Answered: Jongwe has total income of £115,315 for…

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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Similar questions

For the current year, the maximum percentage of social security benefits which might be included In a taxpayer's gross income is? A, 50% 85% 0% 65% 100%
Mikhail Rivers is a self-employed corporate tax consultant. Mikhail’s business, Rivers’s Tax Consultancy, prepares financial statements to an accounting date of 31 March each year. During the year ended 31 March 2021, Mikhail’s tax adjusted trading profit was £34,120. What is the total amount of National Insurance contributions payable by Mikhail for the contribution period 2020/21? A. £158.60 B. £3,070.80 C. £2,374.40 D. £0. Mikhail will not be required to make any National Insurance contributions
Faisal is self-employed, and for the tax year 2021-22 had a trading profit of £47,500. He has brought forward trading losses of £8,000 What are the total national insurance contributions payable by Faisal for the tax year 2021-227
n 2020, Juergen made after-tax contributions of $24,300 to his employer's qualified plan. In August 2021, he requested a nonperiodic distribution. At that time, his account balance was $78,000 and he received a one-time distribution of $13,000. How much of the distribution is tax-free? $0 $4,050 $11,300 $13,000
26-Jaleel is an insurance agent and collects insurance premiums from his clients every month. His total collection of insurance premiums for the month of June 2019, £30,000. Which of the following is correct with regards to the calculation of VAT as per UK tax laws? a. 5% VAT on such Taxable Supplies O b. Exempted Supplies so not VAT O c. 0% VAT on such Taxable Supplies O d. 10% VAT on such Taxable Supplies
19-Anwar received trading income of £120,000 in the tax year 2019/20. He also made gift aid donations of £2,000 ( gross ). As per UK Tax laws which one of the following is adjusted personal allowance for the tax year 2019/20? a. £3,500 b. £12,500 c. None of the options d. £18,000
Gary's income for the tax year 2022/23 comprises a salary of £140,000 and dividends of £20,000. He is not entitled to a personal allowance. How will his dividends be taxed? O a. £2,000 at 0% and £8,000 at 33.75% and £10,000 at 39.35% O b. All at 39.35% O c. £10,000 at 33.75% and £10,000 at 39.35% O d. £2,000 at 0% and £10,000 at 33.75% and £8,000 at 39.35%
Suppose a graduate student earned a gross income of $60,000 in the year 2022 and is a resident of Ontario, Canada. The following information is provided for the calculation of the student's federal and provincial income taxes:  Federal tax rates for 2022 are as follows:  15% on the first $49,020 of taxable income  20.5% on the next $49,020 of taxable income (on the amount over $49,020 up to $98,040)  26% on the next $61,536 of taxable income (on the amount over $98,040 up to $159,576)  29% on the next $71,517 of taxable income (on the amount over $159,576 up to $231,093)  33% on the amount over $231,093  Ontario tax rates for 2022 are as follows:  5.05% on the first $47,630 of taxable income  9.15% on the next $47,629 of taxable income (on the amount over $47,630 up to $95,259)  11.16% on the next $62,335 of taxable income (on the amount over $95,259 up to $157,594)  12.16% on the next $70,000 of taxable income (on the amount over $157,594 up to $227,594)  13.16% on the…
John makes $6,500 contribution into a Roth IRA in 2023. He is in the 22% marginal tax bracket. How much will this reduce tax liability? $6,500 $0 $1,430 $2,000
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
For the tax year 2023/24 Jane has employment income of £47,570, savings income of £1758 and dividends of £3588. What is her tax liability for the year? Enter a whole number, without the £ sign, in the response box.
Kk12.

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Jongwe has total income of £115,315 for 2021/22. He made occupational pension contribution of £4,000 (gross). His personal allowance for 2021/22 will be: £12,570 £0 £6,912.50 4912.50