During 2020, John Martin is a resident of Ontario and has
calculated his taxable income to...
During 2020, John Martin is a resident of Ontario and has
calculated his taxable income to be $66600. Assume that Ontario's
rates are 5.05% on Taxable income up to $48,535 and 9.15% on the
next $48,534. Calculate his 2020 federal and provincial tax payable
without consideration of any tax credits.
During 2019, Izay Cortina is a resident of Ontario and has
calculated her Taxable Income to...
During 2019, Izay Cortina is a resident of Ontario and has
calculated her Taxable Income to be $56,700. Assume that Ontario’s
rates are 5.05 percent on Taxable Income up to $47,630 and 9.15
percent on the next $47,629. Calculate her 2019 federal and
provincial Tax Payable before consideration of credits, and her
average rate of tax.
In Australia, during the current income year Ricky who is a
resident taxpayer, has the following:...
In Australia, during the current income year Ricky who is a
resident taxpayer, has the following:
• a gross salary of $78,000 (PAYG tax withheld $16,500),
• a fully franked dividend of $2,000,
• an unfranked dividend of $2,000, and
• a 50% franked dividend of $700.
• no deductions.
• Calculate his taxable income and tax payable
In Australia, during the current income year Ricky who is a
resident taxpayer, has the following:...
In Australia, during the current income year Ricky who is a
resident taxpayer, has the following:
• a gross salary of $78,000 (PAYG tax withheld $16,500),
• a fully franked dividend of $2,000,
• an unfranked dividend of $2,000, and
• a 50% franked dividend of $700.
• no deductions.
• Calculate his taxable income and tax payable
- Calculation of Rafael’s taxable income by applying the
statutory formula under s 4-15
ITAA 1997
- Calculation of Rafael’s tax liability...
During the current income year Rafael, a resident taxpayer, has
a gross salary of $68,000 (PAYG...
During the current income year Rafael, a resident taxpayer, has
a gross salary of $68,000 (PAYG tax withheld $15,100), a fully
franked dividend of $2,000, an unfranked dividend of $1,000, and a
60% franked dividend of $900.
There are no deductions. Calculate Rafael’s taxable income and tax
payable
Calculation of Rafael’s taxable income by applying the statutory
formula under s 4-15 ITAA 1997
- Calculation of Rafael’s tax liability per the ITRA 1986
- Calculation of the Medicare levy
-...
The Good Food Company, during its first year of operations in
2016, reported taxable income of...
The Good Food Company, during its first year of operations in
2016, reported taxable income of $40,000 and pretax financial
income of $50,000. The difference between taxable income and pretax
financial income was caused by two temporary differences:Excess
depreciation on tax return of $30,000Warranty expenses in excess
of warranty payments of $20,000These two temporary difference will
reverse in the next three years as follows:YEAR DEPRECIATION
WARRANTY EXPENSES2017$5,000$10,0002018$10,000 8,0002019$15,000
2,000Enacted tax rates are 30% for 2016 and 2017, 35% for 2018,...
Federal income tax allows a deduction for any state tax paid
during the year. In addition,...
Federal income tax allows a deduction for any state tax paid
during the year. In addition, the state of Alabama allows a
deduction from its state income tax for any federal tax paid during
the year. The federal corporate income tax is equivalent to a flat
rate of 34% and the Alabama state tax rate is a flat 5%.
Both the Alabama and the federal taxable income
for a corporation is $1,000,000 before either tax is paid.
Because each tax...
Andi Fauci, age-79, is single, and has
taxable income, properly calculated, of $226,000. During the year,...
Andi Fauci, age-79, is single, and has
taxable income, properly calculated, of $226,000. During the year,
Andi completed transactions, including:
Qualified
dividends
555
Loss on sale of Tandem Diabetic stock (held from
11/10/2017 to 10/31/2019, Cost =
$7,400)
-3,100
SALE OF RENTAL RESIDENCE
Sales price (November 27, 2019)
Building
$48,000
Land
72,000
Cost (October 18, 2010)
Land
38,000
Building
30,000
Depreciation
allowed
8,998
SALE OF APPLIANCES WITH RESIDENCE
Sales
price
$ 5,500
Cost (October 18, 2014)
9,000...
Jennings Inc. reported the following pretax income (loss) and
related tax rates during the years 2019–2022....
Jennings Inc. reported the following pretax income (loss) and
related tax rates during the years 2019–2022.
Year Pretax Income (Loss) Tax Rate
2019 80,000 40%
2020 (180,000) 40%
2021 70,000 20%
2022 100,000 20%
Pretax financial income (loss) and taxable income (loss) were
the same for all years since Jennings began business. The tax rates
from 2019–2022 were enacted in 2019.
Instructions: (a) Prepare the journal entries for the years
2020–2022 to record income taxes payable (refundable), income tax
expense...
Can someone hel me with this federal income tax question
please.
What is the best filing...
Can someone hel me with this federal income tax question
please.
What is the best filing status in general, for the following
scenarios? Provide explanation plese.
Mike is a 25 years old person who recently graduate from College
in May 2020. In August 2020, Anderson started working for Google
and received an annual salary of $55k.
James get married in Jan 2020. By August 2020, James found out
that his wife is having an affair with her ex-boyfriend. For that...