What are the allocated wages for Jack and Jill in Year 1 and Year 2 and how do you calculate this?
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- Y.19.Julie Duff accepts an offer of employment made by Aussie Models Pty Ltd to be their new marketing manager. Her salary package includes:• The use of a gym. The gym is located several kilometres from the premises of Aussie Models Pty Ltd. The cost to attend the Gym is $1,950 per annum. No part of the cost would have been deductible to Julie under the Income Tax Assessment Act 1997 or 1936 had she paid the amount. Aussie Models Pty Ltd is entitled to claim the input tax credit for GST purposes.Required:Advise Aussie Models Pty Ltd of the fringe benefits tax payable (rounded to the nearest dollar) of the fringe benefitfor the FBT year ended 31 March 2018Which of the following is not related to Opportunity costs? None of the choices O Rental Income given up when you live in a house you own. Salary given up to start a business O fixed costs to be incurred when you accept a special request from an existing client.
- AlpeshWhich one of the following costs is most likely NOT fully deductible? Group of answer choices Jose, a local business owner, pays $30,000 in Self-Employment taxes. Sandra owns a mini golf course. She pays her employer portion of payroll taxes because of her employees, which totals to $12,000. Travis owns a CPA firm and pays his son Joe as an associate. Joe is a CPA and is paid the same salary as the other associates. X-Corp writes off a $12,000 business debt owed by Sam because he has not responded to their numerous requests for payment.Allowing for the cutback adjustment, which of the following trips, if any, will qualify for the travel expense deduction: Group of answer choices a. Myrna went on a two-week vacation in Boston. While there, she visited her employer's home office to have lunch with former co-workers. b. Paul, a romance language high school teacher, spends summer break in France, Portugal, and Spain improving his language skills. c. Dr. Brown, a surgeon, attends a two-day seminar on financial planning out of town. d. Dr. Jones, a general dentist, attends a two-day seminar on dental implants out of town. e. None of the above.
- Assume: You are a financial adviser and are approached by a married couple, Tom, and Rita Brown. Both are 71 years old and Australian citizens by birth. While they live in Melbourne, their only son who is financially independent lives in Canberra. The following information is an extract of data you gathered as part of the fact-finding exercise during an initial client consultation with them: The couple has approached you to find out if they are eligible for age pension. list of assets for the current financial year Assets Amounts Income Home (Principal Residence) $700,000.00 Home Contents and Cars $57,000.00 Investment Property- net rental income of $7,000 $255,000.00 17,000.00 Bank account- interest Rate of 2% 50,000.00 1,000.00 Shares Portfolio 341,000.00 11,935.00 You are required to provide calculations for the means test (asset and the Income test) and use this to suggest old age pension…Reed is a waiter at Albicious Foods in South Carolina. Reed is single with one other dependent and receives the standard tipped hourly wage. During the week ending October 20, 2023, 44 hours were worked, and Reed received $250 in tips. Calculate Reed's gross pay, assuming tips are included in the overtime rate determination. Use Table 3-2. Required: 1. Complete the payroll register for Reed. 2a. Does Albicious Foods need to contribute to Reed's wages to meet FLSA requirements? 2b. If so, how much should be contributed? Complete this question by entering your answers in the tabs below. Req 1 Company Complete the payroll register for Reed. Note: Do not round intermediate calculations. Round your final answers to 2 decimal places. Name Req 2a Reed Totals Albicious Foods Filing Status Req 2b S Dependents 1 Other Hourly Rate or Period Wage Overtime Rate Period Ended: Number of Regular Hours 40.00 10/20/2023 Number of Overtime Hours 4.00 $ Regular EarningsHow are realized income, gross income and taxable income similar, and how are they different? I am not able to find my textbook here. I am not finding this site useful at all. I will have many more than 30 questions per month as I am really struggling with this class. But I cannot find anyone to help me figure out HOW to use the site successfully.
- AsapBill Mason is considering two job offers. Job 1 pays a salary of $41,900 with $4,875 of nontaxable employee benefits. Job 2 pays a salary of $40,000 and $6,530 of nontaxable benefits. Use a 28 percent tax rate. a. Calculate the monetary value of each job. b. Which position would have the higher monetary value? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Calculate the monetary value of each job. Note: Round your final answers to the nearest whole number. Monetary Value Job 1 Job 2Hello! I need help with this problem. The first one is good, but the rest are wrong. Thank you for helping me. Problem 2-21 (LO. 1) Purple Company has $200,000 in net income for 2018 before deducting any compensation or other payment to its sole owner, Kirsten. Kirsten is single and she claims the $12,000 standard deduction for 2018. Purple Company is Kirsten's only source of income. Ignoring any employment tax considerations, compute Kirsten's after-tax income for each of the following situations. Click here to access the 2018 individual tax rate schedule to use for this problem. Assume the corporate tax rate is 21%. When required, carryout intermediate tax computations to the nearest cent and then round your final tax liability to the nearest dollar. a. If Purple Company is a proprietorship and Kirsten withdraws $50,000 from the business during the year; Kirsten claims a $40,000 deduction for qualified business income ($200,000 × 20%). Kirsten's taxable income is$, and her…
