Identify the subsidary journal Sold athletics attire to mr bokomo for R11 210 and received his EFT payment Immediately
Q: Sharon Stone is a sales representative for a renowned pharmaceutical company. She is paid a basic…
A: Note:"Since you have asked three independent questions, the first question was answered for you. If…
Q: These statements are presented to you for evaluation: Statement I – Any person who, in the course…
A: Answer:- Value Added Tax (VAT) definition:- It is a type of sales tax. VAT is basically a…
Q: 6-Beta Company earned gross income of RO 100,000 in the tax year 2019. In the same year, company…
A: Charitable donations (in cash or kind) are restricted to specified institutions and organizations…
Q: in 2022 mrs. white has taxable capital gains of 21,750 rental income of 5720 pays spousal support of…
A: Earned income for 2022 = Rental income - Paid spousal support + Net employment income…
Q: Lawrence received a salary advance of $50 on September 1. He plans to repay this advance from his…
A: Explanation: Lawrence taxable income for the September 15 paycheck= Net wages or Gross wages That is…
Q: a. How much is Cooper's total deduction on his Schedule C for special clothing and uniforms? %$4 b.…
A:
Q: Can RT demand from JP the fulfillment of his obligation to act as courier in his plants live selling…
A: The answer for the question relating to law is explained hereunder : The facts are, JP received an…
Q: Stephanie is 12 years old and
A: The standard deduction amount varies depending on the taxpayer's filing status, age, and…
Q: A taxpayer forgot to register his book of accounts on time. Which of the following penalties will be…
A: Step 1 Failure to maintain and filling of books of accounts and all the related documentation will…
Q: Danish was granted a loan of £10,000 by his employer on 31 March 2020, to help finance the purchase…
A: The assessable loan benefit arises when the employee receives money as a loan from the employer at…
Q: The amount of sale to qualified PWDs INCLUSIVE of VAT is P1,120,000. Under the law, senior citizens…
A: VAT is applicable to the amount of sales done but some categories of sales are exempted from the VAT…
Q: mais200 by br 9. A taxpayer received the following items of income during the taxable year 2023:…
A: When an individual receives and generates income in the form of money, services or property, it is…
Q: ) How much did Dora borrowed today? b.) Dora failed to settle all monthly dues scheduled but…
A: Loans are paid by equal monthly installments that carry the payments for interest amount and amount…
Q: Tax Payable
A: Definition: Tax liability: Amount of tax debt that is owed to the tax authorities is known as tax…
Q: General Motors offers thhis employee group term amount of $100,000. General Motors paidS100 per…
A: Hello. Since your question has multiple parts, we will solve first question for you. If you want…
Q: Required information [The following information applies to the questions displayed below] Clem is…
A: Adjusted gross income (AGI) is your gross income minus certain adjustments. The IRS uses the AGI to…
Q: The amount of sale to qualified PWDs INCLUSIVE of VAT is P1,120,000. Under the law, senior citizens…
A: VAT :— VAT means Value added tax . Vat is charged by the Central Government or state government on…
Q: What is the maximum amount of qualified expenses that a taxpayer with one qualifying child can claim…
A: Qualified Expenses: These expenses include the amount that is paid by the taxpayer with respect to…
Q: A. $49,660 OB. $65,460 OC. $57,560 O D. $51,560 Amounts Net employment income (ITA 5 to 8) Interest…
A: According to the question given, we need to compute the net income for the current year.Taxable…
Q: Question (1) 1 On 28/2/2021, Dr. Ali resigned from his work at one of the Jordanian universities…
A: The ESOP received are taxable under head salary. The salary and pension salary are to be shown on…
Q: Winner attends the opening of a new department store. All persons attending are given free raffle…
A: IRC Section 74:In this section, the amount that is received from awards and prizes is also included…
Q: A. Find the employer's FICA deductions for each of the following employ B. Find the amounts of the…
A: This question is based on the real time interest rate for social security, Medicare and FUTA. Total…
Q: Jenna's employer offers a cafeteria plan that allours employees to choose among a rumber of…
A: Taxable income is the amount of your income that is subject to tax. It is calculated by subtracting…
Q: QUESTION 12 Snoopy Pty Ltd pays for its employee, Peanut's, home phone bill. Peanut uses the phone…
A: Fringe benefit tax (FBT) is a tax payable by the companies in lieu of perquisites or benefits they…
Q: Prepare the general journal entry to record the payment to Hazel Adams if she is paid an amount…
A: In the process of retirement of partner we need to revalue assets and liabilities. After revaluation…
Q: Travel expenses from the school to the sporting field, which a schoolteacher incurs. The…
A: In order to balance the need for revenue collection with the effects on people, businesses, and the…
