Question: Mr. Rafiq has salary income or Rs. 80,000 per month (gross) he also has invested in business where he got annual profit of Rs. 350,000 a) Identify Mr. Rafiq as Salaried Individual or Non Salaried Individual Mr. Rafiq is Individual b. Give reason to support your answer in part a Write correct reason selecting from below given reasons Mr Rafiq's Salary income is less than 75% of his total income. • Mr Rafiq's Salary income is more than 75% of his total income. • Mr Rafiq's Salary income is more than 50% of his total income. • Mr Rafiq's Salary income is less than 50% of his total income. • Amount doesnot matter as his claim of salary income will be good enough to be salaried individual

Question: Mr. Rafiq has salary income or Rs. 80,000 per month (gross) he also has invested in business where he got annual profit of Rs. 350,000 a) Identify Mr. Rafiq as Salaried Individual or Non Salaried Individual Mr. Rafiq is Individual b. Give reason to support your answer in part a Write correct reason selecting from below given reasons Mr Rafiq's Salary income is less than 75% of his total income. • Mr Rafiq's Salary income is more than 75% of his total income. • Mr Rafiq's Salary income is more than 50% of his total income. • Mr Rafiq's Salary income is less than 50% of his total income. • Amount doesnot matter as his claim of salary income will be good enough to be salaried individual

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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1. Bonnie receives salary income of $32,000, unemployment compensation of $4,400, and interest income of $1,200 and a gift of $7,000 in cash from her aunt. How much gross income does Bonnie have?In your response, please make sure to take all of the facts above into consideration. You can refer back to the text, lecture videos, and the IRS website. Please make sure to support whatever conclusion you decide to present.2. This next question will be more opinion-based. The United States operates utilizes a progressive tax system. What exactly does this mean? Do you believe it is the best system for the United States or this is there a better answer (one additional choice could be a flat tax for example)? Please try to explain your thoughts as thoroughly as possible.Your initial post will be due Wednesday February 3, 2021 with follow up posts to at least two classmates due Sunday February 31, 2021
Accounting 1. During the year, Moses won $5,500 from casino gambling. However, Moses was not so lucky when betting for football and basketball games of which he lost $2, 500 and $1,500, respectively. A. How much should Moses report in his 1040 Form Sr. in 2021 Tax Return? Show your work. B. Briefly explain your answer to an IRS Agent who may question your rationale.
6. Intention to create legal relations are presumed in which of the following relationships. In the statements below Select TRUE or FALSE. True False Husband paying £30 per week for wife's upkeep with a verbal agreement Work colleagues who are part of a lottery syndicate Parties to a commercial contract Friends who are going to meet for a dinner date
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Required: (1) Determine whether Grealish will accept the contract. Show calculations of his utility to two decimal places. Also, indicate whether Grealish will work hard or shirk. (include all steps of calculation) (2) Calculate Jack's utility. Jack is risk-neutral and his utility for money is equal to the cash received. (include all steps of calculation) (3)Jack's business has publicly traded shares. Explain whether you would recommend a compensation contract based on both net income and share price performance under the following conditions; a- Net income is calculated based on historical cost. b- Net income is calculated based on fair value accounting.
The partnership agreement of the G&P general partnership states that Gary will receive a guaranteed payment of $13,600, and that Gary and Prudence will share the remaining profits or losses in a 45/55 ratio. For year 1, the G&P partnership reports the following results: Sales revenue Gain on sale of land (51231) Cost of goods sold Depreciation-MACRS $ 82,000 6,400 (37,500) (13,800) (17,900) Employee wages (4,200) Cash charitable contributions Municipal bond interest Other expenses 4,050 (5.000) Note: Negative amounts should be indicated by a minus sign. Required: a-1. How much ordinary income (loss) is allocated to Gary for the year? a-2. Compute Gary's share of separately stated items to be reported on his year 1 Schedule K-1, including his self-employment income (loss).
Plz both answer and no plagiarism plz( 2 upvote) I give
Antonio supplies you the following information about his income and expenses for the financial year 2014-15. $ Income received 80,000 Expenses paid 1,20,000 Expenses paid in advance 20,000 Income received in advance 15,000 Expenses not paid yet 10,000 Income not received yet 12,000 Find out the net income or profit of Antonio if he adopts (a) Cash basis (b) Accrual basis (c) Hybrid basis of accounting.
Select the best answer. A cousin did not live with the taxpayer all year, but the taxpayer provided more than half of the cousin's support. The cousin was unmarried, had no income, and meets the three general dependency tests. Which is the test that disqualifies the taxpayer from claiming the cousin as a dependent? O A. Gross income O B. Joint return test O C. Member of household or relationship O D. Support Question Q4 Submit Answers 92% Complete Exit & Resume L IfwhoH-hadA&aicc url=https://hrblock.csod.com/LMS/scorm/aicc.aspx
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