47. Is this a requirement for a taxpayer to be eligible for the earned income tax credit for the tax year 2023. A. A taxpayer must have been a US citizen or resident alien for the entire tax year. B. A taxpayer has been a US citizen or residential alien with 6 months of the year. C. Attacked her only has investment and retirement income to report.

47. Is this a requirement for a taxpayer to be eligible for the earned income tax credit for the tax year 2023. A. A taxpayer must have been a US citizen or resident alien for the entire tax year. B. A taxpayer has been a US citizen or residential alien with 6 months of the year. C. Attacked her only has investment and retirement income to report.

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter1: Federal Income Taxation—an Overview

Section: Chapter Questions

Problem 43P

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B7.
Diosdado Gomez, Jr. is a non-resident citizen taxpayer. He has the following interest income for the year 2019: Interest income - BDO Philippines 120,000 Interest income - Bank of China 250,000 Interest income received by a taxpayer from a depository bank under FCDS, Philippines 80,000 1. How much is the Final Withholding Tax on interest income of taxpayer from BDO Philippines? 2. How much is the Final Withholding Tax on interest income of taxpayer from Bank of China? 3. How much is the Final Withholding Tax on interest income received by a taxpayer from a depository bank under FCDS, Philippines? 4. How much of the total interest income of Mr. Gomez is subject to the Final withholding Tax? 5. How much is the total Final Withholding Tax of the taxpayer for the year 2019?
2
Which of the following taxpayers is ineligible to claim the American Opportuniy Tax Credit? A taxpayer who: 1) is enrolled at a Military Academy. 2) is 26 years old. 3) has AGI of $55,000. 4) Uses the single filing status.
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.
4. n order to qualify as a resident under the substantial presence test, a taxpayer must be physically present in the U.S. for at least 31 days in the current year. What is the total number of days they must also have been present in the current year PLUS the preceding two years?
I am stuck on the Self-Study Problem 2.9 in 2019 Income Tax Fundamentals. I am suppose to on #1 enter the amount from form 1040, line 10. However, if you are filing form 2555 or 2555-ez (relating to foreign earned income), enter the amount from line 3 of the foreign earned income tax worksheet. There is not a line #10 on the 1040 provided in the book???
A taxpayer has unutilized or excess Creditable Withholding Taxes (CWT) for the taxable year 2019. The taxpayer has collected its CWT certificates or BIR Form 2307 from its income payors/customers. a. What are the options of the taxpayer in relation to its unutilized or excess CWT? b. Assuming during the review of the taxpayer for his Annual Income Tax Return filed for the year 2019, the taxpayer decided to apply for a refund instead of its initial decision of carrying the excess forward to the next taxable periods. Is the application valid? Justify your answer.
45. A taxpayer has a tax liability of 0 and no refunds due prior to a applying any tax credit will The following credits return a refund. A. Premium tax credit B. Adoption tax credit
May Tan, a 50-year-old Canadian citizen entered Singapore on 1 June 2020 to work for a Singapore company. Her contract is for 1 year. Which of the following statements is/ are TRUE? (i) May will be taxed as a non-resident for Year of Assessment 2021 as she is not a Singaporean(ii) May’s income from Singapore will be exempt from tax as she is not a tax resident(iii) May will be taxed as a resident for the Year of Assessment 2021 but as a non-resident for the Year of Assessment 2022. Question 8 options: 1) i only 2) ii only 3) iii only 4) None of the above
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A taxpayer has unutilized or excess Creditable Withholding Taxes (CWT) for the taxable year The taxpayer has collected its CWT certificates or BIR Form 2307 from its income payors/customers. 1. What are the options of the taxpayer in relation to its unutilized or excess CWT? 2. Assuming during the review of the taxpayer for his Annual Income Tax Return filed for the year 2019, the taxpayer decided to apply for a refund instead of its initial decision of carrying the excess forward to the next taxable periods. Is the application valid?