Q: Which ONE of the following criteria is relevant in determining whether an allowance received by an…
A: The employer provides multiple allowances and benefits to the employee. These benefits are in…
Q: i) Ms Tee rents her premises at an annual rental of GHC2,400. On June 1, 2016, Ms Tee had paid her…
A: Income statement The income statement is also called the statement of retained earnings. It is the…
Q: Kerry purchases the Level I software at a price of $50 for his son, Tom, on December 1. Suppose Tom…
A: The revenue recognition: The revenue recognition principle refers to the revenue that should be…
Q: Case 2 According to Oman Labor Law, on the termination of workers who are not beneficiaries of…
A: Solution: CASE 2 (b). As per Oman law, Gratuity is paid based on last drawn Basic pay. It is paid…
Q: Question 3 of 35. Oliver, an insurance agent and sole practitioner, decided to sell his insurance…
A: Amortization refers to the technique of accounting that is used to reduce the book value of an…
Q: An employee has a gross compensation income of P350,000 in 2019. His employer deducted P3,000 SSS,…
A: Computation of gross taxable compensation income: Amount Gross compensation income P350,000…
Q: In December 2023, GrabCo withholds from an employee's pay: $100FICA; $200 FITW; $50 SIT, and a $40…
A: 941 - Tax Liability: The 941 tax liability includes all the income taxes, medicare care taxes on…
Q: The amount of sale to qualified PWDS INCLUSIVE of VAT is P1,120,000. Under the law, senior citizens…
A: Introduction Persons With Disability (PWDs) according to republic act 10754 are eligible to get a…
Q: 5-Asila uses her own car for business travel. During 2019/20, Asila drove 20,000 miles while…
A: Mileage Allowance Payments are what you pay your employee for using their own vehicle for business…
Q: ichard Nkambi (60 years of age and has a disability as defined) had the following receipts and…
A: Solution- Computation f tax liability Income under the head salary Salary received 540000 Uniform…
Q: 27. M issued a promissory note to P which states “I promise to pay P P10,000.” The promissory note…
A: A promissory note is a negotiable instrument in which one party (the drawer, maker or issuer)…
Q: The employer allowed jensen to use the condominium for free in recognition of outstanding a…
A: Gross Total Income is the sum of all of an individual's earnings before any deductions or taxes. It…
Q: Required information Problem 5-56 (LO 5-2) (Algo) [The following information applies to the…
A: Social security benefits provide replacement income for retired adults and individuals with…
Q: 17. Maribel must include a $2,000 in the Gross Income received for National Merit Scholarship for…
A: Scholarship for tuition is the financial aid given to the student for pursuing education by certain…
Q: 3. Assume on December 31, 2018, Tran receives $1,000,000 for all sales-based royalties earned from…
A: Financial Accounting Standards Board (FASB): FASB is an independent 7 member board, of accounting…
Q: Mr. Latif is working as an accountant in a general partnership namely 'Al Majan' for the last two…
A: The financial position of the company can be arrived from the income statement prepared by the…
Q: In 2021, DFS Medical Supply collected rent revenue for 2022 tenant occupancy. For income tax…
A: The income tax payable represents the tax obligation of the taxpayer. It is the amount a taxpayer is…
Step by step
Solved in 2 steps
- Exercise 6-26 (Algorithmic) (LO. 2) Shanna, a calendar year and cash basis taxpayer, rents property to be used in her business from Janice. As part of the rental agreement, Shanna pays $11,800 rent on April 1, 2020 for the 12 months ending March 31, 2021. Do not round any division. a. How much is Shanna's deduction for rent expense in 2020? b. Assume the same facts, except that the $11,800 is for 24 months' rent ending March 31, 2022. How much is Shanna's deduction for rent expense in 2020?filling the blanks a. amount of(0,250,500 OR 1400) (for or from) AGI and (0,250,500,650,1400) is an employee business expense which is (deductible or nondeductible) b. decuction in the amount of (0,250,500,650 or 1400) (for or from)Q2 Susan, a self-employed solicitor, has the following taxable income and allowable outgoings for 2020: € Schedule D Case II income before capital allowances 180,000 Schedule D Case II capital allowances 25,600 Schedule D Case IV deposit interest gross 3,150 Schedule D Case V rental income (net of expenses) 12,000 Qualifying retirement annuity premiums paid 23,900 Susan is 31 years old and does not have a medical card. What is Susan's universal social charge (USC) liability for 2020? A. €9,531 B. €12,507 C. €9,878 D. €12,160
