Please correct answer and don't use hand rating and don't use Ai solution 11) The financial situation for Hans for the current year is as follows:annual employment income of $50,000$630 interest earned on Canada Savings Bonds$15,000 from a business in which he is a limited partnerbusiness losses from a part-time home-based business of $7,000$1,000 RRSP carry-forward contribution room$13,000 in alimony payments made to his ex-wifeWhat is the RRSP contribution room for Hans next year?A) $4,500B) $5,400C) $6,400D) $9,100

Maximum contribution one can contribute is either 18% of taxable income or $27230 whichever is…

Answered: 11) The financial situation for Hans…

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter5: Gross Income: Exclusions

Section: Chapter Questions

Problem 30P

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Darrell is an employee of Whitneys. During the current year, Darrells salary is 136,000. Whitneys net self-employment income is also 136,000. Calculate the Social Security and self-employment taxes paid by Darrell and Whitney. Write a letter to Whitney in which you state how much she will have to pay in Social Security and self-employment taxes and why she owes those amounts.
Linda is an employee of JRH Corporation. Which of the following would be included in Lindas gross income? a. Premiums paid by JRH Corporation for a group term life insurance policy for 50,000 of coverage for Linda. b. 1,000 of tuition paid by JRH Corporation to State University for Lindas masters degree program. c. A 2,000 trip given to Linda by JRH Corporation for meeting sales goals. d. 1,200 paid by JRH Corporation for an annual parking pass for Linda.
Which of the following will result in the recognition of gross income? Gail's employer allows her to set aside $ 4,000 from her wages to cover the cost of daycare for Gail's four-year-old daughter. Gail's daycare costs are $ 4,300 for the year. Hannah purchases a new sofa from her employer, Sofas-R-Us, for $ 1,200. The cost of the sofa to the furniture store is $ 1,100 and the sofa normally sells for $ 1,700. Jayden's employer purchases her commuting pass for the subway at a cost of $ 225 per month. Havana is a lawyer. The law firm she works for pays for her subscription to Lawyer's Weekly, a trade magazine for attorneys. None of the above will result in recognition of gross income.
Mason Phillips, age 45, and his wife, Ruth, live at 230 Wood lane, Salt lake City, UT 84101. Masons Social Security number is 111-11-1111. Ruths Social Security number is 123-45-6789. Mason and Ruth arc cash basis taxpayers and had the following items for 2019: Salary of 140,000. Had debt of 30,000 from uncollected rent. Collection of unpaid rent from a prior year of 6,000. Sale of 124-i stock resulting in a loss of 105,000. The stock was acquired eight months ago. Rental income of 60,000 (property is managed by Mason and Ruth). Rental expenses of 33,000. Casualty loss on rental property of 10,000. Personal casualty loss (from one event) of 3,000; not in a Federally declared disaster area. Theft loss of 8,000 on a painting held for investment. Other itemized deductions of 21,000. Federal income tax withheld of 3,000. (Compute Mason and Ruths 2019 Federal income tax payable (or refund due).
Solve this question is accounting question
What is the correct answer with accounting
How much must Mary include in her gross income in year 1 ? General accounting
Linda and Barry, a married couple has the following information for this year: • Linda's Earned and Net income: $20,000 • Barry's Earned and Net income: $1,200 • 1st child is 5 years old 2nd child is 15 years old Nanny/Child Care Expenses (not camps): $50,000 What is the maximum Child Care Expense for this family this year?
Mr Reddy and Mrs Reddy are both under 65 and married out of community of property. The following information is provided for the year ended 28 February 2018: R Mr Reddy's salary 220 000 Mrs Reddy's net income from a business she conducts as a sole proprietor 80 000 Dividends from South African listed shares ( Mr Reddy) 4000 Interest on savings account (Mr Reddy) 16 000 Interest on savings account (Mrs Reddy) 20 000 Mr Reddy paid the following amounts during the year: Pension fund contributions 8 000 Retirement annuity fund contributions 1 600 Mrs Reddy paid RAF contributions of 9 000 Required: Calculate (in full) the tax payable by Mr and Mrs Reddy for the tax year of assessment ending 28 February 2018. Show all calculations.
Steve Grayson, is self-employed age 43. He has established a SEP-IRA for himself several years ago. In 2019, Steve had a $1,000 excess contribution to his SEP-IRA. In 2020. his net earnings from the business are $80,000. He uses the maximum contribution rate for his SEP-IRA account. What amount would Steve's contribution be for 2020. a.) $14,870 b.) $0 c.) $13,870 d.) $57,000
How much Mary include in her gross income in year 1 ?
Menard is single and has the following income and expenses Form W-2 wages Interest income received from savings account Mortgage interest on primary residence (acquisition debt of $350,000) Investment interest expense Personal credit card interest Car loan interest on SUV Late fees on mortgage $76,500 $4,000 ($27,000) Answer: (6,000) ($2,600) ($1,200) ($50) Menard plans to itemize this year. What is his total allowable deduction for interest expense on his Schedule A?

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