500 2 marks

Question 25 Jasmine bought a house for $225 000. She already knows that for the first $200 000, the land transfer tax will cost $1650. Calculate the total land transfer tax. (2 marks) Land Transfer Tax Table Value of Property Rate On the first $30 000 0% On the next $60 000 0.5% (i.e., $30 001 to $90 000) On the next $60 000 1.0% (i.e., $90 001 to $150 000) On the next $50 000 1.5% (i.e., $150 001 to $200 000) On amounts in excess of $200 000 2.0% 22 5000–200 000. 10 825000 2.5000.00 2 x 25000 =8500 2 ma

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QUESTION 4 Harry, Hermione, and Ron formed an S corporation called Bumblebore. Harry and Hermione both oontributed cash of $25,000 to get things started. Ron was a bit short on cash but had a parcel of land valued at $60,000 (basis of $50,000) that he decided to contribute. The land was encumbered by a $30,000 mortgage. What tax bases will Ron have in his stock of Bumblebore?

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Question:3 Richard, a single taxpayer, has a wage income of $75,000. He also has a short-term capital loss of $9,000, a short-term capital gain of $1,000, and a long-term capital gain of $2,000. What is Reuben's AGI for the current year? A. $78,000 B. $72,000 C. $75,000 D. $69,000

Question content area top Part 1 Determine how much the following individual will save in taxes with the specified tax credits or deductions.   Rosa is in the 28% tax bracket and claims the standard deduction. How much will her tax bill be reduced if she makes a $500 contribution to​ charity?

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Problem 1 Jim is planning to invest between $12,000 and $15,000 in two types of investment: investment 1 yields 6% and investment 2 yields 8%. Because of tax laws, he should invest between 40% and 60% of his total investment in investment 1 and no more than $8,100 in investment 2. How much should he invest and how should that amount be allocated to the two investments? c) In this document, solve the problem graphically and explain the optimal allocation of investment fund to the two investments.

Problem 6-19 (Algorithmic) Special Rules for High-Income Taxpayers (LO 6.8) Rachel is single and has wages of $173,750 and dividend income of $104,250. She has no investment expenses. Calculate the amount of the 3.8 percent net investment income tax she must pay. Round your answer to the nearest whole dollar. 10,564 x

Activity 5Answer the following questions below using the graduated tax table. Write your answer on the space provided after every questions.a. How much is the tax due on a taxable income of P150,000?Answer:b. How much is the tax due on a taxable income of P290,000?Answer:c. Ms. Carol earns compensation income of P3,230,000 during a taxable year. How much is the tax due of Ms. Carol? Answer:d. Mrs. Emily married earns compensation income of P460,000 during 2019. How much 1s the tax due of Mrs. Emily? Answer: Week 5 ACTIVITIES 5 29 Fundamentals of Accountancy, Business and Management 2e. The payslip of Mr. Budoy shows the following information:Basic salary P348,000SSS contribution 6,976PhilHealth contribution 4,500Pag-IBIG contribution 1,210How much is the tax due to Mr. Budoy?Answer:

Module 2: Filing Requirements Question 3 of 15. Joseph and Lorena are married and lived together for the entire year in California. Joseph earned $44,000 in wages, and Lorena eamed $20,000 in wages. They will file separ his separate federal and California tax returns? Ⓡ $20,000 $32,000 $44,000 $54,000 Mark for follow up

Financial accounting question

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Question 3 of 10 Calvin received bimonthly paychecks of $2007.25 last year. If 17.1% of his yearly income got withheld for federal income tax, how much got withheld for federal income tax from each of Calvin's paychecks last year? O A. $82.38 O B. $34.32 O C. $343.23 O D. $823.78 LI

Practice: Chapter 03 Preparing Your Taxes Chapter 3 Critical Thinking Case 2 Julian Thomas: Walter or Tax Expert? Julian Thomas, who is single, goes to graduate school part-time and works as a waiter at the Bay Grill in San Francisco. During 2018, his gross income was $20,500 in wages and tips. He has decided to prepare his own tax return because he cannot afford the services of a tax expert. After preparing his return, he comes to you for advice. Here's a summary of the figures he has prepared thus far: Gross income: Wages Tips Adjusted gross income (AGI) Less: Standard deduction Taxable income $12,400 +8,100 $20,500 $12,000 $8,500 Julsan believes that if an individual's income falls below $23,000, the federal government considers him or her "poor" and allows both itemized deductions and a standard deduction. He has found $2,300 in potential itemized deductions. 1. Calculate Julian Thomas' taxable income. Assume that the standard deduction for a single taxpayer is $12,000 Note that…

How much is the NOLCO in Year B? How much is the NOLCO in Year C? How much is the NOLCO in Yeat E?

D Question 6 Samantha lives under an imputation tax system. Her income tax rate is 30%, which applies to all of her income, including wages, interest income and dividend income. Samantha owns 1000 shares of Rio Inc. which has 3.2 billion shares outstanding and taxable income of $1.8 billion (in the current year). Rio's pays corporate tax rate at 28% and its payout ratio in the past has been 60%. Rio has just announced that it will maintain the past payout ratio and all dividends (to be paid next month) will be fully franked. Given this information, if Samantha had lived under a classical tax system, which of the following is closest to the additional tax she would have to pay as a Rio shareholder? $45.25 O $66.15 O None of the other answers O $72.90 O $82.45

QUESTION 9 1. Amy is single with a salary of $50,000. She has been offered a new position that will raise her salary to $53,000. The cut-off between the 18% and 25% tax brackets is $51,250. How much will her tax liability increase if she accepts the new position?