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During the 2023 income year, Lance McGuinness (a non-resident taxpayer) received the following income: Salary from employer for work performed in Australia $45,000 Salary from employer for work performed outside of Australia $105,000 Rent received from property in Hong Kong $ 20,000 Calculate Lance's Australian taxable income for 2023 Question 7Select one: A. $170,000 B. $65,000 C. $45,000 D. $150,000

Question 1 Calculate Total Assessable Income, Taxable Income, Tax Liability, Student loan (HECS), Medicare Levy, and Medicare Levy Surcharge if applicable, for the taxpayer (Susanne) with the information below: • Susanne is a single and an Australian resident plans to lodge a tax return for the tax year 2020 - 2021. • Her total taxable income is $90,000 (Including tax withheld). • She does not have private health insurance. • Susanne has a student loan HECS outstanding for her previous study at Sydney University of $53,000. • Her employer pays superannuation guarantee charge of 9.5% on top of her salary to her nominated fund. • Susanne earned a passive income of $10,000 from the investments in shares in the same tax year. Hint: The following website can be used to cross-check your answer, but you need to provide the detailed calculations, rates and explanations with the screenshots of rates from the ATO website.

QUESTION 2 Calculate Total Assessable Income, Taxable Income, Tax Liability, Medicare Levy and Medicare Levy Surcharge, if applicable, for the tax payer (Jenny) with information below: Jenny is a resident single mom with one dependent child (7 years old) tax payer of Australia for the tax year 2019-2020 Her Taxable Salary earned is $120,000 (Including tax withheld) having no private health insurance. Jenny has a student loan outstanding for his previous studies at Queensland University of $32,000. Jenny’s employer pays superannuation guarantee charge of 9.5% on top of her salary to her nominated fund. Jenny earned a passive income of $5,000 from the investments in shares in the same tax year. Find, 1. Total Assessable Income2. Total Taxable Income3. HELP repayment amount 4. Medicare Levy 5. Medicare Levy Surcharge 6. Total Tax Liability7. Net Tax Liability (Total Tax Liability less any applicable tax offset if any)

Numeric Entry Carol is 70 years of age and has been an Australian resident her whole life. She is single and has no dependent children. Carol has received the following income during the year. Calculation Space Taxable Income = 37,720+3,769 = 41,489 Adjusted RFBA = 15,990 X 0.53 =8,475 Super Annuation = 10,000 Rebate Income = 59,964 Gross payments (income statement) $37,720 RFBA (exempt employer) $15,990 Interest $3,769 Carol has made a personal superannuation contribution of $10,000 for which she is entitled to claim a tax deduction. She has not claimed any other tax deductions. Calculate the SAPTO Carol will be entitled to.

TAXATION AUSTRALIA Mrs A, a single mum with two children, earned a taxable income of $190,000 for the 30 June 2021 tax year. She had private insurance from 1 January 2021 and a HELP debt of $20,000. Calculate her tax payable for the year.Underline your answer and show full workings in the space provided

US Tax System 1.) Darius' net income from self-employment reported on Schedule C is $25,000.  Calculate his self-employment tax.

QUESTION 2 -   Calculate Total Assessable Income, Taxable Income, Tax Liability, Medicare Levy and Medicare Levy Surcharge, if applicable, for the tax payer (Jenny) with information below: Jenny is a resident single mom with one dependent child (7 years old) tax payer of Australia for the tax year 2019-2020 Her Taxable Salary earned is $120,000 (Including tax withheld) having no private health insurance. Jenny has a student loan outstanding for his previous studies at Queensland University of $32,000. Jenny’s employer pays superannuation guarantee charge of 9.5% on top of her salary to her nominated fund. Jenny earned a passive income of $5,000 from the investments in shares in the same tax year.

