rented out a house at a monthly rent of Rs. 20,000. During the year incurred following expenses in respect of the house: Repair of house Rs. 15,000 Insurance premium 10,000 Property tax Rs. 6,000 Interest on loan from HBFC Rs. 12,000 Legal expenses Rs. 2,000 Required: Compute the amount that is chargeable to tax under the head "Income from Property

Q: Tobias has a brokerage account and buys on the margin, which resulted in an interest expense of…

A: Given: Interest expense =$29200Muncipal interest =$58400Taxable dividends and interest =$292000

Q: For the person​ below, calculate the FICA tax and income tax to obtain the total tax owed. Then find…

A: FICA Tax: FICA stands for Federal insurance contribution act. It is mandatory as per U.S law in…

Q: An air-conditioning installer works part time and has a taxable income of$6,520. The state income…

A: Let us assume “L” as the percentage and “P” as the whole number

Q: Use the net FUTA tax rate of 0.6% on the first $7,000 of taxable wages. John Gercke is an employee…

A: SUTA Tax is a state unemployment tax which is imposed by employer on the employee.

Q: Home ownership has other expenses, including taxes, homeowner's insurance and utilities. The annual…

A: Amount borrowed = $145,000 a) Annual property tax = 1% of amount borrowed = $145,000×1%=$1,450…

Q: What is the total amount to be reported in gross income subject to regular tax?* a. 406,000 b.…

A: The lender means the person who lends money to other persons. The amount he lends to others is known…

Q: alex leases a building to a client. During the year, he received the following remittance from the…

A: Calculation of Gross Income:  Rental : Gross amount will be included in gross income Real Property…

Q: Tisha owned house property in the Dhanmondi area, which was let out to a company with a monthly rent…

A: There are various way by which an individual can earn income but as per income tax the incomes…

Q: ABC Corp. is a VAT-registered lessor of properties. Details of the properties are disclosed below:…

A: Value-added tax (VAT) functions as an indirect tax operating at different stages of production and…

Q: Last year, Marylynn opened Baron’s Appliance Sales and Service. Her tax accountant provided the…

A: a) Taxable income is derived by subtracting expenses and depreciation from gross income. Taxable…

Q: Determine the tax rate. Round to the nearest cent or nearest hundredth. Assessed property value:…

A: The tax rate can be determined in the following manner:  (Expenses to be funded by property…

Q: Stan a resident citizen, won P 2,000,000 in a raffle draw in PCSO. The tax on the above transaction…

A: Under the old law that is NIRC, PCSO and lotto winnings were not subjected to any amount of tax that…

Q: In the current year, Clara rented her apartment on AirBnb for 13 days. She received gross rental…

A: The above question involves calculating the income and expenses for a rental activity carried out by…

Q: During the year (not a leap year), Anna rented her vacation home for 30 days, used it personally for…

A: a. Computation of Anna's net rental income or loss under the court's approach Rent income $7000…

Q: The taxpayer is a resident citizen and the taxable period is the 2nd quarter.…

A: On an accrual basis, An expense is charged in the profit and loss account that is incurred in the…

Q: During the year, Arianna rented her vacation home for 12 days for $3,400 and she used it personally…

A: Itemized deductions are expenses that taxpayers can subtract from their adjusted gross income (AGI)…

Q: During the current year, Clint, single, had AGI of $180,00. He also paid for the following…

A: Itemized Deduction can be claimed for  1) Medical and Dental expenses  (Maximum expense of 7.5% of…

Q: ohn Gercke is an employee of The Woolson Company. During the first part of the year, he earned…

A: Introduction: Taxable income: Income tax is levied on taxable income only. FUTA means Federal…

Q: Kelvin owns and lives in a duplex. He rents the other unit for $720 per month. He incurs the…

A: For tax purposes, Schedule A records the expenses related to mortgage or home loan interest, state…

Q: he monthly mortgage payment on a house is $824.36, and the homeowner must pay an annual property tax…

A: Mortgage: It is a kind of loan taken by the borrower from the lender for buying a real estate…

