An investor earns $138639 in the 2021/22 tax year. She purchases shares worth $4251 on 15 April 2021 and sold them for $10956 on 10 March 2022. What is her income tax payable, including capital gains tax, but excluding the 2% Medicare surcharge?

Q: need help calculatin Earned Income Credit, for the year 2022. taxpayer has 3 qualifying children…

A: The objective of the question is to calculate the Earned Income Credit (EIC) for a taxpayer with 3…

Q: An unmarried taxpayer with AGI of $120,000 in 2021 has a tax liability of $21,000. The taxpayer's…

A: The explanation about the prepaid tax during the Fiscal year: According to The IRS, taxes must be…

Q: Calculate the total 2021 New Jersey tax liability for Jill and Bill, also include their federal…

A:

Q: Andrea has a taxable income of $46,760 and does not have a spouse. What is Andrea's gross tax…

A: Gross tax refers to the amount which is determined grounded on the aggregate amount of money the…

Q: Ali Amanda, a resdent person for tax purposes, earned an employment income of 15,000 cedis, Business…

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

Q: Mary Singn, has the following intormation her İncome Tax Return this year: Net Taxable Capital Gains…

A: Capital gains are those gains which the company makes from selling the assets and assets usually…

Q: for tax year 2023, a taxpayer has the following income items: $200,000 wages, sales of primary…

A: The objective of the question is to calculate the adjusted gross income (AGI) for the taxpayer for…

Q: Borden Company received a federal tax levy on John Kline. Kline is single, claims 2 personal…

A: Federal tax levy is the tax levied by the employer and deduct tax on the salary withdrawn.

Q: Calculate the following taxpayers’ tax liabilities using 2021 tax rate  A single taxpayer had…

A: For the year 2021, Tax rates differes based on filing status of person. For single payers, tax rate…

Q: During 2021 Erin received eligible dividends of $1,000

A: Eligible dividends are paid out by public corporations , from the income that has been…

Q: What is the taxpayer's long-term capital gain liability, given the following security sales during…

A: Long-term capital gain liability refers to the tax obligation incurred on profits from the sale of…

Q: Calculate Total Assessable Income, Taxable Income, Tax Liability, Medicare Levy and Medicare Levy…

A: Definition: Income tax: Income tax is computed as percentage of the income earned by the company

Q: Kamryn Brown is single and earns $50,000 in taxable income and will use the following tax rate…

A: The question is related to the taxation of single individual as per the tax slab given.

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: 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: On Annual Taxable Income... Up to $10,275 From $10,275 to $41,775 From $41,775 to $89,075 From…

A: To determine Maria's marginal tax rate, we need to look at the tax rate for the income bracket that…

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: Bob Weiss wants to know his taxable income for 2020. Bob's filing status will be "Single". His AGI…

A: Taxable income is income that is taxable as per the Income tax system. This income is determined as…

Q: ident citizen provid ar:

A: Income tax is the tax levied on the total income generated during the accounting period by the state…

Q: are $200,000. How much is Joe's FICA tax? Note: The Social Security Wage base in 2020 was $137,700.…

A: FICA Taxes includes Social Security and Medicare Taxes. This tax is paid towards the Social Security…

Q: Case Study 2 Identify the relevant elements of Australian tax law in the following scenarios and…

A: To calculate James' total taxable income for the 2021/22 financial year and determine the tax…

Q: Miranda's self-employment tax is $ and she has a $ deduction for AGI.

A: Let's calculate Miranda's self-employment tax by following the below-given steps -Self-Employment…

Q: additional 0.9% Medicare tax

A: Additional medicare tax is levied on the amount over and above $2,00,000 at the rate of 0.9%. The…

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: 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: Heiman, a VAT registered taxpayer, had the following data in 2022: Deferred input taxes, December…

A:

Q: Lawyer is a cash basis taxpayer. Lawyer transmits via the USPS a bill for $5,000 on December 24,…

A: The question has asked in which year the income will be recognized for tax purposes.   For tax…

Q: rs. Emily Robinson just celebrated her 72nd birthday on October 1, 2022. Her qualified plan had a…

A: There is need to withdraw the minimum distribution otherwise you have to pay the penalty and penalty…

Q: 27. Mr. Gusion filed his 2019 income tax return and paid the tax shown thereon in the amount of…

A: Income tax: Tax collected by the central government of the country on the income generated by the…

Q: Based on the 2021 tax brackets, If Brian and his wife have a taxable income of $70,000 and they…

A: We have, Taxable Income = $70,000 Filing status = Married filing jointly Child credit = $7,200(for 2…

Q: dvise Michelle of the income tax consequences on receipt of $210,000 from Alex.

A: Annuity is simply the payments which are received by the person who has invested into it for a…

Q: In 2023, Bianca earned a salary of $164,000 from her employer. If required, round your answers to…

A: Payroll taxes refer to those taxes paid by both employer and employee in order to fund the employee…

Q: Roger paid the following taxes during 2021: State Income Tax $6,700 Real Property Taxes on his home…

A:

Q: Mark's wite left him a few years ago. in 2021, he filed as head of household. In 2021, he reported…

A: Adjusted Gross Income (AGI):  Adjusted gross income is the amount on which the tax liability of the…

Q: At the start of the 2019 tax year, Franny had $40,000 trading stock on hand in her café. Throughout…

A: The transactions of the company will be recorded first in the company's books which is called as…

Q: What is the amount of the tax liability for a single person having taxable income of $59,200? Use…

A: Appropriate Tax Tables and Tax Rate Schedules 2022:

Q: Calculate the base amount of her Basic Personal Tax Credit

A: Basic personal tax credit is the credit which is given to the taxpayer by the government through…

Q: Assume for tax year 2022, your adjusted gross income is equal to $110,000. You will file your…

A: Adjusted gross income is after deduction of certain adjustments Taxable income = AGI - standard…

Q: Calculate the AGI, Taxable Income and Tax Liability for 2021 for Samantha age 63 and Bob age 64 who…

A:

Q: A taxpayer who is married with $200,000 of joint income in 2024 and claiming the standard deduction…

A: Income includes salary, capital gain, earnings from business or profession and income from other…

Q: SI gie taxpayer,

A: FICA stands for Federal Insurance Contributions Act.The FICA tax involves social security tax @…

Q: What is Garrett's Income Tax Liability for 2020?

A: Garrett's Income Tax Liability for 2020: Total Income= $36,900 (27,000+2,000+7,900) Itemized…

Q: 3. Assume Brooke works for

A: Gross pay: It is the total amount of wages earned by employees without deducting any taxes or…

Q: * The 2022 single standard deduction is $12,950; Emily's itemized deductions will exceed the 2023…

A: Income tax payable is an obligation for the taxpayers to the government on the taxable income.…

Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.