Saved Help Save & Exit Submit Check my work Jorge and Anita, married taxpayers, earn $153,500 in taxable income and $43,500 in interest from an investment in City of Heflin bonds. (Use the U.S. tax rate schedule for married filing jointly). Required: a. If Jorge and Anita earn an additional $103,500 of taxable income, what is their marginal tax rate on this income? b. What is their marginal rate if, instead, they report an additional $103,500 in deductions? (For all requirements, do not round intermediate calculations. Round your answers to 2 decimal places.) a. Marginal tax rate % b. Marginal tax rate % 2:38 AM ENG 1/26/202

KA. QUESTION 10 Maria is employed by a major defense contractor and earns $156,000 in 2016. She Calculates:   a. The amount of Social Security taxes withheld from your income   b. The amount of Medicare tax withheld from your income   c. The amount of FUTA withheld from your income

Self-Study Problem 2.13 A taxpayer (payor ex-spouse) is required to pay an ex-spouse (recipient ex-spouse) alimony of $12,000 per year. Determine how much alimony is deductible by the payor ex-spouse and how much alimony is recognized as income by the recipient ex-spouse based on the following information: If an answer is zero, enter "0". Details a. The payments are made in 2021 as part of a divorce decree executed in 2018. The divorce decree is modified in 2021 to explicitly apply the provisions of the TCJA. b. The payments are made in 2021 as part of a divorce decree executed in 2016. c. The payments are made in 2021 as part of a divorce decree executed in 2021. Deductible by payor Includable by recipient 00 00

Badges of trade are used to determine A. if an individual is UK resident or not B. whether or not a trade exists C. how much tax an individual should pay D. the age of a taxpayer 10. Unused pension allowance can be carried forward up to A. 1 year B. 3 years C. 2 years D. 6 years

What is the amount of self-employment tax that would be paid by Andy for the year assuming he earned $128,100 while working as an employee of the University and another S20,000 from a sales business he owns? Select one: a. S1,190.40 b. S1,726.03 C. $535.63 d. $2,825.91 e. None of these

QUESTION ONE Mr Stephen Ncube is a resident of Zambia. The following detail relate to his employment in the tax period ended 31 July 2020.            ZMW Salary 240 000 Bonus 52 000 Cost of living allowance 16 000 Refund from medical aid society 6 000 Cell phone allowance 8 000 Cash in lieu of leave 4 000 ExpensesDoctor's consultation fees 18 000 Contribution to retirement annuity fund 30 000 Contribution to medical aid 36 000 Contribution to medical pension fund 39 000 Additional information provided by the employer 1. The employer provided him with a well-furnished company house in April, however, according to the Rentals Board, market related rentals for the house was 6 000 ZMW per month. According to the employer the upkeep of the house was 2 000 ZMW per month. Stephen paid 2 500ZMW per month to his employer.2. In March the employer provided him with the free use of a car with an engine capacity 3 200 cc. However, the motor vehicle was used 80% for private use during the tax…

How much should be the income tax withheld on compensation income? Mr. B, married, is a citizen and resident of the Philippines. He had the following data on income and expenses: Salaries, net of P7,000 SSS, Philhealth, Pagibig contributions, and labor union dues Thirteen month pay Allowances Gain on sale of asset P88,000 8,000 16,000 10,000

DTAA QUESTION-1 Mr. A is a resident of country X, went on 3 months assignment to Country Y > Salary income of Mr. A is 24,00,000 > Of the above, Country Y taxed 3 months income of 6,00,000 @ 28% Compute tax liability of Mr. A considering full credit method and ordinary credit method. Solution:

Darius' net income from self-employment reported on Schedule C is $25,000.  Calculate his self-employment tax. Group of answer choices $1,766 $23,088 $3,825 $3,532

Mini-Case D:1 Gerry is a resident of Quebec and has been with the same employer, XYZ company for the last 3 years. Facts: Gerry's gross salary in 2022: $96,000 • ignore non-refundable tax credits for this problem a) Using Table A, 2022 tax rates, calculate Gerry's taxes payable; Gerry's Taxes Payable b) Calculate Gerry's average tax rate and marginal tax rate. Tax calculation Average tax rate Marginal tax rate

An individual has taxable general income of £70,000 (before deducting the personal allowance). He also has savings income of £1,000. How much Income Tax will be payable on the savings income?   £0   £200   £400   £300

