Betty owns two residential investment properties in Singapore which are rented out. She has the following income for the year 2020: Net rent surplus of $10.000 from Property 1 Net rent deficit of $11,500 from Property 2 Interest income from loan to her company of $1,500 The amount of taxable income derived by Betty for the Year of Assessment 2021 is: Group of answer choices a) $11,500. b) $1,500 c) $0 d) None of the above

Betty owns two residential investment properties in Singapore which are rented out. She has the following income for the year 2020: Net rent surplus of $10.000 from Property 1 Net rent deficit of $11,500 from Property 2 Interest income from loan to her company of $1,500 The amount of taxable income derived by Betty for the Year of Assessment 2021 is: Group of answer choices a) $11,500. b) $1,500 c) $0 d) None of the above

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter3: Computing The Tax

Section: Chapter Questions

Problem 37P

See similar textbooks

Similar questions

How much is the total income tax of Ana assuming she opted to be taxed at 8%? Ana, a self-employed resident citizen provided the following data for 2018 taxable year: Sales P2,800,000 1,125,000 650,000 Cost of sales Business expenses Interest income from peso bank deposit Interest income from deposit under FCDS 80,000 120,000 Gain on sale of land in the Phils. held as capital asset 500,000 with cost P1.5M when zonal is P1.2M P321,500 O P342,500 O P351,500 O P358,000
Subject : Taxation Theory, Practice and Law Question: 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.Hint: The following website can be used to cross-check your answer, but you need to provide the detailed calculations, rates and explanations with the screenshots of rates from the ATO website. https://www.paycalculator.com.au/
The Net Taxable Income of Mr. Sagar Dharahas (aged 25 years) is 37,25,000. This Income includes two components (i) Income from Lotteries { 6,00,000 and (ii) remaining balance is Regular Income. Find out the total Income Tax Liability of Mr. Sagar Dharahas if he is a Resident Indian for the Assessment Year 2020-21 (Financial Year 2019-20). (Ignore TDS) 7 9,67,200.00 O 9,76,200.00 O 9,03,000.00 O 9,30,000.00
Ali Amanda, a resdent person for tax purposes, earned an employment income of 15,000 cedis, Business income of 25,000 cedis and an investment income from her property rentals of 5,000 in the year 2021. The investment income has already suffered a final withholding tax of 15%. What will be the total assesable income of Amanda in the year 2021? A . 45,000 B. 40,000 C. 45, 750 D. 44,250 E. 10,000
A derived its income from its self-operated talpakan business. The details of his business for 2021 are as follows: Gross Receipts - P100,000.00 Operating Expenses - P50,000.00 Income taxes withheld in general - P10,000.00 Question: What is A's taxable income? Group of answer choices P40,000.00 P50,000.00 P90,000.00 P100,000.00
Angelena files as a head of household. In 2021, she reported $54,900 of taxable income, including a $10,300 qualified dividend. What is her gross tax liability? (Round your answer to the nearest whole dollar amount.) (Use the tax rate schedules, long-term capital gains tax brackets.) Multiple Choice 24 of 31 Next OG $6.318 $5,188 $5,068 $6,571 BRUN < Prev J
During the 2023 income year, Lance McGuinness (a non-resident taxpayer) received the following income: Salary from employer for work performed in Australia $45,000 Salary from employer for work performed outside of Australia $105,000 Rent received from property in Hong Kong $ 20,000 Calculate Lance's Australian taxable income for 2023 Question 7Select one: A. $170,000 B. $65,000 C. $45,000 D. $150,000
Yanni, who is single, provides you with the following information for 2023: Salary State income taxes Mortgage interest expense on principal residence Charitable contributions Interest income a. Yanni's taxable income: Click here to access the exemption table. If required, round your answers to the nearest do Compute the following: b. Yanni's AMT base: c. Yanni's tentative minimum tax: LA $ SA $103,000 10,300 9,270 S 2,060 1,545 10,370 X 0 X
A derived its income from its self-operated talpakan business. The details of his business for 2021 are as follows: Gross Receipts - P100,000.00 Operating Expenses - P50,000.00 Income taxes withheld in general - P10,000.00 Question: Assuming that the tax rate is 25%, what is the income tax payable of A? Group of answer choices P2,500.00 P12,500.00 P25,000.00 P15,000.00
For the following taxpayers, determine if they are required to file a tax return in 2023. Problem 8-80 Part a (Algo) a. Ricko, single taxpayer, with gross income of $15,800.
Geronimo files his tax return as a head of household for year 2021. If his taxable income is $76,600, what is his average tax rate? (Use tax rate schedule.) (Round your final answer to two decimal places) Multiple Choice O O 14:55 percent 16.56 percent 1102 percent 22.00 percent None of the choices are correct
Calculate Total Assessable Income, Taxable Income, Tax Liability, Medicare Levy and Medicare Levy Surcharge, if applicable, for the tax payer (James) with information below: • James is a resident single tax payer of Australia for the tax year 2019-2020 • His Taxable Salary earned is $170,000 (Including tax withheld) having no private health insurance. • James has a student loan outstanding for his previous studies at Monash University of $57,000. • James' employer pays superannuation guarantee charge of 9.5% on top of his salary to his nominated fund. • James earned a passive income of $15,000 from the investments in shares in the same tax year. provide the detailed calculations, rates and explanations with the screenshots of rates from ATO website.