pls solve this ques needed urgently with the proper explanation will give you many upvotes 7.Aaron Cousins is a self-employed VAT consultant. Aaron's business, Bruins VATConsultancy Services, prepares financial statements to an accounting date of 31 Marcheach year.During the year ended 31 March 2022, tax adjusted trading profit for Bruins VATConsultancy Services were £82,730.What is the total amount of National Insurance contributions payable by Aaron for thecontribution period 2021/22?А.В.£158.60£3,663.18£6,584.58£4,770.98C.D.

National Insurance Contrition is the payment which is to be made by the persons as per UK laws who…

7. Aaron Cousins is a self-employed VAT consultant. Aaron's business, Bruins VAT Consultancy Services, prepares financial statements to an accounting date of 31 Ma each year. During the year ended 31 March 2022, tax adjusted trading profit for Bruins VAT Consultancy Services were £82,730. What is the total amount of National Insurance contributions payable by Aaron for the contribution period 2021/22? А. В. £158.60 £3,663.18 £6,584.58 €4 770 98 С.

7. Aaron Cousins is a self-employed VAT consultant. Aaron's business, Bruins VAT Consultancy Services, prepares financial statements to an accounting date of 31 Ma each year. During the year ended 31 March 2022, tax adjusted trading profit for Bruins VAT Consultancy Services were £82,730. What is the total amount of National Insurance contributions payable by Aaron for the contribution period 2021/22? А. В. £158.60 £3,663.18 £6,584.58 €4 770 98 С.

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter10: Deductions And Losses: Certain Itemized Deductions

Section: Chapter Questions

Problem 25P: LO.2 For calendar year 2019, Jean was a self-employed consultant with no employees. She had 80,000...

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How do the all events and economic performance requirements apply to the following transactions by an accrual basis taxpayer? a. The company guarantees its products for six months. At the end of 2019, customers had made valid claims for 600,000 that were not paid until 2020. Also, the company estimates that another 400,000 in claims from 2019 sales will be filed and paid in 2020. b. The accrual basis taxpayer reported 200,000 in corporate taxable income for 2019. The state income tax rate was 6%. The corporation paid 7,000 in estimated state income taxes in 2019 and paid 2,000 on 2018 state income taxes when it filed its 2018 state income tax return in March 2019. The company filed its 2019 state income tax return in March 2020 and paid the remaining 5,000 of its 2019 state income tax liability. c. An employee was involved in an accident while making a sales call. The company paid the injured victim 15,000 in 2019 and agreed to pay the victim 15,000 a year for the next nine years.
LO.2 For calendar year 2019, Jean was a self-employed consultant with no employees. She had 80,000 of net profit from consulting and paid 7,000 in medical insurance premiums on her policy covering 2019. How much of these premiums may Jean deduct as a deduction for AGI? How much may she deduct as an itemized deduction (subject to the AGI floor)?
LO.2 Osprey Corporation, an accrual basis taxpayer, had taxable income for 2019 and paid 40,000 on its estimated state income tax for the year. During 2019, the company received a 4,000 refund upon filing its 2018 state income tax return. The company filed its 2019 state income tax return in August 2020 and paid the 7,000 state income tax due for 2019. In December 2019, the company received a notice from the state tax commission that an additional 6,000 of income tax was due for 2017 because of an error on the return. The company acknowledged the error in December 2019 and paid the additional 6,000 in tax in February 2020. What is Ospreys 2019 Federal income tax deduction for state income taxes?
LO.2 In 2019, the taxpayer became ineligible to use the cash method of accounting. At the beginning of the year, accounts receivable totaled 240,000, accounts payable for merchandise totaled 80,000, and the inventory on hand totaled 320,000. What is the amount of the adjustment due to the change in accounting method?
Mikhail Rivers is a self-employed corporate tax consultant. Mikhail’s business, Rivers’s Tax Consultancy, prepares financial statements to an accounting date of 31 March each year. During the year ended 31 March 2021, Mikhail’s tax adjusted trading profit was £34,120. What is the total amount of National Insurance contributions payable by Mikhail for the contribution period 2020/21? A. £158.60 B. £3,070.80 C. £2,374.40 D. £0. Mikhail will not be required to make any National Insurance contributions