ence of P1.2 Millio
Q: Peter graduated at the end of 2017 and he received then a gift of 12 000 € which he deposited on his…
A: Amount received as gift = 12,000 Annual saving = 5,400 Interest rate = 1.55% Tax rate = 30%
Q: Required: What are the Fergusons’ 2022 federal income taxes payable or refund, including any…
A: When the total taxable income is after computing the AGI and deducting all the deductions allowed to…
Q: Mr. Jones, the owner of a small service business, decided to give his personal truck to the business…
A: The following information given in the question: 1. Decided to give his personal truck to the…
Q: Ellen moved to canada on April 30th, 2021. Ellen was born and raised in France and moved to Canada…
A: Gifts amounting $2000 shall not be taxed as it is exempt from tax.
Q: Manny, a resident citizen, made the following donations in 2021: To Mercy, a land worth P450,000 in…
A: The answer is stated below:
Q: Dave bought a Ford Mustang seven years ago for RM32,000. He has decided to sell it as he now needs a…
A: Rate of return refers to the minimum return that is being earned by the investors over the amount of…
Q: Joe buys a piece of land on January 3rd of the current year. He pays $10,000 in cash. 1) Suppose…
A: Capital Gain: It is the increase in value of capital Asset when an asset is sold and capital gain…
Q: arek receives 3000 euros as an inheritance, all the money is invested in starting a business. To be…
A: Journal Entry - Journal entry is the recording of business transaction in books of account, this is…
Q: Amad has opened a new business and purchased some new IT equipment (five-year property) for $240,000…
A: INTRODUCTION: Depreciation is the process of deducting the cost of a corporate asset over time…
Q: Puan Aimi Mastura has been operating a mini market in Subang Jaya. She has approached you to ask…
A: Tax treatment of the given transactions.
Q: annum for the last 5 years. He thinks that the business could be sold at the end of the 20 year…
A: Solution: Alternative 1: Business Period Amount 0 initial investment (4,750,000) 1-15…
Q: Michael transfers $20,000 cash and land to XYZ, Inc. in exchange for all of its stock. The land has…
A: Mortgage- Mortgages are a sort of loan that can be used to buy or keep up a house, land, or another…
Q: At age 35, Ronald earns his MBA and accepts a position as a vice president of an asphalt company.…
A: Here,Annual salary (PMT) is $105,000Interest Rate (r) is 5%Compounding Period is ContinouslyTime…
Q: rchased a new car in Jan 2022 which cost $60k. The car is his main vehicle for the year which he…
A: AGI stands for Adjusted gross income and refers to the gross income gained by an entity after…
Q: Which of the following is most likely not a trade transaction for income tax purposes?
A: Which of the following is most likely not a trade transaction for income tax purposes? A. In…
Q: Calculate the Hong Kong salaries tax payable by Peter for the year of assessment 2019/20. (Note: you…
A: The amount of tax being paid by the salaried person is known as salaries tax payable. It is computed…
Q: red in Cavite, P120,000. The sale was perfected in Hong Kong. Business income of a service business…
A: Total income liable to income tax -If Resident citizen, In case of resident CitizenIncome earned…
Q: George is a U.S. citizen who is employed by Hawk Enterprises, a global company. Beginning on June 1,…
A: The sum of an employee's paycheck that is left over after payroll deductions such as taxes, bonuses,…
Q: In 2020, JungKook earns RM 12,000 monthly. He has four children, and his wife is a housewife. He…
A: As per Income Tax Act 1961, the taxable income will be calculated as follows:
Q: Aisha is an accountant for a global CPA firm. She is being temporarily transferred from the Raleigh,…
A: The profit or rise in value from the sale of an asset that is formally acknowledged and recorded in…
Q: Scrooge is thinking of selling his money lending business. He has been the sole owner for 6 years…
A: Howey test was given by Supreme court whether transactions qualified as security.There were…
Q: Andile, 77 years of age, is a Senior Manager at Blue V, a small-medium sized manufacturing company…
A: To calculate Andile's taxable income for the year ended 29 February 2024, we need to consider his…