Self-Study Problem 1.7 What is the net effect of the EIP (economic impact payment) and RRC (recovery rebate credit) on each of the following taxpayers. The EIP is $1,400 for single taxpayers and $2,800 for married, filing jointly taxpayers. An additional $1,400 is allowed for each qualifying child. 1. Mirka and Liam are married and file jointly with AGI of $97,000 in 2021. In 2021 they received an EIP of $4,200 based on their filing status and having a dependent child at the end of 2020. 2. Phoebe was a dependent taxpayer in 2020 and had not filed a tax return. In 2021, she failed to request and did not receive an EIP, although she was no longer a dependent and had AGI of $28,000 as a single taxpayer. 3. Mahima received a $1,400 EIP in 2021. Due to the birth of her son in 2021, Mahima was classified as a head of household taxpayer with AGI of $47,000. 4. Jane and Marshall file jointly in 2021 and claim two dependents. They received a $5,600 EIP in 2021. Jane received a large bonus in…

Subject - Accounting Selina is a single taxpayer with a MAGI of $110,000 and an active paraticipation rental real estate loss of $30,000. Assuming she has no other sources of passive income what is her adjusted special allowance? a. $10,000 b. $20,000 c $25,000 d. $30,000

Franklin Stewart arrived at the following tax information: Gross salary Interest earnings Eligible dividend income Basic personal amount Union dues Moving expense (58 km for employment) $ 52,00€ 330 128 3,650 8,470 2,950 What amount will Franklin report as taxable income? (Round your answer to the nearest dollar amount. Omit the "S" sign in your response) Taxable income

Problem 1. Mr. ABC, a resident Filipino Citizen, shows his income and expenses during a calendar year: Required:1a. Compute the taxable compensation income during the year assuming that Mr. ABC is a rank-and-file employee. 1b. Compute the table compensation income subject to regular tax during the year assuming that Mr. ABC is a managerial employee. 1c. Compute the total taxable income subject to regular tax during the year assuming that Mr. ABC is a rank-and-file employee. 1d. Compute the total income tax due if Mr. ABC is a rank-and-file employee and he opted to use Optional Standard Deduction. 1e. Compute the total income tax due if Mr. ABC is a rank-and-file employee and he opted to use the 8% preferential tax.

Use the following information Molly has collect to help her determine her taxable income for the year: Salary from her job 115,100 Interest earn from 1,280 savings Interest paid on student loans Your Answer: Answer 905 Standard deduction 12,950 Itemized deductions 842 Child tax credit 2000

What is the maximum that can be deducted as an above the line deduction for the amount that you pay to social security for self-employment taxes? a. 25% b. 100% C. 50% d. none e. 75%

Subject : Taxation Theory, Practice and Law Question: Calculate Total Assessable Income, Taxable Income, Tax Liability, Student loan (HECS), Medicare Levy, and Medicare Levy Surcharge if applicable, for the taxpayer (Susanne) with the information below:• Susanne is a single and an Australian resident plans to lodge a tax return for the tax year 2020 -2021.• Her total taxable income is $90,000 (Including tax withheld).• She does not have private health insurance.• Susanne has a student loan HECS outstanding for her previous study at Sydney University of $53,000.• Her employer pays superannuation guarantee charge of 9.5% on top of her salary to her nominated fund.• Susanne earned a passive income of $10,000 from the investments in shares in the same tax year.Hint: The following website can be used to cross-check your answer, but you need to provide the detailed calculations, rates and explanations with the screenshots of rates from the ATO website. https://www.paycalculator.com.au/

US Tax System 1.) Vincent  has income from taxable wages totaling $150,000.  How much Social Security tax does he pay?

US Tax System Ellen, a single taxpayer, has $160,000 of taxable income plus $30,000 income from tax-exempt bonds.  What is her effective tax rate?

US Tax System 1.) Molly, a single taxpayer, has income from taxable wages totaling $240,000.  How much Medicare tax does she pay?