b. Michael's AGI is $89,500
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- Elmore Eisner made the following contributions during the current tax year: Cash to United Way $5,000 Land to Boy Scouts to be used as a summer camp: Cost 20,000 Fair market value 30,000 Painting to a 20 percent charity for permanent display in foundation’s public gallery: Cost 5,000 Fair market value 7,000 Cash to individual needy families around town 3,000 Assuming Elmore’s adjusted gross income is $80,000, what is his charitable contribution deduction for the year and carryover? What is the charitable contribution and carryover if the cost and fair market value of the painting are $25,000 and $27,000, respectively?A6) Finance Walton bought one full bitcoin in March 2020. His bases in the coin is $5838. In July 2021, he donated 0.25 of the coin to a qualified charitable organization. The fair market value of a full coin at the time of donation was $33,800. what is his deductible charitable contribution? a: $1,460 b: $5,838 c: $8,450 d: $33,80064. Consider the following in answering a set of questions: Nicanor is a resident doctor of ABC Hospital. At the same time, he operates his own clinic. ABC Hospital and Nicanor’s clinic are both accredited by PhilHealth. The following were disclosed to you by Nicanor: Income from ABC Hospital: Gross Compensation – Php 2,800,000 13th month pay and other benefits – Php 200,000 SSS, Philhealth and other mandatory contributions – Php 50,000 Income from Clinic: Gross receipts: From Walk-in patients with issued receipts - Php 1,000,000 From patients paid for by Philhealth – Php 1,000,000 Expenses: Office Rental – Php 250,000 Representation expense – Php 100,000 Salary of staff nurse – Php 250,000 Salary of family driver – Php 120,000 Salary of kasambahay – 60,000 Gas and oil – Php 50,000 Utilities expense (office) – Php 100,000 Utilities expense (house) – Php 250,000 Other information: Receipts from patients with no issued official receipts – Php 2,000,000 Under-the-table (not…
- For 2021, Eugene and Linda had adjusted gross income of $30,000. Additional information for 2021 is as follows. Cash contribution to church $1,300 Tuition paid to a parochial school $1,200 Cash contribution to a qualified charity $400 Cash contribution to a needy family $100 What is the maximum amount they can deduct for charitable contributions in 2021? a.$1,700 b.$2,000 c.$1,600 d.$500 e.None of these choices are correct.Taxation Naga Tiddug applied and was hired as a cashier in Bagsakan Corporation. After saving enough money, he enrolled in the University of Saint Louis as an accountancy student. For 2021, he earned and incurred the following Salaries, net of: 162,000 SSS premium contribution -3600 Philhealth premium contribution -2400 Pag-ibig premium contribution- 3k Health and hospitalization premium contribution -2k Union dues- 3k Creditable withholding taxes-6k SSS loan- 10k Productivity bonus-12k Achievement award-cash -12k 13th month pay- 16k Christmas bonus- 16k Expense incurred: Tuition fee, board and lodging and other living expenses- 40k Medical expenses 10k Required A. How much is the non-taxable income of Naga? B. How much should be Naga's deductible expenses? C. How much is the taxable income of Naga? D. How much is the tax still payable (or refundable) of Naga?A family takes a S275,000 20 year mortage at 3.50% annually compounded monthly. a. Compute their monthly payments. b. Immediately after the 121 payment, this family receives a $55,000 from an inheritance. They decide to put this entire amount against the amount they owe. Given that the bank expects them to maintain the same monthly payments as in 4a, compute the length of time (months) it will take to pay the laon off.
- Justine Kofos purchased a house for $700,000 in Victoria for. The stamp duty payable is : Select one: a. $2,870 b. $44,870 c. $37,070 d. $26,990With the following data, compute the NET FUTA Tax. Gross FUTA Tax DUE $ 6,750 Credit against FUTA (assume applicable) $3,100 Group of answer choices $3,100 $7,000 $3,650 $6,750An individual has $1,000 to invest and wants to accumulate $1,470 in 5 years. What interest rate, compounded semiannually, must be earned to accomplish the objective?
- Mr. Nate. borrowed Php 2000.00 from Mr. Mark on June 1,1928 and Php 500.00 on June 1, 1930, agreeing that money is worth 5% compounded annually. Mr. Nate. paid Php 500.00 on June 1, 1931, Php 400.00 on June 1,1932 and Php 700.00 on June 1, 1933. What additional sum should Mr. Nate pay on June 1,1936 to discharge all remaining liability?AshvinOdysseus buys an Odyssey for $45,000.00. He pays $5000.00 down and the remainder in equal monthly payments over 5 years at 8% c.m. a. Calculate the amount of the monthly payment. b. Calculate the total interest charges. c. Determine the balance owing just after the 36th payment. Show the Merchant's Rule. d. Determine the total principal paid during the third year.