Calculate his tax liability for the 2018-2019 Income Year (Basic Income Tax, Medicare & Medicare Levy) (Please show your working)

Q: Juan, who is single, is a self-employed carpenter as well as an e His self-employment net income is…

A: Self Employment Tax The federal government collects taxes from self-employed workers and small…

Q: Agnes, a resident taxpayer, has a taxable income of $50,000 for the income tax year ended 30 June…

A: PAYG is pay as you go is amount  of tax deducted by employer  at source. After filing income  tax…

Q: Rasheed works for Company A, earning $401,000 in salary during 2021. Assuming he is single and has…

A: FICA tax rate limits :- Social security taxes = 6.2% upto $142,800 Medicare tax = 1.45% Additional…

Q: Simon is single and a stockbroker for a large investment bank. During 2020, he has withheld from his…

A: Given information, withheld from his paycheck=$2,250 for state taxes and $400 for city taxes. Simon…

Q: For the following taxpayers determine which one is not required to file a tax return in 2018. a.…

A: Return filing Status: It is the status given to the taxpayers for determining their threshold for…

Q: Julie, a self-employed individual, is required to make estimated payments of her tax liability for…

A: Estimated Tax: Estimated tax is a prepayment of projected taxes based on the amount of revenue…

Q: Jose is a single taxpayer who is self-employed and who also owns a rental property. Given the…

A: Adjusted Gross Income: It is the taxable income of an individual from all sources such as business…

Q: Dale and Eleanor are married taxpayers. In 2021, they will file a joint return and will take the…

A: It is assumed that depreciation on computer and f&f is 40% per annum

Q: Cally, who is married and has one child, owns a bakery. During the 2021 tax year, her Sales $…

A: Self-employment is America is taxable at a special rate on the income generated from…

Q: Norma, who is single and uses the cash method of accounting, lives in a state that imposes an income…

A: Particulars                                                    $ Withheld in 2019…

Q: Rajesh is filing single and he has an adjusted gross income (AGI) of $81,000 for the 2018 tax year.…

A: The tax liability indicates the income tax payable by the taxpayers on the taxable income. The…

Q: Steve and Claire are married, and both lived and worked in North Carolina for the entire 2013 tax…

A: Taxable income= Adjusted gross income-Standard deduction-Exemption=$80,000-$6,000-$2,500×2=$69,000

Q: Lisa is a member of Bigfoot LLC, which runs a retail business in which she is active. For the…

A: AGI is an alteration of gross income. Gross income is the sum of all the money an individual earns…

Q: Brooke, a single taxpayer, works for Company A for all of 2021, earning a salary of $64,000. a.…

A: The question is related to Federal Insurance Contribution Act shared equally by employer amd…

Q: Clark, a widower, maintains a household for himself and his two dependent preschool children. For…

A: The Child and Dependent Care Credit can be worth from 20% to 35% of some or all of the dependent…

Q: Tamara Moore is an unmarried, 37-year-old taxpayer. She will use the head of household filing…

A: Formula: Gross pay = All incomes including gifts - Contributions Deduction of Contributions fro the…

Q: During the current year, Seth, a self-employed individual, paid the following taxes:   Federal…

A: Solution:- calculation of the amount can Seth claim as an itemized deduction for taxes paid during…

Q: On January 1, 2018, Casi ’s wife, Ely, died while giving birth to a child, but the child survived.…

A: GIVEN ÷ Casi ’s wife, Ely, died while giving birth to a child.  Casi took care of the child…

Q: Raj Koothrappali is a senior citizen married to 74-year-old Howard Wolowitz. Raj lives solely on the…

A: A) Federal Tax before credit  1) Raj koothrapalli Income from Investment.       $400000 Federal tax…

Q: Hugh, a self-employed individual, paid the following amounts during the year: Real estate tax on…

A: Real estate tax on lowa residence $ 3,800 Greater of sale tax or state income tax $ 1,750…

Q: Emily, who is single, has been offered a position as a city landscape consultant. The position pays…

A: Taxable Income- Taxable income a term refers to the base upon which an income tax system imposes…

Q: Sally, age 44, has 3 dependent children between age 6 and 17. The children live with her and qualify…

A: As Sally can file return as Head of Household, she can avail standard deduction.  For persons filing…

Q: Leslie is a single taxpayer who is under age 65 and in good health. For 2018, she has a salary of…

A: Requirement 1: Determine the amount of adjusted gross income. Individual taxpayers compute their tax…

Q: Patricia, an unmarried taxpayer who is head of household, has adjusted gross income of \$42 ,800 and…

A: Answer: If Patricia elects to participate in the employer provided program and has her expenses…

Q: Mary gave her annual income and deduction below. Calculate her Total Assessable Income, Taxable…

A: Assessable income is defined as any amount that fits the following criteria: ordinary earnings (…

Q: Brian and Kim have a 12-year-old child, Stan. For 2018, Brian and Kim have taxable income of…

A: Taxable Income:Taxable income refers to the base upon which an income tax system imposes tax.…

Q: Susan, a single taxpayer, owns and operates a bakery (as a sole proprietorship). The business is not…

A: Qualified Business Income - It is the net amount which is qualified items of gain, income loss and…

Q: Ross is single with an adjusted gross income of $69100, and he uses the standard deduction ($12,000)…

A: Tax has been calculated on the basis of formula given i.e. 4453.50 + 22% over $ 38,700.