Q: Mr Ahmed works as a Finance officer in a company named Ultimate Solutions private limited. He…

A: Inputs: Monthly Salary = 86,000 Monthly Rental income = 15,000 from each flat Number of flats = 2

Q: Here is the information that the purchasers have given you: Gross salary of Mr. Buyer: $98,000 Gross…

A: Step 1: Gross debt amount=32%×Gross income=$98,000+$46,000×32%=$46,080 Step 2: Gross debt…

Q: You have some property which has an assessed value of $240,900. If the tax rate is 56.40 mills,…

A: Introduction  The mill rate is based on mills which is derived from Latin word millesimal which…

Q: Shane purchased a house for $400,000. She made a down payment of 15.00% of the value of the house…

A: Let us understand compounding frequency with the help of examples.Suppose there are two loans. One…

Q: generated through the brokerage account was as follows: Municipal interest $46,400 Taxable dividends…

A: The following basic information as follows under:-Tobias has a brokerage account and buys on the…

Q: George Franklin paid taxes of $4,650 on a taxable income of $34,000 . What was his average tax…

A: The taxes refer to the contribution that entities (individual or institutional) provide to the…

Q: Tabitha sells real estate on March 2 of the current year for $308,800. The buyer, Ramona, pays the…

A: The Real estate tax is divided between both the seller and the buyer on basis of day property held…

Q: 1. Engineer Delta earned a total project fees during the period in the amount of P1,250,000. In…

A: An individual, not being a non-resident alien, shall opt for standard deduction which shall not…

Q: some property which has an assessed value of $240,500. If the tax rate is 65.90 mills, calculate the…

A: There are taxes to be paid on the property according the prevailing tax rate and amount of tax due…

Q: Farmers and ranchers must pay all of the following taxes on their annual business profits except: O…

A: Farmers and ranchers must pay all of the following taxes on their annual business profits except:a.…

Q: ing a new refrigerator for $1899 at Sears. There is 7.25% sales tax added to her purchase. She plans…

A: Given, Cost of refrigerator = $1,899 Sales tax = 7.25% Annual percentage rate (APR) = 18.9% Monthly…

Q: Levi received the following interest payments this year. What amount must Levi include in his gross…

A: Solution: Correct answer : (A) $ 2,120 1. Bonds issued by city of Morgantown and State of West…

Q: Asim bought a cottage property near lake Huron for quarterly payments of $2470.00 for 18 years. If…

A: The given problem can be solved using PV function in excel. PV function computes loan amount for…

Q: The value of a house is P185,000.00. A community which has an assessment of property at 85% of the…

A: Given: Value of house = P185,000 Assessable value = 85% Tax rate = 24.85 per thousand Pesos

Q: How much investment interest can Tobias deduct?

A: Given in the question:Total Interest Expense = $37,600Municipal Interest Income = $75,200Taxable…

Q: Aram sold a capital asset that he owned for more than one year for a $2,210 gain, a capital asset…

A: Profit or gain arising from the sale of assets such as property, gold, jewelry or shares is called a…

Q: A taxpayer owns a four-plex in Chicago, IL. She rents out 3 units and lives in the fourth. Her…

A: The objective of the question is to calculate the net rental income or loss that the taxpayer should…

Q: ackie, a non-business taxpayer, paid for the following relevant figures (in pesos) anent his…

A: Dutiable Goods are calculated on a CIF basis. Note 1. CIF is Cost, Insurance, and Freight (here…

Q: Dillon rented out his home for 9 days during the year for $6,400. He resided in the home for…

A: In a rental firm, money paid by customers for the use of tangible property is the primary source of…

Q: Mr. B, purely engaged in business had the following for the given year: Revenue Cost of sales…

A: Property tax is the tax that is charged on the property annually based on the market value of the…

Q: dent, deposited 1M in a bank (BDO) with interest rate of 10% per annum. After 6 months, A withdraw…

A: Concept of Tax  on Bank deposit Income

Q: Arams taxable income before considering

A: Due to $ sign we will assume that the tax jurisdiction will be USA and IRS rules for…