10) During 2020, Canadian resident Mark Forbes has calculated his Taxable Income to be $53,175. Calculate his 2020federal Tax Payable before consideration of creditsa) $7,976O b) $ 8,231c) $10,901O d) $7,280Next PagePage 10 of 15

The tax amount is determined by using the Canadian federal tax table for the year 2020. the tax…

Answered: 10) During 2020, Canadian resident Mark…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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D4
Question 1 (Marks - 10) Calculate Total Assessable Income, Taxable Income, Tax Liability, Student loan (HECS), Medicare Levy, and Medicare Levy Surcharge if applicable, for the taxpayer (Susanne) with the information below: • Susanne is a single and an Australian resident plans to lodge a tax return for the tax year 2020 - 2021. • Her total taxable income is $90,000 (Including tax withheld). • She does not have private health insurance. • Susanne has a student loan HECS outstanding for her previous study at Sydney University of $53,000. • Her employer pays superannuation guarantee charge of 9.5% on top of her salary to her nominated fund. • Susanne earned a passive income of $10,000 from the investments in shares in the same tax year.
X derived the following income in 2020, shade A if the income is subject to regular income tax, B if it is subject to final tax, C if it subject to capital gains tax and D if it is exempt
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Determine from the tax table the amount of the income tax for each of the following taxpayers for 2020: Taxpayer(s) Filing Status Taxable Income Income Tax Allen Single $ 30,000 $______________________ Boyd MFS 34,545 $______________________ Caldwell MFJ 55,784 $______________________ Dell H of H 67,450 $______________________ Evans Single 75,000 $______________________
36-Nizwa Steels LLC received an assessment order (AO) from the income tax authority on 1st August 2020. As per the AO, the due date of filing of final return was on 31st July 2020 for the tax year 2019 and the tax payable is assessed as RO 150,000. What will be the amount of tax to be paid by the taxpayer assuming that if the payment of tax was made on 31st January 2021? O a. RO 150,500 O b. RO 150,000 O c. RO 150,750 O d. None of the options
Case Study 2 Identify the relevant elements of Australian tax law in the following scenarios and calculate the total tax payable (including Medicare Levy and any other tax offsets) by James for the 2021/22 financial year. Show your workings. On 1 July 2021, James sold some jewellery for $5,000 which he bought on 1 April 2019 for S 2,780. On 1 August 2021, James sold his camera for $22,000 which he bought on 15 June 2019 for $23, 000. On 5 October 2021, James sold a painting for $950 which he bought on 4 April 2013 for S480. On 8 November 2021, James sold some listed shares for S49, 500 which he bought on 30 January 2021 for $42, 400 (net costs). On 30 June 2022, James receives interest income of $24,000.
K Mihir Shah received interest income of $3971.13 from his investments in 2023 in his taxable brokerage account. Calculate the amount of tax he will have to pay on this interest based on the following information: Gross-up percent Combined Federal and Manitoba Tax Rate on Ordinary Income Federal Dividend Tax Credit Manitoba Dividend Tax Credit Do not round intermediate calculations - do your work in Excel. Mihir will have to pay $ HOTED 38% 49.98% 15.0198% 8% of tax on this interest income (round to the nearest cent = $0.01)
Calculate the Medicare levy payable (if any) for the year ending 30 June 2017 on the following amounts for a single Australian resident taxpayer who is not entitled to the seniors and pensioners tax offset: (a) $18,200 (b) $22,200 (c) $40,000 please put 3 references
What will be the total tax (Federal + Provincial) for a taxable income of $92,340? Do calculation and choose answer. (Use the Federal Tax Rates for 2023 and Sample Question.) $28,447.08 $21,913.54 $18,642.60 $25,228.96
27-Muscat Steels LLC received an assessment order (AO) from income tax authority on 1st August 2020. As per the AO, the due date of filing of final return was on 31st July 2020 for the tax year 2019 and the tax payable is assessed as RO 200,000. What will be the amount of tax to be paid by the taxpayer assuming that if the payment of tax was made on 30th April 2021? O a. RO 201,500 b. RO 202,000 O c. RO 200,500 o d. None of the options
26-Jaleel is an insurance agent and collects insurance premiums from his clients every month. His total collection of insurance premiums for the month of June 2019, £30,000. Which of the following is correct with regards to the calculation of VAT as per UK tax laws? a. 5% VAT on such Taxable Supplies O b. Exempted Supplies so not VAT O c. 0% VAT on such Taxable Supplies O d. 10% VAT on such Taxable Supplies

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10) During 2020, Canadian resident Mark Forbes has calculated his Taxable Income to be $53,175. Calculate his 2020 federal Tax Payable before consideration of credits a) $7,976 O b) $ 8,231 c) $10,901 O d) $7,280 Next Page Page 10 of 15