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- Cameron works as a construction worker. During the 2020 financial year, he received the amounts listed below. Advise Cameron which amounts to include in his 2020 tax return as Assessable Income. Also give reasons why amounts are to be excluded. Refer to law. Salary payments totaling $200,000 from him employer, private use of a company car provided by his employer (Taxable Value of $15,000), a bonus payment of $5,000 that was earned during May 2020, yet not paid into his bank account until 25 July 2020, a Net Capital Gain of $10,000 from selling his speedboat, (e) a total of $5,000 earned from selling handmade fishing lures – he only makes and sells the lures in his spare time and for fun.Brooke, a single taxpayer, works for Company A for all of 2022, earning a salary of $57,000.Which exemptions are available for IHT”? 2) Small gifts exemption: During the tax year 2020/21, Peter made the following gifts: 1)On 18 May 2020, he made a gift of £240 to his son. 2)On 5 October 2020, he made a gift of £400 to his daughter. 3)On 20 March 2021, he made a gift of £100 to a friend. Specify the chargeability to IHT.
- In 2019, Martin had two employers during the year. Both employers withheld Social Security tax from his wages in the amounts of $4,314.05 and $4,274.75. What amount can Martin claim as a credit against his income tax when he files his income tax return? . $0B. $349C. $1,186D. $8,235If Jose had a filing status of Head of Household and a taxable income of $111,597 in the year 2015, how much did he owe for federal income tax? Do not round any intermediate computations. Round your answer to the nearest dollar. $Determine the amount of taxable income that should be reported by a cash-basis taxpayer in 2022 in each of the following independent cases: Required: a. A taxpayer completes $700 of accounting services in December 2022 for a client who pays for the accounting work in January 2023. b. A taxpayer is in the business of renting computers on a short-term basis. On December 1, 2022, she rents a computer for a $260 rental fee and receives a $650 deposit. The customer returns the computer and is refunded the deposit on December 20, 2022. c. Same facts as (b) except that the computer is returned on January 5, 2023. d. On December 18, 2022, a landlord rents an apartment for $625 per month and collects the first and last months' rent up front. It is customary that tenants apply the security deposit to their last month's rent upon moving out. e. An accountant agrees to perform $395 of tax services for an auto mechanic who has agreed to perform repairs on the car of the accountant's wife. The…
- - When is the deadline of renewal of BIR registration if the business secured its business permit on August 3, 2021? (Complete Date) - How much of its gross sales are subject to value-added tax for the 1st Quarter? - How much is the income tax due of this taxpayer if it elected itemized deduction?On Monica Lu’s 2020 income tax return, Monica validly claimed her dependent 17-year-old son, Brett. Since Brett earned $5,000 in 2020 selling novelties at the college he attended full time, Brett was also required to file a 2020 income tax return. How much should Brett claim as a standard deduction on his 2020 individual income tax return? $0.$5,350.$6,450.$12,400.Alice is single and self-employed in 2021. Her net business profit on her Schedule C for the year is $196,000.What are her self-employment tax liability and additional Medicare tax liability for 2021?
- Lucinda is a self-employed veterinarian in 2019. Her Schedule C net earnings are $86,000 for the year. Calculate the total amount of Lucinda's self-employment tax liability for 2019In 2023, Miranda records net earnings from self-employment of $174,000. She has no other income. Determine the amount of Miranda's self-employment tax and her AGI income tax deduction. In your computations, for the tax liability, round interim amounts to two decimal places and the final answer to the nearest whole dollar. For the AGI deduction, if necessary, use amounts that have been rounded to the nearest dollar. Miranda's self-employment tax is $ and she has a deduction for AGI.Calculate the total 2020 tax liability for a surviving spouse with one dependent child with a gross income of $60,620.00, assuming that the taxpayer takes the standard deduction. If the dependent child is under the age of 17 and $3,000.00 was withheld from the taxpayer's wages for federal income taxes, what is the amount of the taxpayer's refund or tax due? Assuming the single parent taxpayer's filing status is Married Filing Jointly or Surviving Spouse, the taxpayer's standard deduction for the 2020 tax year is $ to the nearest cent.) Click the following link for a standard deduction table: (Enter the amount