Answered: A taxpayer has a pension income of…

A taxpayer has a pension income of £3,100 a month assuming there is no other income. What is the income tax liability for tax year 2021-22? a.£7,440 b.£4,926 c.£0 d.£1,000

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter4: Additional Income And The Qualified Business Income Deduction

Section: Chapter Questions

Problem 6MCQ: In 2019, what is the top tax rate for individual long-term capital gains and the top tax rate for...

See similar textbooks

Related questions

Q: Assuming a FICA tax rate of 7.65% on the first $142800 in wages, 1.45% on amounts in excess of…

A: Lets understand the basics. Gross pay is a pay which is actually earned by the employees. It is…

Q: Compute the total income tax due on the income of Carding in 2021.

A: It has been given in the question that Carding has opted at the beginning of the year to use 8% tax…

Q: Use the 2021 FICA tax rates, shown, to answer the following question. If a taxpayer is not…

A: For an employee earning $159,000, FICA taxes consist of Social Security and Medicare taxes.Social…

Q: A taxpayer filed his income tax return in October 28, 2018. The deadline for the return was April…

A: solution concept as per the income tax provision stated by BIR In case if a person fails to file…

Q: 19-Ali's calculated tax liability for the tax year 2019/20 is £9,000 and PAYE of £1,000 was deducted…

A: Tax payable is the final tax bill to be paid after deducting tax already paid on employment…

Q: suppose a certain a government employee earns a cna of 18,000 290 1.0.9 at 13th month pay of 27891…

A: The Collected Negotiation Agreement (CNA) between the government and government…

Q: Use the 2021 FICA tax rates, shown, to answer the following question. If a taxpayer is self-employed…

A: In this scenario, we're calculating the FICA taxes for a self-employed taxpayer who earns $156,000…

Q: An individual has taxable general income of £70,000 (before deducting the personal allowance). He…

A: Tax is the payment made to the applicable authority by those parties who have generated some sort of…

Q: 43-Azzan's monthly salary is £2,000. During the month of August 2019, he received a payment of…

A: Taxes are the amount of dues that is being payable to the government by the citizens of the country…

Q: Which equation could be used to identify one of the following levels of Federal Income Tax…

A: solution : correct answer is option D . FIT =36 + 0.12g- 26.64;where g=gross pay in dollars This…

Q: Assume the FUTA tax rate is 0.6% and the SUTA tax rateis 5.4%. Both taxes are applied to the first…

A: The FUTA is the Federal Unemployment Tax Act is the tax levied by the government upon the salaries…

Q: A taxpayer filed his income tax return in October 28, 2022. The deadline for the return was April…

A: solution concept as per the income tax provision stated by BIR in event when a person fails to file…

Q: What is Mohamed's taxable income for 2019, note that the personal allowance is £10,600,

A: The final amount of income over which the tax rate is charged for the tax liability is known as…

Q: Mr. Daniel had an Total Net Income of £104,000 in 2019-2020 tax year. His personal pension…

A: Adjusted net income is the total taxable income before deducting personal allowances less gross…

Q: What if someone made 130,000 in 2019 what is their total fica wages to be taxed?

A: FICA stands for FEDERAL INSURANCE CONTRIBUTIONS ACT, this act require employees and employers to…

Q: Question 7: FUTA tax must be remitted if the total FUTA tax owed exceeds $300 as of the end of the…

A: FUTA Tax refers to tax charged under Federal Unemployment Tax Act. The rate of tax for the year 2022…

Q: How much is the income tax payable assuming the taxable year is 2021? a. 330,000

A: Corporate tax is the tax liability calculated on the income earned by the company. It is reported…

Q: Use the 2021 FICA tax rates, shown, to answer the following question. If a taxpayer is not…

A: The Federal Insurance Contributions Act (FICA) tax is a United States federal payroll tax imposed on…

Q: The taxpayer's FICA taxes are $ ☐ . (Round to the nearest cent as neede

A: Income tax:The income tax refers to the amount that is paid by the taxpayer to the tax authority of…

Q: How do I calculate self-employment taxes with self-employment earnings. For example Bob Marks has…

A: To calculate self-employment taxes for 2021, follow these steps: Determine your net…

Q: If a person with a 24 percent tax bracket makes a deposit of $6,500 to a tax-deferred retirement…

A: Tax bracket 24% Deposit to a tax deferred retirement account $6500

Q: Jaleel is an insurance agent and collects insurance premiums from his clients every month. His total…

A: Insurance is an agreement between two parties whereby one party agrees to make loss into good of…

Q: taxpayer received a notice from the BIR to file his 2019 income tax return not later than January…

