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- Required: Calculate Augustine's income tax liability for the year ended 30 June 2020, if he is treated as carrying on a trade in respect of his motor car activities.Find the amount of Social Security and Medicare for the current pay period Of the employee. G. Falk has a current gross earning of $952.41 oh, and he has a year-to-date earning of $109,504.33.57. What is the adjustment that must be made to taxable income in computing alternative minimum taxable income for 2020, assuming that an individual purchased an office building on january 8 for $400,000?
- Annie files her 2020 tax return on April 15, 2021. On what date will the Statute of Limitations on Assessment expire? O April 15, 2022 April 15, 2023 April 15, 2024 O April 15, 2027For 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.Franklin Stewart arrived at the following tax information: Gross salary Interest earnings Eligible dividend income Basic personal amount Union dues Moving expense (50 km for employment) $ 47,780 225 100 12,069 3,890 1,150 What amount will Franklin report as taxable income? (Round your answer your response.) Taxable income $
- In 2020, Schedule 1 of Form 1040 is used to report: a.Salary income. b.Unemployment compensation. c.Capital gains and losses. d.Withholding on wages.Edward Bridgewater has adjusted net income of £101,300 for the tax year 2020/21. Edward is 29 years old and is married to Rahma Bridgewater. Rahma is 30 years old; her adjusted net income for the tax year 2020/21 was £119,200. What is Edward Bridgewater’s personal allowance for the tax year 2020/21? £11,850 £13,150 £0 £11,200For each employee listed, use both the wage-bracket method and the percentage method to calculate federal income tax withholding for an employee who has submitted a pre-2020 Form W-4. Refer to Publication 15-T (2020). Carol Harrison (single; 0 federal withholding allowance) earned daily gross pay of $210. For each period, she makes a 401(k) contribution of 13% of gross pay.Using wage-bracket method: Federal income tax withholding = $ Using percentage method: Federal income tax withholding = $
- Use the 2016 marginal tax rates to compute the tax owed by a married man filing separately with a taxable income of $143,000.In 2022, a taxpayer has self-employment earnings of $201,000. Required: Compute the taxpayer’s self-employment tax liability and the allowable income tax deduction of the self-employment tax paid.V6. Based on the wage-bracket method, the federal income tax withholding for an employee who files as Single, is paid weekly, completed the current Form W-4, has one job, and whose adjusted wage amount is $572 is $