2 Mr. A is a Doctor having his own medical office in Alsancak/ Izmir. He calculated his gross independent personal service income as 320.000 TL in 2021. The deductible expenses incurred for that activity amounted to 175.000 TRY. Mr. A has also two flats in Karşıyaka/İzmir. The rental income on those flats were 45.000 TRY in 2021. The taxpayer has paid 10.000 TRY of Social Security Institution for Artisans and Self-Employed Persons (BAĞKUR) premiums. The paid withholding tax is 5.500 TRY. The paid advance tax is 2.800 TRY He chooses lump-sum expense method for his rental income. Exclusion amount for rental income is 7.000 TRY for 2021. Use the below income tax schedule for 2021. Required: Calculate Mr. A's personal income tax liability for 2021.

2 Mr. A is a Doctor having his own medical office in Alsancak/ Izmir. He calculated his gross independent personal service income as 320.000 TL in 2021. The deductible expenses incurred for that activity amounted to 175.000 TRY. Mr. A has also two flats in Karşıyaka/İzmir. The rental income on those flats were 45.000 TRY in 2021. The taxpayer has paid 10.000 TRY of Social Security Institution for Artisans and Self-Employed Persons (BAĞKUR) premiums. The paid withholding tax is 5.500 TRY. The paid advance tax is 2.800 TRY He chooses lump-sum expense method for his rental income. Exclusion amount for rental income is 7.000 TRY for 2021. Use the below income tax schedule for 2021. Required: Calculate Mr. A's personal income tax liability for 2021.

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter4: Gross Income: Concepts And Inclusions

Section: Chapter Questions

Problem 42P: Troy, a cash basis taxpayer, is employed by Eagle Corporation, also a cash basis taxpayer. Tray is a...

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Troy, a cash basis taxpayer, is employed by Eagle Corporation, also a cash basis taxpayer. Tray is a full-time employee of the corporation and receives a salary of 60,000 per year. He also receives a bonus equal to 10% of all collections from diems he serviced during the year. Determine the tax consequences of the following events to the corporation and to Troy: a. On December 31, 2019, Troy was visiting a customer. The customer gave Troy a 10,000 check payable to the corporation for appraisal services Troy performed during 2019. Troy did not deliver the check to the corporation until January 2020. b. The facts are the same as in part (a), except that the corporation is an accrual basis taxpayer and Troy deposited the check on December 31, but the bank did not add the deposit to the corporations account until January 2020. c. The facts are the same as in part (a), except that the customer told Troy to hold the check until January 2020 when the customer could make a bank deposit that would cover the check.