A: Taxpayers are allowed for deductions of investment expenses and miscellaneous itemized deductions…

Q: How do I calculate self employment taxes. For example Bob Dylan's self employment earnings are…

A: 15.3% is the self-employment tax rate. There are two components to the rate: 2.9% for Medicare and…

Q: ow much is the income tax payable assuming the taxable year is 2021? a. 330,000

A: Income Tax : It is the amount of income which levied by the Government of the state on the income…

Q: Taxpayer in 2022 has following amounts: W-2 wages: $125,000 @ 7.65% Sch. C Net income: $125,000 @…

A: The objective of the question is to calculate the amount of combined self-employment tax and FICA…

Q: year 2019/20?

Q: For the tax year 2023/24 Jane has employment income of £47,570, savings income of £1758 and…

A: For the tax year 2023/24, Jane’s income components are as follows:Employment income: £47,570Savings…

Q: 1. The original Social Security tax rate was _____ of taxable earnings. Answer: A. 10%…

A: 1. The original social security rate tax is 1% of taxable earnings.

Q: taxpayer received the following during 2021: A $7,000 eligible dividend, a $2,000 non- foreign…

A: The answer is stated below:

Q: Use the 2021 FICA tax rates, shown, to answer the following ques If a taxpayer is not self-employed…

A: The FICA taxes are to be paid by each employee that depends on the salary earned by employee and…

Q: A taxpayer filed his income tax return on June 30, 2019. The deadline for the return was April 15,…

A: Taxable Income:- It is the income on which one pays tax as per rate prescribed by the taxation…

Q: 25% b. 100% C. 50% d. none e. 75%

A: According to the given question, we are required to find out the correct answer from the available…

Q: Carding reported the following for the taxable year 2021: Gross compensation, net of 50,000…

A: Total taxable income includes all type of income and compensation, whether they are in form of cash…

Question

A taxpayer has a pension income of £3,100 a month assuming there is no other income. What is the income tax liability for tax year 2021-22?

a.£7,440

b.£4,926

c.£0

d.£1,000

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1: Introduction

VIEW

Step 2: Computation

VIEW

Solution

VIEW

Step by step

Solved in 3 steps with 1 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, finance and related others by exploring similar questions and additional content below.

Similar questions

An individual has taxable general income of £70,000 (before deducting the personal allowance). He also has savings income of £1,000. How much Income Tax will be payable on the savings income? £0 £200 £400 £300
A taxpayer received the following during 2021: A $7,000 eligible dividend, a $2,000 non-eligible dividend, and a foreign dividend (before withholding tax) of $500. The withholding tax rate was 10%. The taxpayer has a marginal tax rate of 30%. How much dividend income will the taxpayer report in 2021? O a. $9,500 O b. $11,366 O c. $12,460 O d. $2,850
suppose a certain a government employee earns a cna of 18,000 290 1.0.9 at 13th month pay of 27891 has other group from benefits amounting to 10,000, how much of his benefit s is taxable? How much is non taxable? If his tax is 0.08. How much is his tax and what is his net amount for his benefit?
19-Ali's calculated tax liability for the tax year 2019/20 is £9,000 and PAYE of £1,000 was deducted in respect of the employment income. Which one of the following is Ali's tax payable as per the UK tax laws? O a. £8,000 b. £9,000 O c. None of the options O d. £10,000
1
6. You have a taxable income of $35,600. a. Use the 2020 federal tax tables to determine your tax liability given your filing status. b. What is your marginal tax rate? c. What is your average tax rate? d. You had $4400 withheld from your paychecks for federal taxes. When you file your return will you have a refund or owe money? How much?
Assume the FUTA tax rate is 0.6% and the SUTA tax rateis 5.4%. Both taxes are applied to the first $7,000 of anemployee’s pay. What is the total unemployment tax anemployer must pay on an employee’s annual wages of$40,000? a. $2,400 b. $420 c. $42 d. $378 e. $0; employee’s wages exceed the $7,000 maximum.
11.
A taxpayer filed his income tax return in October 28, 2022. The deadline for the return was April 15, 2022. If he has P40,000 net tax due, compute the penalties in the form of interest. What is the total surcharge penalty? P0 P10,000 P8,000 P20,000 ADD EXPLANATION, THANKS
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. £ 4,662.5
What is the maximum that can be deducted as an above the line deduction for the amount that you pay to social security for self-employment taxes? a. 25% b. 100% C. 50% d. none e. 75%
How about if the question is How much is the income tax payable assuming the taxable year is 2021? a. 330,000 b. 775,000 c. 800,000 d. 3,180,000