Q: Cryptocurrency Lisa converted cryptocurrency into $27,200 Australian dollars in October 2019. To…
A: The capital gain is a type of profit obtained by selling the held asset for more than its value at…
Q: Alex has been offered an engineering job with a large company that has offices in Makati and Laguna.…
A: Future worth refers to the value of a current asset at some future date based on the interest…
Q: hay spent 22 years working in a car manufacturer before going to school to pursue a career as a…
A: Money grow with deposit and also with the compounding interest that is being accumulated over the…
Q: In 2020, Jack and Eri are married. Jack earns $150,000 from his job as a finance executive. Eri…
A: Gross Income Gross income which are included the income which are derived through salary and other…
Q: terest only) on their new home? How much will they be able to invest in their retirement accounts…
A: A retirement account a strategy for putting money away to be spent after retirement pension account,…
Q: Barrie and Inga Adlington are considering purchasing a vacation home in the United States on a lake…
A: A debt-to-income ratio compares a person's monthly loan payments to their monthly income. It refers…
Q: Grayson is considering giving up his paid employment and going into business on his own account. He…
A: Solution: Alternative 1: Business Period Amount 0 initial investment (4,750,000) 1-15 Cash…
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A: a. Wally used the funds as a down payment on a speedboat and repaid the $25,000 loan (including $250…
Q: Pong Pagong is the CEO of Sesame Zoo Corporation. In 2019, he received total compensation of…
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Q: Robby's old house was for sale from April 2019 for £745,000 (he bought it on 6 April 2001 for…
A: Tax is the liability calculated on the income earned and paid to the government.
Q: Required information [The following information applies to the questions displayed below.] Seiko's…
A: Answer:- Fringe benefit:- Fringe benefits are extra perks provided to the employees over and above…
Q: Kuldeep Singh just bought an Indian restaurant (goodwill) from Manpreet for the amount of $750,000…
A: Ordinary income is defined as any kind of income that is earned or generated by the company or…
Q: In 2021, Carlos drives from his home in Los Angeles to Oregon to consult with a client. He works for…
A: The correct answer is option (e)$175
Q: Roberto borrowed $10,000 dollars from the mafia guy down the block Guido Colombo at a rate of 30% on…
A: Variables in the question:Loan amount on 1/1/2020=$10,000 Rate=30% (assumed compounded…
Q: of Karachi owns a building in clifton area of karachi.On 1.7.2021 he rented out the building to Mr…
A: Income From House Property : Income from house property which is expected by the owner…
Q: Jagdeep sold his Indian restaurant “Maya no Dhaba” to Jasleen for the amount of $450,000. On top of…
A: Ordinary income is the one that is to be taxed at ordinary rates. This income includes all the…
Q: James decided to work in Baie-James in northern Quebec for a few years. He wanted to earn some big…
A: Tax is payable on Net taxable Income after claiming all deductions.
Q: Miss Balqis wishes to purchase a cottage located in a rural area in 12 years when she retires in…
A:
Q: Noor Patel has had a busy year! She decided to take a cross-country adventure. Along the way, she…
A: The amount of income that is subject to taxation is known as the taxable amount. It may take into…
Mr. Leody, a resident citizen, is working for a large real estate development company in the country and in 2020, he was promoted to Vice-President of the company. With more responsibilities comes higher pay. In 2021, he decided to buy a new car worth P2 Million and he traded-in his old car with a market value of P800,000.00 and paid the difference of P1.2 Million to the car company. The old car, which was bought three (3) years ago by the father of Mr. Leody at a price of P700,000.00 was donated by him and registered in the name of his son. The corresponding donor’s tax thereon was duly paid by the father. How much if any is the tax liability of Mr. Leody on the trade in of his old car?
