Daniel is a physiotherapist who works at MurdochHospital. Daniel earns $98,000 per annum from his joband has a tax credit of $18,000. Daniel's physiomembership and insurance costs him 55,000 perannum, Daniel is single and has no kids. On 1 April 2023after discussion with his accountant Daniel rushed toget private health insurance as he was advised that hewill get a tax benefit from having private healthinsurance. Daniels HECS debt was $35,000. CalculateDaniels net tax payable or refund as at 30 June 2023.Show all workings.Answer space for Question 1:

A tax credit is an amount subtracted directly from the total amount of tax owed to the government.…

Answered: Daniels net tax payable or refund as at…

Business

Accounting

Daniels net tax payable or refund as at 30 June 2023.

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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1. Deferred tax liability, January 1, 2022, $0. 2. Deferred tax asset, January 1, 2022, $0. 3. Pretax financial income for 2022, $345,000. 4. Cumulative temporary difference at December 31, 2022, giving rise to future taxable amounts, $205,500. 5. Cumulative temporary difference at December 31, 2022, giving rise to future deductible amounts, $64,800. 6. Tax rate for all years, 20%. 7. The company is expected to operate profitably in the future. Determine the income taxes payable for 2022.
Ms. White has net tax owing for 2017 of $4,500, net tax owing for 2018 of $8,000, and estimated net tax owing for 2019 of $7,500. If she wishes to pay the minimum total amount of instalments for the 2019 taxation year, her first payment on March 15 will be for what amount? Nil. $1,125.00 $1,875.00 $2,000.00
Cullumber Inc. reports the following pre-tax incomes (losses) for both financial reporting purposes and tax purposes: Year 2021 2022 2023 2024 Accounting Income (Loss) (a) $128,000 93,000 (300,000) 219,000 Tax Rate 25 % 25 % 30 % 30 % The tax rates listed were all enacted by the beginning of 2021. Cullumber reports under the ASPE future income taxes method. Assume that Cullumber uses a valuation allowance to account for future tax assets, and also that it is more likely than not that 25% of the carryforward benefits will not be realized. Prepare the journal entries for 2023 and 2024. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem.)
3. Mr. So filed his 2022 income tax return on June 30, 2023. The BIR discovered a deficiency income tax on August 15, 2024. When should the deficiency tax assessment be served? a. On or before August 15, 2027 b. On April 15, 202 c. On or before June 30, 2026 d. On or before April 15, 2026
How much deferred tax liability must ABC report as of December 31,2020? How much deferred tax liability must ABC report as of December 31,2019? How much deferred tax asset must ABC report as of December 31,2019?
! Required information Problem 7-45 (LO 7-2) (Algo) [The following information applies to the questions displayed below.] Matt and Meg Comer are married and file a joint tax return. They do not have any children. Matt works as a history professor at a local university and earns a salary of $69,600. Meg works part time at the same university. She earns $33,800 a year. The couple does not itemize deductions. Other than salary, the Comers' only other source of income is from the disposition of various capital assets (mostly stocks). (Use the tax rate schedules, Dividends and Capital Gains Tax Rates.) Note: Round your final answers to the nearest whole dollar amount. Problem 7-45 Part-a (Algo) a. What is the Comers' tax liability for 2022 if they report the following capital gains and losses for the year? $ 9,800 (2,400) Short-term capital gains Short-term capital losses Long-term capital gains Long-term capital losses 15,800 (6,400) Total tax liability
Nancy Jackson Corporation has pretax financial income (or loss) from 2020 through 2026 as follows. Income (Loss) Tax Rate 2020 $59,520 25% 2021 (86,800) 20% 2022 111,600 20% 2023 37,200 20% 2024 130,200 20% 2025 (74,400) 25% 2026 158,800 25% Pretax financial income (loss) and taxable income (loss) were the same for all years since Jackson has been in business. In recording the benefits of a loss carryforward, assume that it is more likely than not that the related benefits will be realized. (b) Indicate what the income tax expense portion of the income statement for 2021 should look like. Assume all income (loss) relates to continuing operations. (Enter negative amounts using either a negative sign preceding the number e.g.-45 or parentheses e.g. (45).) NANCY JACKSON CORPORATION Income Statement (Partial) For the Year Ended December 31, 2021 Expenses Net Income/(Loss) $
Metlock reported the following pretax financial income (loss) for the years 2020-2022. 2020 $117,600 2021 (139,000) 2022 176,400 Pretax financial income (loss) and taxable income (loss) were the same for all years involved. The enacted tax rate was 20% for 2020- 2022.
2022 Taxable Income and Income tax liability (before any credits)
Chuck, a single taxpayer, earns $75,000 in taxable income and $10,000 in interest from an investment in City of Heflin bonds. (Use the U.S. tax rate schedule.) Required: a. If Chuck earns an additional $40,000 of taxable income, what is his marginal tax rate on this income? b. What is his marginal rate if, instead, he had $40,000 of additional deductions? (For all requirements, do not round intermediate calculations. Round percentage answers to 2 decimal places.) a. Marginal tax rate b. Marginal tax rate
In 2023, a taxpayer who paid $16,500 of self-employment tax would deduct $ deduction. of the tax as a (for/from) I AGI
Determine from the tax table the amount of the income tax for each of the following taxpayers for 2020: Taxpayer(s) Filing Status Taxable Income Income Tax Allen Single $ 30,000 $______________________ Boyd MFS 34,545 $______________________ Caldwell MFJ 55,784 $______________________ Dell H of H 67,450 $______________________ Evans Single 75,000 $______________________