Sportsbet Winnings Robyn is a keen football follower. Each weekend she loves nothing better than watching the National Rugby League (NRL) games, especially the Newcastle Knights. Every Friday afternoon before the Friday evening games, Robyn places a bet of $50 on the NRL games for the weekend. During the 2022 income year, Robyn won a total of 7 times. However, the winnings were reasonably small that they barely covered the amount she bet. However, in the last week of the 2021 season (before the finals), Robyn took a multibet that ended up proving to be a massive winner for her. She ended up winning $31,185 for that particular bet. Her overall winnings for the 2022 income year (including the $31,185 bet) totalled $34,584.

Q: FUTA tax is paid by:

A: FUTA TAX: It is payroll tax paid by employers of the organisation.

Q: What are the different kinds of payments that are taxable or non taxable under the FU

A: Payments that are non taxable / exempt under the FUTA are as follows dismissal payments wages…

Q: Describe the procedures for determining after-tax net cash flows in taxable situations?

A: Net cash flow after tax is an important measure used for the purpose of evaluation of company's…

Q: How do I calculate the taxable income?

A: The IRS allows businesses to carry forward their net operating losses for a time period of 20 years…

Q: Explain and what is the calculation of the following. Total Assessable income Deductions Total…

A: Tax has to be paid by all people and entities whose income or earnings crosses that minimum tax…

Q: Should non-qualified education expenses be taxable in full?

A: Qualified education expenses includes amounts paid for tuition, fees, and other related expenses…

Q: How did you find the taxable income in part a

A: Taxable income is the income that is subjected to tax. It is the amount of sales as reduced by cost…

Q: What is a taxable gift?

A: Gift tax: When a person transfers a property to another person without any consideration then such…

Q: Define average tax rate

A: The taxes are the government source of income from the general public. The tax rate are the…

Q: Explain Pre-tax earnings or pre-tax income

A: The net income is the net profit of the company earned during the period. The net income includes…

Q: what are the amounts taxed to eaxh of the beneficiarys

A: Tax refers to the financial charge that is compulsory which is levy or imposed on the taxpayer…

Q: Explain the Tax Treatment of Personal and Qualified Residences?

A: Tax Treatment of Personal and Qualified Residence: During one taxable, one taxpayer can choose 2…

Q: Please discuss the deductibility of real property taxes.

A: Local governments and municipal corporations collect property taxes annually from landowners.

Q: Give

A:

Q: How is the taxable gains arc calculated?

A: Capital gain:   A capital gain is the profit resulting from the sale of capital asset as a stock,…

Q: types of payments that are taxable/not taxable for FUTA?

A: Federal unemployment tax is a tax paid by the employers to the employees who have left the company…

Q: Define Deferred tax liability.

A: Liabilities: The claims creditors have over assets or resources of a company are referred to as…

Q: state

A: The ethical implications of the estate, inheritance, and gift taxes are as follows :-  (I) Estate…

Q: Is GST/HST deducted from gross taxable income before income taxes are applied to an employee's…

A: GST is a consumption tax imposed on the supply of goods and services. It is designed to be a…