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- Hannah Legaleagle is an attorney. She is an Irish citizen who vacationed in the U.S. for 14 days in 2018. Because of her fondness for living in the U.S., Hannah's Irish employer law firm gave her a temporary assignment at its U.S. affiliated firm (she worked in Washington D.C.) from August 1 through December 31, 2019. She earned $120,000 of her salary while working in the U.S., and earned $220,000 for the year before transferring to the U.S. She also earned $40,000 of interest and dividends, all from Irish banks and from publicly traded Irish companies. Hannah asks you to advise her of the U.S. tax consequences of her activities in 2019.Christina, a 50-year-old American, is married to a Singaporean, and the couple has 2 children who are Singapore citizens. The eldest is studying at an overseas university while the younger child is attending school in Singapore. For the year 2021, Christina earned the following employment income: (i) Salary of $236,000(ii) Bonus of $34,000(iii) Net rental income of $10,800 What is her total the child relief claim (QCR and WMCR) for the Year of Assessment 2022?Shenira is a resident of the Republic. She is 30 years old. She is married in community of property. Her husband did not earn any passive income. The following information relates to the 2021 year of assessment. Income from a Republic source 1. A salary of R420 000. 2. Net rentals of R40 000 were earned from a beach cottage. 3. Interest of R24 000 was earned from a fixed deposit. Foreign income 1. Foreign dividends of $760, before a withholding tax of 10% was deducted as a rebate. These dividends are not exempt in terms of section 10B(2). 2. Interest of £165 on an investment inherited from her aunt. The inheritance and the income on it are excluded from their joint estate. This interest was not subject to a withholding tax. 3. Assume the average exchange rates for the 2021 year of assessment were $1 : R15 and £1 : R18 respectively. In terms of section 25D(3), she elected that her foreign receipts and accruals be translated into rand by applying the average exchange rate. Expenditure -…
- Lucas, a single U.S. citizen, works in Denmark for MNC Corp during all of 2019. His MNC salary is $87,000. Lucas may exclude from his gross income wages of:a. $0b. $40,000c. $87,000d. $105,900Carmen SanDiego, a U.S. citizen, is employed by General Motors Corporation, a U.S. corporation. On April 1, 2020, GM relocated Carmen to its Brazilian operations for the remainder of 2020. Carmen was paid a salary of $132,000 and was employed on a 5-day-week basis. As part of her compensation package for moving to Brazil, Carmen also received a housing allowance of $28,000. Carmen’s salary was earned ratably over the 12-month period. During 2020 Carmen worked 260 days, 195 of which were in Brazil and 65 of which were in Michigan.How much of Carmen’s total compensation is treated as foreign source income for 2020? (Do not round intermediate calculations.)Helen is U.S. citizen and a CPA who moved to London, England, three years ago to work for a British company. Thisa year, she spent the entire year in London and earned a slary of $1478,000. How much of her salary will she be allowed to exclude from gross income in the United States?
- Of the following individuals, who is most likely to be considered a part-year resident of Canada for the current taxation year? Helga had lived and worked in Canada for 10 years. She was transferred by her employer to its flagship hotel in Switzerland on March 1 of the current year for a 1 year training assignment. Her husband remained in Canada to complete his MBA. Ravi is a citizen of India, where he was born and lived until moving to Canada on March 1 of the current year with his wife and child. He was transferred by his employer to its Canadian head office. Billy Bob is a U.S. Marshall on loan to the RCMP detachment in Nunavut. It is a 9 month assignment. Marc is a French citizen who lives in Paris. On March 1 of the current year he begins work as a translator in Ottawa. It is a 1 year assignment.Raven Vargas, a resident citizen, was engaged to render service for a multinational company located abroad. A one year contract was entered in Japan amounting to P500,000. Raven performed the services for eight months in the Philippines while the remaining period in Japan. Compute for the taxable income.Carmen SanDiego, a U.S. citizen, is employed by General Motors Corporation, a U.S. corporation. On April 1, 2020, GM relocated Carmen to its Brazilian operations for the remainder of 2020. Carmen was paid a salary of $145,000 and was employed on a 5-day- week basis. As part of her compensation package for moving to Brazil, Carmen also received a housing allowance of $31,250 Carmen's salary was earned ratably over the 12-month period. During 2020 Carmen worked 260 days, 195 of which were in Brazil and 65 of which were in Michigan. How much of Carmen's total compensation is treated as foreign source income for 2020? (Do not round Intermediate calculations) Total foreign source compensation
- Carmen SanDiego, a U.S. citizen, is employed by General Motors Corporation, a U.S. corporation. On April 1, 2022, GM relocated Carmen to its Brazilian operations for the remainder of 2022. Carmen was paid a salary of $138,000 and was employed on a 5-day-week basis. As part of her compensation package for moving to Brazil, Carmen also received a housing allowance of $29,500. Carmen's salary was earned ratably over the 12-month period. During 2022 Carmen worked 260 days, 195 of which were in Brazil and 65 of which were in Michigan. How much of Carmen's total compensation is treated as foreign source income for 2022?Sam Sithole is a resident of the Republic. He is 47 years old and is married in community of property.The following information relates to the 2023 year of assessment for Sam and his wife, Meg.Income from a South African source:- A salary of R550 000 from his employer, a motor manufacturing company.- He does part-time academic work for a private higher education college and earned an income of R110 000 as part of his business income for the year of assessment.- Net rentals of R90 000 was earned from a bachelor flat in Margate.- Interest of R34 000 was earned from various short-term investments.Income from a South African source for Meg:- Rent received from an out-house on their property amounted to R60 000.Sam made contributions of R6 500 per month to a medical scheme on behalf of himself, his wife and child. He paid R48 000 qualifying medical expenses for the year. His employer contributed R40 000 to the medical scheme during the year.Required:Calculate Sam Sithole’s normal tax…Fred currently earns $10,100 per month. Fred has been offered the chance to transfer for three to five years to an overseas affiliate. His employer is willing to pay Fred $11,100 per month if he accepts the assignment. Assume that the maximum foreign-earned income exclusion for next year is $112,000. Required: a-1. How much U.S. gross income will Fred report if he accepts the assignment abroad on January 1 of next year and works overseas for the entire year? a-2. If Fred's employer also provides him free housing abroad (cost of $21,100), how much of the $21,100 is excludable from Fred's income? b. Suppose that Fred's employer has offered Fred a six-month overseas assignment beginning on January 1 of next year. How much U.S. gross income will Fred report next year if he accepts the six-month assignment abroad and returns home on July 1 of next year? c-1. Suppose that Fred's employer offers Fred a permanent overseas assignment beginning on March 1 of next year. How much U.S. gross income…