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

Chapter9: Deduct Ions: Employee And Self-employed - Related Expenses

Section: Chapter Questions

Problem 38P

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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).
The following information applies to Jasmine, who is single, for 2020: Salary $56,350 Interest income from First Bank of Lexington 1,500 Dividends from Watters Company stock 3,000 Contribution to a traditional IRA 4,000 Loan repayment from her friend 1,000 Capital loss from sale of personal vehicle (2,300) Number of potential dependents ? Age 44 Jasmine maintains a household for her sister, who has $9,000 from Social Security. In addition, Jasmine's aunt lives with her and has income of $3,000. Click here to access the standard deduction table to use. Indicate whether the following items are taxable or nontaxable to Jasmine. Salary Taxable Loan repayment from a friend Not taxable Interest income Taxable Dividend income Taxable Identify whether the items are deductible (fully or partially) by Jasmine. Contribution to a traditional IRA Deductible Capital loss from sale of personal vehicle Not deductible Jasmine's…
James and Carol are husband and wife. James is disabled. The income and expenses of James and Carol for the year ended 31 December 2021 are as follows: RM James Employment - Salary 35,000 Carol Partnership business - Statutory income 4,350 Employment-Salary 16,600 Travelling allowance 3,000 James incurred expenses as follows: Donation to an approved institution 2,600 Contributions to Employees Provident Fund 3,850 Medical examination for self 750 Medical expenses for his father 1,300 Fees for his part-time course in Islamic financing at a university in Kuala Lumpur, recognised by the Government 1,100 Carol incurred expenses as follows: Contributions to Employees Provident Fund 2,156 Medical expense on cancer treatment for herself 2,700 Medical expenses for her mother 900 Basic supporting equipment for her disabled father 3,600 Travelling expenses incurred in the course of her work 4,000 1 Required: Calculate tax payable for the YA2021 for: (a) Carol(Thiwya Srie) (b) James; and…
Subject : 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.
Question 27 of 50. Mark and Carrie are married, and they will file a joint return. They both work full-time, and their 2021 income totaled $89,000, all from wages. They have one dependent child, Aubrey (5). During the year, they spent $9,000 for Aubrey's child care. Neither Mark nor Carrie received any dependent care benefits from their employer. What amount may they use to calculate the Child and Dependent Care Credit? $0 $3,000 $8,000 $9,000 Mark for follow up
Dontae's employer has offered him the following employment package. Salary $ 400,000 Health insurance 10,000 Dental insurance 1,500 Membership to Heflin Country Club 20,000 Season tickets to Atlanta Braves games 5,000 Tuition reimbursement for graduate courses 4,000 Housing allowance (for a McMansion in his neighborhood of choice) 40,000 What is Dontae’s gross income from his employment?
4) Listen Debbie earns an annual salary of $80,000 per year. Paid Biweekly. She contributes 2% of her biweekly gross salary to RRSP. She receives a group life non cash taxable benefit of $35.00 and a $85.00 cash cell phone allowance per pay. It is March 2021 and she has not hit any maximums. Her claim code is 1. Please calculate her gross earnings, El contribution, CPP contribution, income tax contribution and her net pay. Please note you must show all formulas/work or you will receive zero. Gross Earnings: (1) El Contribution: (1). CPP Contribution: (1) Income Tax Contribution - Federal. Income Tax Contribution - Provincial Net Pay: (1) Format

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