Individual Income Taxes
43rd Edition
ISBN: 9780357109731
Author: Hoffman
Publisher: CENGAGE LEARNING - CONSIGNMENT
expand_more
expand_more
format_list_bulleted
Question
Chapter 9, Problem 27CE
To determine
Identify Mr. A’s itemized deduction.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
At the end of 2019, Ms. Shelly Sampson has unused RRSP deduction room of $6,000
and undeducted RRSP contributions of $4,800.
For the 2019 taxation year, Ms Sampson has net employment income of $71,000,
spousal support received of $14,000, a net rental loss of $18,000 and interest receipts of
$2,600. During 2019, she is a member of her employer's RPP to which she contributed
$2,000 and her employer made a matching contribution of $2,500.
A.
Determine Shelly's Earned Income for 2019.
В.
Determine Shelly's maximum RRSP deduction for 2020.
C.
incurring a penalty.
Calculate the maximum RRSP contribution that Shelly can make for 2020 without
Mr. A, a minimum wage earner sales agent, received the following from his employer for the year 2021:
Compensation Income P150,000; Overtime pay P10,000; 13th month pay P12,000; Commission from sales P300,000.
What is the amount of taxable Income?
Answer please!
During 2020, Ms. Sunshine has net employment income of $95,000 after claiming her RPP deduction of $4,500. Based on her RPP contributions of $4,500 and the matching contributions made by her employer, her employer reports a 2020 Pension adjustment of $9,000. During the same year, she also has taxable capital gains of $37,800, net rental income of $8,400, and pays spousal support of $16,400.
At the end of 2020, Ms. Sunshine has unused RRSP Deduction Room of $24,000. Also at this time, her RRSP contains undeducted contributions of $3,600. During 2021, she makes contributions to her RRSP of $17,000.
Required:
Determine Ms. Sunshine’s maximum RRSP deduction for 2021.
Assuming she deducts her maximum, determine the amount of any unused RRSP Deduction room that she will have available at the end of 2021, and indicate the amount of any undeducted contributions remaining at the end of 2021.
Show full calculations in your Excel.
Chapter 9 Solutions
Individual Income Taxes
Ch. 9 - Prob. 1DQCh. 9 - Mason performs services for Isabella. In...Ch. 9 - Milton is a resident of Mobile (Alabama) and is...Ch. 9 - In 2017, Emma purchased an automobile, which she...Ch. 9 - Prob. 5DQCh. 9 - Prob. 6DQCh. 9 - Prob. 7DQCh. 9 - Prob. 8DQCh. 9 - Prob. 9DQCh. 9 - Prob. 10DQ
Ch. 9 - Prob. 11DQCh. 9 - Prob. 12DQCh. 9 - Prob. 13DQCh. 9 - Prob. 14DQCh. 9 - Paul wholly owns and operates an office supplies...Ch. 9 - Prob. 16DQCh. 9 - Prob. 17DQCh. 9 - Lara uses the standard mileage method for...Ch. 9 - Fred, a self-employed taxpayer, travels from...Ch. 9 - Prob. 20CECh. 9 - Prob. 21CECh. 9 - In 2019, Robert entertains four key clients and...Ch. 9 - In 2019, the CEO of Crimson, Inc., entertains...Ch. 9 - Prob. 24CECh. 9 - Cindy maintains an office in her home that...Ch. 9 - Prob. 26CECh. 9 - Prob. 27CECh. 9 - Prob. 28PCh. 9 - Prob. 29PCh. 9 - Prob. 30PCh. 9 - In June of this year, Dr. and Mrs. Bret Spencer...Ch. 9 - Prob. 32PCh. 9 - On Thursday, Justin flies from Baltimore (where...Ch. 9 - Monica, a self-employed taxpayer, travels from her...Ch. 9 - Prob. 35PCh. 9 - Prob. 36PCh. 9 - Prob. 37PCh. 9 - Prob. 38PCh. 9 - Prob. 39PCh. 9 - Prob. 40PCh. 9 - Shelly has 200,000 of QBI from her local jewelry...Ch. 9 - Prob. 42PCh. 9 - Prob. 43PCh. 9 - Prob. 44PCh. 9 - Prob. 45PCh. 9 - Prob. 46PCh. 9 - Ben and Molly are married and will file jointly....Ch. 9 - Prob. 48PCh. 9 - Prob. 49PCh. 9 - Prob. 50PCh. 9 - David R. and Ella M. Cole (ages 39 and 38,...Ch. 9 - Addison Parker (Social Security number...Ch. 9 - In the current year, Barlow moved from Chicago to...Ch. 9 - Prob. 2CPACh. 9 - Prob. 3CPACh. 9 - Prob. 4CPACh. 9 - Prob. 5CPACh. 9 - Prob. 6CPACh. 9 - Calculate the taxpayers 2019 qualifying business...Ch. 9 - Prob. 8CPA
Knowledge Booster
Similar questions
- During 2019, Carl (a single taxpayer) has a salary of $91,500 and interest income of $11,000. Calculate the maximum contribution Carl is allowed for an educational savings account. $0 $400 $1,000 $2,000 Some other amountarrow_forwardZack, a sole proprietor, has earned income of 85,000 in 2019 (after the deduction for one-half of self-employment tax). What is the maximum contribution Zack may make to a defined contribution Keogh plan?arrow_forwardDuring 2019, Inez (a single taxpayer) had the following transactions involving capital assets: a. If Inez has taxable income of 158,000, how much income tax results? b. If Inez has taxable income of 35,000, how much income tax results?arrow_forward
