None Numeric Entry Carol is 70 years of age and has been an Australian resident her whole life. She is single andhas no dependent children. Carol has received the following income during the year. Gross payments (income statement) $37,720. RFBA (exempt employer) is $15,990. Interest is $3,769. Carol has made apersonal superannuation contribution of $10,000 for which she is entitled to claim a tax deduction. She hasnot claimed any other tax deductions. Calculate the Low Income Tax offset Carol will be entitle to.

Calculating Carol's Low Income Tax OffsetHere's how to calculate the Low Income Tax Offset (LITO)…

Answered: Numeric Entry Carol is 70 years of age…

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter10: Deductions And Losses: Certain Itemized Deductions

Section: Chapter Questions

Problem 2BCRQ

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Lisa records nonrefundable Federal income tax credits of 65,000 for the year. Her regular income tax liability before credits is 190,000, and her TMT is 150,000. a. What is Lisas AMT? b. What is Lisas regular income tax liability after credits?
Estimating taxable income, tax liability, and potential refund. Arabella Cunningham is 24 years old and single, lives in an apartment, and has no dependents. Last year she earned 55,000 as a sales representative for Planning Associates; 3,910 of her wages was withheld for federal income taxes. In addition, she had interest income of 142. She takes the standard deduction. Calculate her taxable income, tax liability, and tax refund or tax owed for 2018.
Bill and Anne Chambers are married and file a joint return. They have no children. Their college friend Ryan lived with them for the entire current tax year. Ryan is 40 years old and earned 2,000 at a part-time job and received 25,000 in municipal bond interest. Ryan is a citizen of the United States and is unmarried. Which of the following statements is true regarding claiming Ryan as a dependent on the Chamberses tax return? a. If Ryan earns 15,000 in self-employment income in addition to the part-time job and municipal bond interest, he will qualify as a dependent on the Chamberses tax return. b. Ryan qualifies as a dependent for the Chamberses under the qualifying child rules. c. As long as Ryan does not provide more than half of his own support, he qualifies as a dependent for the Chamberses under the qualifying relative rules because he lived with them for the entire year. d. As long as the Chamberses provide more than half of Ryans support, he qualifies as a dependent for the Chamberses under the qualifying relative rules.
Numeric Entry Carol is 70 years of age and has been an Australian resident her whole life. She is single and has no dependent children. Carol has received the following income during the year. Calculation Space Taxable Income = 37,720+3,769 = 41,489 Adjusted RFBA = 15,990 X 0.53 =8,475 Super Annuation = 10,000 Rebate Income = 59,964 Gross payments (income statement) $37,720 RFBA (exempt employer) $15,990 Interest $3,769 Carol has made a personal superannuation contribution of $10,000 for which she is entitled to claim a tax deduction. She has not claimed any other tax deductions. Calculate the SAPTO Carol will be entitled to.
Adan and Eva are both under age 65 and bona fide residents of Puerto Rico who file a joint return. Adan had self-employed gross income of $30,000 from his business in Puerto Rico. Eva works for the federal government and her salary was $45,000. Before calculating the allowable portion, they had the following eligible itemized deductions: ●Home mortgage interest: $8,500 ●Real estate taxes: $1,400 ●Charitable contributions: $750 2.2 Calculate the allowable standard deduction for Adan and Eva. Based on these calculations, the allowable standard deduction is higher than the allowable itemized deductions. Yes or No
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Calculate Total Assessable Income, Taxable Income, Tax Liability, Medicare Levy and Medicare Levy Surcharge, if applicable, for the tax payer (James) with information below: • James is a resident single tax payer of Australia for the tax year 2019-2020 • His Taxable Salary earned is $170,000 (Including tax withheld) having no private health insurance. • James has a student loan outstanding for his previous studies at Monash University of $57,000. • James' employer pays superannuation guarantee charge of 9.5% on top of his salary to his nominated fund. • James earned a passive income of $15,000 from the investments in shares in the same tax year. provide the detailed calculations, rates and explanations with the screenshots of rates from ATO website.
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