- Help me form 1040 - line12a thru 20 Lance H. and Wanda B. Dean are married and live at 431 Yucca Drive, Santa Fe, NM 87501. Lance works for the convention bureau of the local Chamber of Commerce, and Wanda is employed part-time as a paralegal for a law firm. During 2019, the Deans had the following receipts: Salaries ($60,000 for Lance, $41,000 for Wanda) $101,000 Interest income— City of Albuquerque general purpose bonds $1,000 Ford Motor company bonds 1,100 Ally Bank certificate of deposit 400 2,500 Child support payments from John Allen 7,200 Annual gifts from parents 26,000 Settlement from Roadrunner Touring Company 90,000 Lottery winnings 600 Federal income tax refund (for tax year 2018) 400 Wanda was previously married to John Allen. When they divorced several years ago, Wanda was awarded custody of their two children, Penny and Kyle. (Note: Wanda has never issued a Form 8332 waiver.)…A property/casualty insurer sold a one-year insurance policy for $480 on July 1. The insurer incurred $144 in underwriting expenses for the policy. Disregarding losses, what is the insurer's pre-tax net income from this policy in the year the policy was written under statutory accounting rules? A-$144 B $ 96 C $168 D $236Exercise 6-26 (Algorithmic) (LO. 2) Shanna, a calendar year and cash basis taxpayer, rents property to be used in her business from Janice. As part of the rental agreement, Shanna pays $21,400 rent on April 1, 2022, for the 12 months ending March 31, 2023. Do not round any division. a. How much is Shanna's deduction for rent expense in 2022? 21,800 X b. Assume the same facts, except that the $21,400 is for 24 months' rent ending March 31, 2024. How much is Shanna's deduction for rent expense in 20227 8,175 X Feedback Check My Work A taxpayer's accounting method is a major factor in determining taxable income. The method used determines when an item is includible in income and when an item is deductible on the tax return.
- Dakota owes Christopher PHP80,000 which is due on April 20. On the other hand, Christopher owes Dakota the following debts: PHP30,000 due on April 02; PHP10,000 due on April 09; PHP20,000 due on April 15; and PHP5,000 due on April 21. If on April 14, Christopher assigned his credit right to Tammy with notice to Dakota but Dakota did not give his consent to the assignment, how much may Tammy collect from Dakota on April 20? A. PHP20,000 B. PHP15,000 C. PHP40,000 D. Nothing, because Dakota did not give his consent to the assignment. why is the answer C?D1. A taxpayer (65 years old) sold a holiday home in the previous year of assessment. The taxpayer does not buy and sell houses regularly. The base cost of the house is R350 000. In terms of the sale agreement the taxpayer received R600 000 on the date of the sale in the previous year of assessment. The sales agreement stipulates that the taxpayer will receive 10% of the net profit generated from the rental of the house in the current year of assessment as the balance of the selling price. On 1 July of the current year of assessment the taxpayer received R50 000 representing the 10% of the net profit. Calculate the taxpayer's taxable capital gain or assessed capital loss for the current year of assessment.Under Home Buyers' Plan, individuals are not permitted to deduct RRSP contributions that are made and immediately withdrawn within ____ days. Question 10 options: a) Calendar year end b) 90 days c) 120 days d) Month end
- What is the name of the employee?QUESTION ONE Mr Stephen Ncube is a resident of Zambia. The following detail relate to his employment in the tax period ended 31 July 2020. Salary Bonus Cost of living allowance Refund from medical aid society Cell phone allowance Cash in lieu of leave Expenses Doctor's consultation fees Contribution to retirement annuity fund Contribution to medical aid Contribution to medical pension fund Additional information provided by the employer ZMW 240 000 52 000 16 000 6 000 8 000 000 4 18 000 30 000 36 000 39 000 Requirements Calculate Stephen Ncube's tax liability for the year ended 31 December 2020. 1. The employer provided him with a well-furnished company house in April, however, according to the Rentals Board, market related rentals for the house was 6 000 ZMW per month. According to the employer the upkeep of the house was 2 000 ZMW per month. Stephen paid 2 500ZMW per month to his employer. 2. In March the employer provided him with the free use of a car with an engine capacity 3 200…PURELY COMPENSATION INCOME EARNER Instructions: 1. Download BIR Forms 1700 AND 2316 Version 2018 at www.bir.gov.ph. Compute the income tax payable, if any. Relevant information: YOU, single and a Filipino citizen, and a resident of Brgy. Talipapa, Quezon City is employed by PA-MINE Corp. located in N. Reyes St., Sampaloc, Manila for the calendar period 2021. During your employment, PA-MINE Corp. was able to apply for your TIN where BIR RDO No. 032 – Manila assigned you Taxpayer Identification No. 123-456-789-0000. PA-MINE Corp.’s TIN No. is 987-654-321-0000. Additional information: Your basic salary is Php 30,000 per month In addition to your basic pay, you received the following: Holiday pay – Php 10,000 Hazard pay – Php 20,000 Overtime pay – Php 20,000 Fixed transportation allowance – Php 10,000 Cost of Living Allowance – Php 20,000 13th month pay – Php 30,000 Other benefits – Php 20,000 De minimis benefit of Php – 20,000 PA-MINE Corp. has deducted the following…