- During 2019, Matti Conner, president of Maggert Company, was paid a semimonthly salary of 6,000. Compute the amount of FICA taxes that should be withheld from her:arrow_forwardIn 2019, Tim, a single taxpayer, has ordinary income of $29,000. In addition, he has $2,000 in short-term capital gains, long-term capital losses of $10,000, and long-term capital gains of $4,000. What is Tim's AGI for 2019? $26,000 $27,000 $29,000 $32,000arrow_forwardIn 2019, Lou has a salary of $53,300 from her job. She also has interest income of $1,600 and dividend income of $ 400. Lou is single and has no dependents. During the year, Lou sold silver coins held as an investment for a $7,000 loss. Calculate the following amounts for Lou: Adjusted gross income $ ____________________ Standard deduction $ ____________________ Taxable income $ ____________________arrow_forward
- In 2019, Tracy generates a $10,000 loss from an otherwise qualified business activity. Fortunately, she also works as an employee and has taxable income of $40,000. Tracy's 2019 QBI deduction is $0 $2,000 $8,000 $6,000arrow_forwardDarrell is an employee of Whitneys. During the current year, Darrells salary is 136,000. Whitneys net self-employment income is also 136,000. Calculate the Social Security and self-employment taxes paid by Darrell and Whitney. Write a letter to Whitney in which you state how much she will have to pay in Social Security and self-employment taxes and why she owes those amounts.arrow_forwardIn 2018, Ronnie Alonte received from his employer a promissory note with a face value of P 50,000 for services rendered. The note will mature in 2019. However, it can be sold to a bank at a discount of 25%. The employer paid the promissory note in 2019. How much is the taxable income to be declared by Alonte on the promissory note in 2018 and 2019? 2018 2019a. P 50,000 P 50,000b. P 12,500 P 37,500c. P 37,500 P 12,500d. None P 50,000arrow_forward
- Mr. Li is employed by BDF Incorporated. Assume that in the year 2023, the Social Security base amount increases to $150,000. Required: Compute BDF’s 2023 employer payroll tax with respect to Mr. Li assuming that his annual compensation is $60,000. Compute BDF’s 2023 employer payroll tax with respect to Mr. Li assuming that his annual compensation is $200,000.arrow_forwardFor the 2019 taxation year, Sylvia Ivany has net employment income of $90,000, spousal support received of $36,000, a net business loss of $5,000, and interest receipts of $2,300. She is a member of her employer's RPP to which she contributes $2,500. Her employer makes a matching contribution and reports a 2019 PA of $4,200. At the end of 2019, she has unused RRSP deduction room of $8,400 and undeducted RRSP contributions of $7,000. In early 2020, she contributes $20,000 to her RRSP. Determine Sylvia's maximum RRSP deduction for 2020. Assuming she deducts her maximum, determine the amount of any Unused RRSP Deduction Room that she will have available at the end of 2020, and indicate the amount of any undeducted contributions remaining at the end of 2020. Net Employment IncomeRPP ContributionsSpousal Support ReceivedBusiness Loss2019 Earned IncomeUnused Deduction Room - End Of 2019Lesser Of:• 2020 RRSP Dollar Limit =• X% Of 2019 Earned Income Of $X.XXLess 2019 PA2020 RRSP Deduction…arrow_forwardDuring 2021, Garth has a job as a civil engineer where he earns a salary of $120,000. He also has done some tree cutting work on his own, where he has earned a net income of $70,000. What are Garth's total employment (aka FICA) taxes for the year? And, what is the amount and description of the for AGI deduction associated with this calculation? In the text box that follows, please bold your answer at the top and include supporting work afterwards so that I can award partial credit. Edit View Insert Format Tools Table 12pt v Paragraph v |BIU A 2 Tv:arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Individual Income TaxesAccountingISBN:9780357109731Author:HoffmanPublisher:CENGAGE LEARNING - CONSIGNMENT
Individual Income Taxes
Accounting
ISBN:9780357109731
Author:Hoffman
Publisher:CENGAGE LEARNING - CONSIGNMENT