Consider the information given below. If the owner contributes $16,600 and the net income is $15,500, how much did the owner withdraw (owner, withdrawals)? Assets Liabilities Beginning of Year $27,000 $18,000 End of Year $60,000 $26,000
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- Danny received the following interest and dividend payments this year. What amount should Danny include in his gross income? a. 2,500 b. 1,500 c. 3,700 d. 2,200Using the following information about the family’s assets and liabilities, calculate the total assets: Checking account: $3,000 Savings account: $13,000 Credit card balance: $5,500 Utility bill: $500 Home: $320,000 Mortgage (30 years): $210,000 Car: $25,000 Car loan (60 months): $18,000 Student loan (7 years): $25,000 Household items: $15,000 Retirement account: $64,000 Other assets: $39,000 A) 464,000 B) 400,000 C) 415,000 D) 479,000During 2022, Gregory received income in the following amounts: $26,000 wages. $2,500 unemployment benefits. $200 qualified dividends from investments. $5,000 taxable distribution from his IRA. How much is Gregory's 2022 business income for net operating loss (NOL) purposes? * * * € $26,000 $28,500 $28,700 $31,000
- How are you determining income before income tax answer of $166,000?1. Label each item as Gross Income, (GI), Not Included, (NI) or Deductions for Adjusted Gross Income, (DAGI), and calculate adjusted gross income for Noelle Nelson. A gift from her mother Nia, $30,000 Noelle has a sole proprietorship, candy shop. The net income is $120,000 Salary $100,000. Bonus $40,000 Capital loss $20,000 Contribution to individual retirement account, $1,000 Child support received, $30,000 Alimony received $50,000. The divorce was signed on January 15, 2018. Noele won $20,000 in a national bowling tournament. Noelle received $20,000 from a legal settlement for a dog bite on her leg. Student loan interest paid $1,000. Noelle’s sister, Natasha, gave her $40,000, in repayment of a $35,000 loan from 2017. Workman’s compensation $30,000 Unemployment compensation $40,000 Interest from a City of Nashville Bond, $7,000 Treasury bill interest $10,000 Interest from CitiGroup Account $5,000 Penalty for early withdrawal from timed savings…1. Miguel provided the following data on the sale of her personal property sold in 2019 held by her for 15 months. COST P225,000 Mortgage assumed by buyer 270,000 Installment Collection: 2019 67,500 2020 67,500 2021 45,000 REQUIREMENT: Compute for the below: a. Selling Price b. Contract Price c. Initial Payments d. Income subject to income tax in 2019, 2020, 2021
- Mr. Mogi borrowed $9000 for 10 years to make home improvements. If he repaid a total of $20,000 at what interest rate did he borrow the money? Give typing answer with explanation and conclusionMichelle Puxton has the following Bourcer of income and payroll deductions: Employment income $39,400 Interest income 7,000 Taxable capital gain Allowable capital lose 8,000 13,000 RRSP contribution 4,000 Alimony paid 6,600 Requirement: 1. What is Michelle's Net Income for Tax Purposes (in good form, copy the appropriate description of accounts in your anewer)? 2. Determine if there are losses that can be carried back and forward.Maria Reid has determined that the value of her assets is $64,000 and the value of her debts is $23,000. The difference between these two is $41,000. The $41,000 could be referred to as her: Group of answer choices nest egg. total assets. adjusted assets. debt equity. net worth.
- You are provided with the following amounts for Sarah Feeley for the current year: View the amounts. Based on the amounts, what is the net income reported by Sarah Feeley pursuant to ITA 3 for the current year? OA. $60,180 O B. $65,080 OC. $57,680 O D. $72,480 Amounts Net employment income (ITA 5 to 8) Interest income (ITA 12) Taxable amount of dividends Taxable capital gains (ITA 38 to 55) Allowable capital losses (ITA 38 to 55) RRSP deduction (allowed pursuant to ITA 60) Print Done $ $ $ 62,000 7,600 1,380 4,900 7,400 10,800 - XCompute the total deductible expenses for purposes of determining the regular income tax due from X, a professional practitioner, who incurred the following expenses during the period: Salaries of household maids. P 50.000 Salaries of office staff. Office utilities.. 30.000 12,000 8.000 Depreciation of personal car. . 15,000 Depreciation of office equipment.. 20,000 Office supplies..Assuming that Mimaropa is a corporate taxpayer, compute the taxable income. Mr. Mimaropa reported the following data in 2021. Sales Cost of Sales Gain on Sale of Equipment Interest Income from Bank Deposits Deductible Expenses Non-deductible Expenses Your answer P 1,000,000 600,000 60,000 40,000 300,000 200,000 m