Q: arah is a cash-method, calendar-year taxpayer, and she is considering making the following cash…

A: A cash-method, calendar-year taxpayer is that tax payer who will report income and deductions in…

Q: Considering the information below, calculate Jane tax liability (including Medicare Levy and…

A: Assessable Income is the total amount of revenues generated by an individual/corporation in…

Q: Kyle, a single taxpayer, worked as a freelance software engineer for the first three months of 2021.…

A: Federal insurance and contribution act enable US payroll tax to fund the social security…

Q: Pham, single, has wages of $208,000 and net investment income of $140,000 in 2020. Her AGI (MAGI) is…

A: The Medicare tax liability is the withholding tax liability charged by the IRS on the…

Q: Tinh Tran is a physical therapist. He earns $49,830 a year and is single with no dependents. The…

A: Tax is the charge which the taxpayer has to pay on the taxable income earned during the year. Given…

Q: ssable income was $ 150,000 and deduction $ 20,000 in Financial Year 2019-2020. He does not have a…

A: Step 1 Tax liability is the total amount of tax debt owed by an individual, corporation, or other…

Q: Baker is single and earned $226,000 of salary as an employee in 2020. How much should his employer…

A: FICA is a U.S. There is a federal payroll tax. It stands for the Federal Insurance Contribution…

Q: Antonio and Maria deduct for state taxes?

A: a. Itemized deductions of $9,500 and deduct $5,600 for taxes on Antonio’s Schedule C for his…

Q: Derek, a cash basis, unmarried taxpayer, had $610 of state income tax withheld during 2018. Also in…

A: Income Tax Expenses: The expenses which are related to the taxable income of the individuals and…

Q: married and have 2 children. Azza has a salary  of £  54000 pa and has paid £ 1800 (net) under the…

A: Child Benefit rate refers to the allowance paid by the separated parent (father) of the child to the…

Q: Greg earned $25,500 in 2021 and had $1,500 of federal income taxes withheld from his salary.…

A: It is given that, Greg earned $25,500 in 2021 and had $1,500 of federal income taxes withheld from…

Q: 00 Capital loss from sale of stock held 6 months…………………..(4,000) Compute Sarah’s regular taxable…

A: Income tax Payable: It refers to the amount which is required to be paid by an entity on the taxable…

Q: Jayana, a calendar-year taxpayer, uses the cash method of accounting for a sole proprietorship. In…

A: Under the cash basis of accounting, the expenses are accounted for in the period in which they are…

Q: Chester is single and paid the following items / taxes in 2020: • Paid $ 6,100 to his township for…

A: A taxpayer in the United States of America can either claim standard deduction on the amount of his…

Q: Lisa is a member of Bigfoot LLC, which runs a retail business in which she is active. For the…

A: Lisa income are as follows : Guaranteed payment = $40000 Here guaranteed payment is the amount…

Q: Kimberly is a self-employed taxpayer. She recently spent $3,300 for airfare to travel to Italy. What…

A: Since the trip appears more of personal purpose, as the maximum number of days are spent on personal…

Q: ngle taxpayer living in Seattle, Washington, with adjusted gross income for the 2020 tax year of…

A: In the given case, Martin’s adjusted gross income for the year is $59,000. He has paid various…

Q: Jane, a resident taxpayer, has a taxable income of $19,500 for the income tax year ended 30 June…

A: Assuming that the question pertains to Australian Income Tax (since Australia follows a July 1 to…

Q: During the year ended 30 June 2019 Rechelle, a resident taxpayer, received salary and wages income…

A: During year ended 30.06.2019, Rechelle, a resident tax payer salary and wages income = $34750…

Q: Maggie is filing taxes as a single filer with no kids. Her gross yearly income is $136,680, and her…

A: Charitable Contribution: In general, most of the taxpayers do cash contributions as charities and…

Q: Rajesh is filing single and he has an adjusted gross income (AGI) of $87,000 for the 2018 tax year.…

A: Taxation states the financial charge or obligation which is imposed through the government or…

Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.