At the start of the 2019 tax year, Franny had $40,000 trading stock on hand in her café. Throughout the year she bought a further $150,000 worth of trading stock and recorded sales of $280,000. On 30 June 2019, she had trading stock on hand valued at $50,000. What is Franny’s Taxable Income for the 2019 financial year? Select one: a. $280,000 b. $200,000 c. $140,000 d. $130,000

Q: During 2020, Rick and his wife, Sara, had the following items of income and expense to report:…

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

Q: On 1 July 2019 Mary acquired a little boat for $12343. It was for her personal use. Mary borrowed…

A: Capital gain/loss refers to any gain or loss on sale a capital asset. A qualifying asset is an asset…

Q: Lawrence received a salary advance of $50 on September 1. He plans to repay this advance from his…

A: Explanation: Lawrence taxable income for the September 15 paycheck= Net wages or Gross wages That is…

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: During 2021, Barry (who is single and has no children) earned a salary of $13,100. He is age 30. His…

A: Introduction:- Earned income includes all the taxable income and wages you get from working for…

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: In 2022, Allison is single, had gross income of $60,000, and incurred the following expenses:…

A: Itemized deductions are expenses that taxpayers can subtract from their adjusted gross income (AGI)…

Q: Using the EIC tables calculate the amount of her 2022 earned income credit.

A: Given in the question: Earned Income = $8,500 Adjusted Gross Income = $10,000 The year is 2022 It…

Q: During 2020, Stephanie received $16,000 in wages, $3,500 in unemployment benefits, and $500 in…

A: The business income for net operating income (NOI) would include only the income related to the…

Q: Timothy has been trading for many years preparing his accounts to 31 December each year. He decided…

A: Working notes :- As per UK tax rules  the tax rates are as under -…

Q: During 2022, Gregory received income in the following amounts: . $26,000 wages. . $2,500…

A: To determine Gregory's business income, only his wages should be considered, as this is typically…

Q: On January 1, 2019, an investor bought 300 shares of Absaroka, Inc., for $62 per share. On January…

A: Here,Purchase Price of Share $        62.00Selling Price of Share $        69.00Quarterly Dividend…

Q: nessa Brown has a RRIF account and turned 70 years old in the current taxation year. Vanessa informs…

A: An agreement between a person and a carrier, like a bank, trust company, or insurance company, is…

Q: Jessica purchased a home on January 1, 2021, for $750,000 by making a down payment of $300,000 and…

A: Here to understand the details of maximum deduction allowance which are made in the itemized…

Q: Jeri purchased an annuity contract for $18,600 ($50/month for 15.5 years). The contract began paying…

A: Annuities are the uniform annual payments that are being paid over the period of time of annuity but…

Q: artner. What is Vanessa's minimum RRIF withdrawal

A: An agreement between a person and a carrier, like a bank, trust company, or insurance company, is…

Q: During 2021, Robert has the following cash receipts: Wages: $50,000 Interest from City of Jackson…

A: As per Internal Revenue Services [IRS] definition ,  Gross Income includes…

Q: During 2019, Jason Glen has net employment income of $12000, net rental income of $4800, as well as…

A: A non-capital loss arises when your deductions for the year are more than your income for that year.…

Q: On June 1, 2019, Joy inherited properties worth P3,000,000 from her mother. The properties are…

A: All income earned & expenses Incurred during a particular reporting period should be recognized…

Q: Harvey acquired shares in Macquarie Bank in December 2019 for $90,000. He needed cash quickly and so…

A: Taxable income includes income from different sources such as income from salary, business income,…

Q: Harry's Hairdresser is a barber shop owned by Harry who carries on his business as a sole…

A: As a sole proprietor, Harry's taxable income of $500,000 is subject to individual income tax rates.…

Q: Alex earns an income of $60,000 this year as a sole proprietor. He pays the following amounts during…

A: Calculation of  Alex’s Adjusted Gross Income (AGI) :    Alex’s income…

Q: Prepaid Income (Obj. 1) Scott operates a fitness center as a sole proprietorship. On May 1, 2020,…

A: Introduction: Income is defined differently depending on the context, such as taxation, financial…

Q: Selma operates a contractor's supply store. She maintains her books using the cash method. At the…

A: Accrual method A method of accounting that records the revenue or incomes when it is earned and…

Q: Nadine bought 100 shares of PIE stock for $15 a share on March 14, 2020. On August 1, 2021, she…

A: INTRODUCTION: Shares are broadly classified into two types: equity and preference shares. Holders of…

Q: Sally owns real property for which the annual property taxes are $9,000. She sells the property to…

A: A tax paid on property that is owned by a person, business, or other legal body is known as property…

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.