7) In 2021-22, Steven (who is not a Scottish taxpayer) has business profits of £45,250, bank interest of £1,765 and dividends of £10,000. He claims the personal allowance of £12,570. Required: What is his income tax liability for the year?
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- Lisa records nonrefundable Federal income tax credits of 65,000 for the year. Her regular income tax liability before credits is 190,000, and her TMT is 150,000. a. What is Lisas AMT? b. What is Lisas regular income tax liability after credits?Gary's income for the tax year 2022/23 comprises a salary of £140,000 and dividends of £20,000. He is not entitled to a personal allowance. How will his dividends be taxed? O a. £2,000 at 0% and £8,000 at 33.75% and £10,000 at 39.35% O b. All at 39.35% O c. £10,000 at 33.75% and £10,000 at 39.35% O d. £2,000 at 0% and £10,000 at 33.75% and £8,000 at 39.35%Marco Leopizzi earns £45,000 in tax year 2021-22. He also received bonus of £20,000 in a year, house allowance £10,000, conveyance allowance £2,000. His income from property is £20,000 His spouse was born before 6 April 1935. He takes the advantage of married couple allowance (MCA) and is also eligible for marriage allowance. Keeping in view above set of information, please calculate his amount of tax paid for year 2021-2022.
- a) Maryanne is a non-Scottish taxpayer and received the following incomes during the tax year 2021-22: Gross salary from employment (PAYE deducted at source £3,100) £32,000 Bank interest of £2,160 Dividends of £2,500 Gross qualifying charitable donation £900 Required: Calculate Maryanne’s income tax payable for the tax year 2021-22. b) Mrs Jones is a very generous person who likes to donate her time and money towards improving the lives of other people. During the tax year 2021-22, she made a qualifying Gift Aid donation of £900 to a mental health charity based in London. Mrs Jones did not have any capital gains tax liability during 2021-22. Required: Explain circumstances which the donation made by Mrs Jones might cost her less than £900. Explain why the donation is worth more than £900 to the mental health charity which receives.Faisal is self-employed, and for the tax year 2021-22 had a trading profit of £47,500. He has brought forward trading losses of £8,900. What are the total national insurance contributions payable by Faisal for the tax year 2021-227 Select...Faisal is self-employed, and for the tax year 2021-22 had a trading profit of £47,500. He has brought forward trading losses of £8,000 What are the total national insurance contributions payable by Faisal for the tax year 2021-227
- For the tax year 2023/24 Jane has employment income of £47,570, savings income of £1758 and dividends of £3588. What is her tax liability for the year? Enter a whole number, without the £ sign, in the response box.Jane received bank interest of £3000 during the tax year 2020/21. Requirement: Calculate Jane’s Income tax liability assuming she also had employment income £29,000 in the tax year 2020/21Allan has a gross income of P400,000 in 2020. His employer deducted P5,000 SSS, P4,000 PHIC, P3,000 HDMF, P2,000 union dues, and P80,000 creditable withholding tax. How much is the total final tax due of Allan?
- Jamie received employment income (PAYE £26300) of £25000 and bank interest £3350 during the tax year 2019/20. Requirement: Calculate Jamie’s income tax payable for the year 2019/20.Mr. Roly received savings income of £7,500 and dividend income of £17,500 during 2019-20. He had an employment income of £22,500. How much is his total tax liability for the tax year 2019/20? a. £ 4,462.5 b. £ 4,812.5 C. £ 4,612.5 O d. £ 4,662.5Mr. Albert is a tax payer in UK and wants to compute his total income for the tax year 2019-2020. Which of the following statement is Correct to find out his total income? a. It will be computed after deducting personal allowances from Adjusted Net Income b. It will be computed after deducting personal allowances from Net Income c. It will be computed before deducting qualifying interest payments from Net Income d. It will be computed before deducting personal allowances from total taxable Income