During the year ended 30 Jun 2023, Cecilia, a resident of Australia, has received rents of $20,000 and salaryof $38205. She also receives a fully franked dividend of $30,000 from a Company that pays tax at the 30%tax rateHer allowable deductions for the year are $2576. Required:Calculate her taxable income.Enter youranswer as numerals only eg 999999 Round to the nearest dollar

The first step in calculating taxable income is to determine the gross income. Gross income is the…

Answered: During the year ended 30 Jun 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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In 2022, Miranda records net earnings from self-employment of $171,000. She has no other income. Determine the amount of Miranda's self-employment tax and her AGI income tax deduction. In your computations, for the tax liability, round interim amounts to two decimal places and the final answer to the nearest whole dollar. For the AGI deduction, if necessary, use amounts that have been rounded to the nearest dollar. Miranda's self-employment tax is s and she has a deduction for AGI.
MOMO is an employee of BTS Corporation and earned $200,000 for the taxable year 2021. If for the same year, she earned $450,000 in commission income and opted to avail of the 8% flat rate, how much would be her total income tax due? a. $32,000 b. $36,000 c. $16,000 d. Answer not given
Marc, a single taxpayer, earns $60,000 in taxable income and $5,000 in interest from an investment in city of Birmingham bonds. Using the U.S. tax rate schedule for year 2023, what is his effective tax rate? ( Use tax rate schedule.) Note: Round your final answer to two decimal places. Multiple Choice 22 percent 13.09 percent 14.98 percent 10.62 percent None of the choices are correct. Don't use any AI. It's strictly prohibited.
In 2022, Esther paid $20,000 in state income tax, and $20,000 in real estate taxes. Esther’s filing status is Single, and she claimed the above expenses as itemized deductions. In 2022, Esther’s deduction for state and local taxes is limited to which of the following amounts on her Federal Income Tax Return? Group of answer choices $10,000 $20,000 $40,000 $0
Denger
Brooke, a single taxpayer, works for Company A for all of 2022, earning a salary of $57,000.
lan earned $150,000 of salary as an employee in 2022. How much should his employer have withheld from his paycheck for FICA taxes (rounded to the nearest whole dollar amount)? Multiple Choice O $2,175 $11,289 $9,114 $11,475
Consider the following information regarding the Smith family, a married couple with 3 children. The Taxable Income on Line 15 is $160,000. Calculate the tax on this amount that would be entered on Line 16 of the couple's 2021 Form 1040. Round your answer to the nearest dollar. Do NOT enter a dollar sign. Use a comma if appropiate.
Gerry is a resident of Quebec and has been with the same employer, XYZ company for the last 3 years. Facts: Gerry’s gross salary in 2022:$96,000 ignore non-refundable tax credits for this problem Using Table A, 2022 tax rates, calculate Gerry’s taxes payable Gerry’s Taxes Payable Calculate Gerry’s average tax rate and marginal tax rate: Tax calculation Average tax rate Marginal tax rate Table A
nkt.1
Subject: accounting
Mahmet earned wages of $148,800 during 2022. Mahmet qualifies to file as head of household and claims two dependents under the age of 17. How much will Mahmet's employer withhold in social security taxes for the year? Note: Round your answer to 2 decimal places. Multiple Choice $9,114.00. $8,537.40. $8,853.60 $9,039.60.

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