Rezu is employed as a salesperson and earns both a salary and commission income. In 2021 Rezu'scommissions totaled $7,000. Rezu is required to pay for numerous employment expenses each year which areidentified on the annual T2200. Rezu paid $10,000 for employment related expenses during the year. Rezuuses a personal vehicle for work purposes, and in 2021, the total capital cost allowance for the car was $4,000.Rezu drove the car a total of 25,000 kilometres in 2021. 10,000 of these were for work purposes.REQUIRED:Calculate Rezu's total salesperson deduction for 2021?Write your answer (without $ sign and rounded to zero decimal places) in the space provided below.

Solution:- Rezu is employed as a salesperson and earns both a salary and commission income. In 2021…

Answered: Calculate Rezu's total salesperson…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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If I receive a return to work payment of $20,000 and it is classified under statory income. What difference would it make if this was classified under ordinary income?
Based on ph Joji, a resident citizen, has the following cumulative data from January to June 30, 2021: Sales, P2 million; Salary, P1 million. In the 3rd quarter of 2021, he has Sales of P500,000 and a Salary of P100,000. How much Sales and Salary, respectively, shall be declared by Joji in the 3rd quarter income tax return for the taxable year 2021? A.P500,000 and P100,000 B.P2,500,000 and zero, respectively C.P2,000,000 and P1,100,000 D.P2,500,000 and P1,100,000 E.None of the above
it is asking you for 30% of your realized income--I do not think you can add that to the deductions from State, FICA and FED. I would think you need to 2,800.00- 732.20= 2,067.80 2,067.80 is realized income--then you need 30% from that--I think--thoughts?
Which one of the following amounts represents the maximum amount that you may deduct for moving expenses on your 2020 personal income tax return? A) $ 8,800. B) $ 9,700. C) $10,200. D) $11,250.
Jessica's utility of income is represented by: U(I) = V(241) where I represents annual income. She is offered a job that has a 0.3 chance of earning $21970 and a 0.7 chance of earning $62150 a year. How much would Jessica be willing to pay to insure against the risky income? Answer: $ (DO NOT ROUND YOUR CALCULATIONS UNTIL YOU REACH THE FINAL ANSWER. ENTER YOUR RESPONSE ROUNDED TO TWO DECIMAL PLACES, AND NO SEPARATOR FOR THOUSANDS.)
______________ is the tax payment deadline for all individual taxpayers regardless if they have self-employment or unincorporated business income to report in 2021?
What is the alternative minimum tax (AMT) rate for individuals? 1 %. 7%. 12.3%. 20%.
Use the 2021 FICA tax rates, shown, to answer the following question. If a taxpayer is not self-employed and earns $128,000, what are the taxpayer's FICA taxes? Employee's Rates Matching Rates Paid by the Employer Self-Employed Rates 7.65% on first $142,800 of 7.65% on first $142,800 paid 15.3% on first $142,800 of net income profits in wages 1.45% of income in excess of $142,800 1.45% of wages paid in excess of $142,800 2.9% of net profits in excess of $142,800 The taxpayer's FICA taxes are $ (Round to the nearest cent as needed.)
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Data: Alice is single and self-employed in 2020. Her net business profit on her Schedule C for the year is $200,000. Question: What is her self-employment tax liability and additional Medicare tax liability for 2020? Thx, Stephanie
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