Before buying the Douglas Pub business, William built up a £500,000 pension fund whilst in his previous job. William is now considering making additional payments to a personal pension fund, he asks you to:Required:Explain how he will receive full tax relief for any contributions he makes to a qualifying pension fund (2%)Advise him on the optimum contribution he should make to his qualifying pension fund from a tax perspective (2%)

1. How William will receive full tax relief for contributions to a qualifying pension fund: When…

Explain how he will receive full tax relief for any contributions he makes to a qualifying pension fund (2%) Advise him on the optimum contribution he should make to his qualifying pension fund from a tax perspective (2%)

Explain how he will receive full tax relief for any contributions he makes to a qualifying pension fund (2%) Advise him on the optimum contribution he should make to his qualifying pension fund from a tax perspective (2%)

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter17: Corporations: Introduction And Operating Rules

Section: Chapter Questions

Problem 38P

See similar textbooks

Similar questions

You and your best friend, Angelo started working at Microsoft at the same time last year on January 1, 2022. You know that he is much stronger than you at negotiating and you believe he makes more money than you. This is the first job for both of you and neither of you joined the company pension plan. You have asked him for his salary but he refuses to tell you. He has however told you that he made the maximum Registered Retirement Savings Plan (RRSP) contribution on January 1, 2023, in the amount of $16,200. Both of you have not yet received a raise since starting at Microsoft. What is Angelo's salary? Select one: O a. $85,000 O b. $72,000 O c. $75,000 O d. $80,000 O e. $90,000
Please send me answer of this question immediately and i will give you like sure
Give typing answer with explanation and conclusion
You graduate from college and get your first job. You open a Roth IRA with $2,000 at the age of 25. You invest $3,000 at age 26, $4,000 at age 27, and $5,000 at age 28. You then receive a promotion that brings your incometo a level that disqualified you from making further contributions to the Roth IRA. Construct a table that shows how much will you have in your IRA at the age of 60 if you had invested in an account that paid an averageyield of 8 percent.
Simon's employer is considering improving Simon's current remuneration package by offering him a leave passage of up to a maximum of RM8,000 per year, including hotel accommodation and meals. Explain the tax treatment, from the employee's perspective, of both local and overseas leave passages for travel, hotel accommodation and meals and state which would be more tax efficient for Simon.
Calculating taxable income for a married couple filing jointly. Freya and Sebastian Hunter are married and have one child. Sebastian is putting together some figures so he can prepare the Hunters joint 2018 tax return. So far, hes been able to determine the following concerning income and possible deductions: Given this information, determine the amount of the available itemized deductions. How much taxable income will the Hunters have in 2018? (Note: Assume that Sebastian is not covered by a pension plan where he works, his child qualifies for the child tax credit, and the standard deduction of 24,000 for married filing jointly applies.)
You and your spouse have the following retirement accounts. Tell me how much you can take out or borrow from each account without incurring a tax penalty. Assume that you are a first time home buyer and you are in the 17% Federal and state tax brackets. Your IRA $9,000 Your Spouse's IRA $8,000 Your Roth IRA $18,000 (10,000 of contributions) Your Spouse's Roth $15,000 (8,500 of contributions) Your 401(k) $110,000 Based on the information above, answer the following questions: * number your answers 1,2,3 1) How much can you take out or borrow without penalty for a down payment? 2) What is the maximum amount you can pay for a house if you put 20% down. Assume that you can borrow any amount.
Suppose you are28 and married. You and your spouse file for income taxes jointly. You are in the 25% tax bracket. You are considering a few personal investment issues. If your employer provides the following matching schedule on your contribution to the 401 (k): 100% matching for the first 3% of your salary and then 50% matching for the next 2% of your salary. You plan to work for the current employer for 3-7 years before you start your own business. Which one of the following seems to be the best investment strategy? a.Invest all your income inside your regular taxable investment account. b.First, contribute 5% of your salary to your 401 (k), then invest the rest in your IRAs and Roth IRA account, finally invest the remaining money, if any, in your regular taxable investment account. c.Contribute 5% of your salary to your 401 (k), and then invest all the rest money in your regular taxable investment account. d.First, fully fund your IRA and Roth IRA account, then fund your401 (k),…
↑ FICA Contributions. Brian makes $25,100 per year. How much can Brian expect to contribute to FICA taxes in 2018? How much will his employer contribute? (Hint: The total FICA tax rate is 7.65%) CALEDS The amount Brian can expect to contribute to FICA taxes in 2018 is $(Round to the nearest cent) The amount his employer will contribute is $ (Round to the nearest cent.) Next
LO.6 Harvey is a self-employed accountant with earned income from the business of $120,000 (after the deduction for one-half of his self-employment tax). He uses a defined contribution Keogh plan. What is the maximum amount Harvey can contribute to his retirement plan in 2020?
Question 8: Gift aid donation scheme. Brenda has employment income of £55,000 each year and makes a payment of £3,600 to the RSPB under the gift aid scheme. Calculate Brenda's income tax liability for the tax year 2021/22.
Suzanne is a single mother and a full-time employee of Company A. Her salary is R65,000 a month. Based on the fact that she is a long-standing employee, Company A has granted her son a scholarship of R24,000 for his current Grade 10 year to aid him towards his dream of becoming a chartered accountant. How much of the scholarship is subject to income tax? Select one: O a. R4,000 O b. R24,000 Ос None of it - the entire amount is exempt from income tax O d. R20,000 Thomas is a junior executive at an advertising firm and earned a basic salary of