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- You were hired as the accountant of XYZ Trading, a sole proprietorship business owned by Mr. Francisco Montano. One of your responsibilities is to prepare the income tax return of Mr. Montano. Annually, Mr. Montano pays P50,000 to P100,000 income tax. He told you to help him lessen his income taxes by 10%. As his accountant, what will you do to help him?Q1: Hansen bought his primary residence on 1/1/2010 for $400,000. He put $50,000 of his own money as the down payment, and borrowed $350,000 from a bank for the remainder of the purchase price. On 1/1/2021, he was laid off from his job, and he could not make his mortgage payments. On 3/30/2021, the bank foreclosed on the house, and took the house back from Hansen. On 3/30/2021, the house was worth $150,000, and he owed $300,000 to the bank. The bank sold the house for $150,000 which the bank used to pay off half of the $300,000 that Hansen owed. The bank forgave the remaining $150,000 that Hansen owed the bank, pursuant to the foreclosure. In 2021, how much taxable income does Hansen recognize from the bank forgiving the home loan to Hansen? a. $0 b.$150,000 c. $300,000 d. $400,000 Q2. Diamelle purchased a life insurance policy on her life, and named Eric, her husband, as the beneficiary. Diamelle paid $50,000 for the life insurance policy. Upon Diamelle’s death, the life insurance…(b) Samuel Gumede earns £39,000 a year working for a building company as a project manager. He is considering the possibility of leaving the company and starting his own business. To do this, he will have to use all his £60,000 savings that are currently invested at an interest rate of 2%. He estimates that the annual profit from his own business will be £50,000. Other relevant costs in starting his own business amount to £1,750. Required: Using the information above, calculate the net relevant benefit of Samuel starting his own business.
- During 2021, Harry, a self-employed accountant, travels from Kansas City to Miami for a seven-day business trip. While in Miami, Harry decides to stay for an additional 5 days of vacation. Harry pays $600 for airfare, $200 for restaurant meals, and $500 for lodging while on business. The cost of meals and lodging while on vacation was $300 and $500, respectively. How much may Harry deduct as travel expenses for the trip?Jenny Dimon Just Joined the WNBA as a professional basketball player who will play for New York Liberty. The team have offered Jenny two different compensation arrangements. The first arrangement gives her $74,000 annually for the next two years. The second arrangement gives her $63.000 annually for the next two years and a 819.000 signing bonus today. The bonus will be paid Iminediately, and the salary will be paid monthly In equal amounts. You can Ignore any personal taxes In this example. What Is the value today of each compensation arrangement If the Interest rate Is 8 percent compounded monthly? (Do not round Intermediate calculations and round your mowers to 2 decimal places, e.g., 32.16.)Luis has $170,000 in his retirement account at his present company. Because he is assuming a position with another company, Luis is planning to "roll over" his assets to a new account. Luis also plans to put $3000/quarter into the new account until his retirement 30 years from now. If the new account earns interest at the rate of 4.5%/year compounded quarterly, how much will Luis have in his account at the time of his retirement? (Round your answer to the nearest cent.)
- After a bad accident Anton receives a large sum in compensation. He is thinking about using it to invest in a stretch limousine to hire out for special occasions. The cost of the limousine is £100,000. Anton is due to retire in six years, at which stage he thinks he will be able to sell the limousine for £40,000. The net cash inflows for the venture, after allowing for the driver's wages and other direct expenses are: End of year Net cash flow (£) 1 10,000 2 15,000 3 20,000 4 20,000 5 20,000 6 15,000 (a) Find the payback period for this venture. (b) Calculate the net present value using a discount rate of 8%.Virginia is an accountant for a global CPA firm. She is being temporarily transferred from the Raleigh, North Carolina, office to Tokyo. She will leave Raleigh on October 7, 2020, and will be out of the country for four years. She sells her personal residence on September 30, 2020, for $255,000 (her adjusted basis is $230,000). Upon her return to the United States in 2024, she purchases a new residence in Los Angeles for $245,000, where she will continue working for the same firm. Required: What are Virginia’s realized and recognized gain or loss? (If there is no gain or loss is recognized, select "No gain/loss".) What is Virginia’s basis in the new residence?Mr. Mensah, a board member of Stingy Men Ltd receives a net income of GH¢3600 per month as board fees. He is currently also a part-time lecturer at the University of Ghana Business School and received GHA¢54,000 (net of withholding tax) for lecturing during the 2020 year of assessment. He owns an appartment at airport hills from which he received a gross rental income of GHAC84,000 from his tenant covering the half year of 2020. The appartment tradionally attracts a property rate of GH¢1,000 per year. What is the tax paid on the rent? A. GHÁC8,400 B. GHÅ¢6,720 C. GH¢4,200 D. GHÅ¢12,600
- In 2019, Sikanto Tinabangsit, a Thai citizen and the reigning WBO Super Featherweight Champion, successfully defended his crown against Kid Laban Gurruud at the Big Dome just a day after he arrived here in the Philippines and received P12 million in cash and a Cayenne with fair value of P8 Million. How much is his final withholding tax?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?
