Answered: In 2022 - 23, Sam makes a gift aid… | bartleby

Income Tax Fundamentals 2020

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter7: Tax Credits

Section: Chapter Questions

Problem 12MCQ

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Question

In 2022 - 23, Sam makes a gift aid donation of £280. His only income consists of business
profits. What is his income tax liability for 2022 - 23 if his profits for the year are £175,000?
Question 10Answer a. £63,710 b. £57,966 c. £63,622 d. £63, 640

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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.
The Net Income of Mr. Richard was £130,000 during the tax year 2019-2020. He travelled 10,000 miles for business trip by his own car. His employer paid him 0.50 penny per mile for each business mile. His taxable income after mileage allowance was £: a. 112,500 b. 125,000 c. 130,500 d. 135,000
Example 1: Ethan received trading income of £110,000 in the tax year 2021/22. He also made gift aid donations of £4000 (gross). Compute Ethan’s taxable income for the tax year 2021/22? Example 2: For the tax year 2021–22, Mazoon has a trading profit of £159,000. During the year, Mazoon made net personal pension contributions of £32,000 and a net gift aid donation of £9,600 Compute Mazoons’s taxable income for the tax year 2021/22?
An individual has taxable general income of £70,000 (before deducting the personal allowance). He also has savings income of £1,000. How much Income Tax will be payable on the savings income? £0 £200 £400 £300
Mr. Daniel had an Total Net Income of £104,000 in 2019-2020 tax year. His personal pension contribution is £2000 Gross. What will be the amount of his Adjusted Net Income? a. £11,500 b. £92,500 c. £101,500 d. £102,000
George gives £10,000 cash to his son. Indicate whether the following statement is True or False. The gift of £10,000 will be chargeable to captial gains tax.
Emma is an employee and in 2021-22, her salary was £108,150. She made 1,200 (Net) gift aid donations during 2021-22. What is the amount of personal allowance that Emma will be entitled to? £12,570 £9,245 £0 £8,150
On 1 January 2024 Iva gave £5,000 to charity under the Gift Aid scheme. His only income is an annual salary of £59,000. Identify the correct treatment of the gift. The gift reduces Iva’s income tax liability by: A £1,000 B £1,250 C £6,250 Tax relief is obtained by: d extending the basic rate band e making a deduction from employment f making deduction from total income
Mr. Roly received savings income of £7,500 and dividend income of £17,500 during 2019-20. He had an employment income of £22,500. How much is his total tax liability for the tax year 2019/20? a. £ 4,462.5 b. £ 4,812.5 C. £ 4,612.5 O d. £ 4,662.5
In 201920, Ms. Elizabeth has contributed 15,000 Gross donation to Royal Society for Protection of Birds in UK under Gift Aid Scheme. What will be her taxable income assuming that she is having only employment income of 115,000? a. 102,500 b. 100,000 c. 32,500 d. 87,500
n the tax year 2019/20, Emmanuel receives an employment income of £180,000 from ABC Ltd. He made a gross gift aid donation of £10,000 in February 2020. What is Emmanuel’s income tax liability for the tax year 2019-20?
For the tax year 2021-22, Arthur had employment income of £110,000. During the tax year 2021-22, he made charitable gift aid donations of £4,000 (net). What is the amount of Arthur's personal allowance for the tax year 2021-227 Select...

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