Salim's employer purchased a TV for Salim's use on 6 April 2018 costing £500. On 6 April 2019, the employer gifted TV to Salim (its market value then being £200). Calculate the benefit to Salim for the gift of the TV in the tax year 2019/20 as per UK tax laws. O a. £400 O b. £100 O c. None of the options O d. £200

Salim's employer purchased a TV for Salim's use on 6 April 2018 costing £500. On 6 April 2019, the employer gifted TV to Salim (its market value then being £200). Calculate the benefit to Salim for the gift of the TV in the tax year 2019/20 as per UK tax laws. O a. £400 O b. £100 O c. None of the options O d. £200

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

urgent one hour left please urgent
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.
38-Said uses his own car for business travel. During 2019/20, Said drove 10,000 miles while performing of his duties. Said employer paid him 20p a mile. Which one of the following is allowable deduction from Said's employment income as per the UK tax laws? O a. £4,500 O b. None of the options O c. £2,500 O d. £2,000
A2
Problem 9-23 (Algorithmic) (LO. 4, 5) Chris and Heather are engaged and plan to get married. During 2023, Chris is a full-time student and earns $7,600 from a part-time job. With this income, student loans, savings, and nontaxable scholarships, he is self-supporting. For the year, Heather is employed and has wages of $79,200. Click here to access the standard deduction table to use. Click here to access the Tax Rate Schedules. If an amount is zero, enter, "0". Do not round your intermediate computations. Round your final answer to the nearest whole dollar. a. Compute the following: Gross income and AGI Standard deduction (single) Taxable income Income tax Q Search Filing Single S PRE ta Chris LA L Heather 1 Filing Single b. Assume that Chris and Heather get married in 2023 and file a joint return. What is their taxable income and income tax? Round your final answer to the nearest whole dollar. SA SA SA 7:29 2/8/2
answer quickly
49-Basma earns £60,000 each year and makes a payment of £2,500 (net) to the gift aid donations. Which one of the following is an extended basic rate band for the year 2019/20 as per the UK tax laws? O a. £40,600 O b. £40,625 O c. £37,500 O d. £3,125
None
5
41-Jasmin is the owner of a food store in Central London. She made a purchase of food items worth £30,000 in the month of May 2019. How much VAT shall be paid by Jasmin on her purchases as per UK tax laws? O a. £0 O b. Exempted from VAT O c. £2,400 O d. £2,800
Question 13: Louisa is an employee of Maroon Corp. Louisa files as Married Filing Jointly on her tax return. Over what amount will Maroon Corp. begin to withhold the additional Medicare tax from her earnings? Answer: A. SO В. O $125.000 C. O $200,000 D. $250,000
20-Hassan received dividend income of £2,000 and building society interest of £200 in the tax year 2019/20. He also has taxable trading income of £ 20,000. As per the UK tax laws what will be Hassan's tax liability in the tax year 2019/20? a. £1,500 b. £7,500 c. None of the options d. £2,500