Ali Amanda, a resdent person for tax purposes, earnedan employment income of 15,000 cedis, Businessincome of 25,000 cedis and an investment income fromher property rentals of 5,000 in the year 2021. Theinvestment income has already suffered a finalwithholding tax of 15%. What will be the totalassesable income of Amanda in the year 2021? A. 45,000 B. 40,000 C. 45, 750 D. 44,250 E. 10,000

To calculate Ali Amanda's total assessable income for the year 2021, we need to consider her various…

Answered: Ali Amanda, a resdent person for tax…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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During 2020, Joan Matel is a resident of Ontario, Canada and has calculated her Taxable Income to be $56,700. Assume that Ontario’s rates are 5.05 percent on Taxable Income up to $48,535 and 9.15 percent on the next $48,534. Calculate her 2020 federal and provincial Tax Payable before consideration of credits, and her average rate of tax.
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.
Chuck, a single taxpayer, earns $77,200 in taxable income and $12,400 in interest from an investment in City of Heflin bonds. (Use the U.S. tax rate schedule.) Required: a. If Chuck earns an additional $40,000 of taxable income, what is his marginal tax rate on this income? b. What is his marginal rate if, instead, he had $40,000 of additional deductions? Note: For all requirements, do not round intermediate calculations. Round percentage answers to 2 decimal places. a. Marginal tax rate b. Marginal tax rate 53.58% 30.56 %
1
In 2021, Patricia (age 10) received $7,880 from a corporate bond. Patricia lives with her parents and she is claimed as a dependent in their tax return. Assuming her parent's marginal tax rate is 24%, what is Patricia's gross tax liability? 2021 Tax Rate Schedules.pdf O $0. $110. O $1473. O $999.
1. Meredith owns her own business. In 2020, she had business revenue of $268,450 and business deductions of $75,900. She had no other activity that affected her tax return. a. Calculate her self-employment tax. b. Calculate her AGI.
Marc, a single taxpayer, earns $214,000 in taxable income and $6,600 in interest from an investment in city of Birmingham bonds. Using the U.S. tax rate schedule for year 2022, what is his current marginal tax rate? a. 22.00 percent b. 32.00 percent c. 34.00 percent d. 44.00 percent e. none of the choices are correct
Campbell, a single taxpayer, earns $416,000 in taxable income and $2,800 in interest from an investment in State of New York bonds. (Use the U.S. tax rate schedule.) Required: a. How much federal tax will she owe? b. What is her average tax rate? c. What is her effective tax rate? d. What is her current marginal tax rate? Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D How much federal tax will she owe? Note: Do not round intermediate calculations. Round "Federal tax" to the nearest dollar. Federal tax Required A
Chuck, a single taxpayer, earns $77,400 in taxable income and $12,600 in interest from an investment in City of Heflin bonds. (Use the U.S. tax rate schedule.) Required: A. If Chuck earns an additional $40,000 of taxable income, what is his marginal tax rate on this income? B. What is his marginal rate if, instead, he had $40,000 of additional deductions? Please I need fast subparts a and b please i give up vote 2
Hardev
Jocelyn's filing status is head of household and had AGI of $106,000 in 2023. Her total itemized deduction amount is $12,000 a. What is her taxable income? b. What is her income tax liability? c. What is her marginal tax rate? d. What is her average tax rate?
I need both answer please .....

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