During the year ended 30 Jun 2021, Chana, a resident of Australia, has received rents of $56,000 and salary of $15000. Her allowable deductions for the year are $5000. Required: Calculate her taxable income

During the year ended 30 Jun 2021, Chana, a resident of Australia, has received rents of $56,000 and salary of $15000. Her allowable deductions for the year are $5000. Required: Calculate her taxable income

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter1: The Individual Income Tax Return

Section: Chapter Questions

Problem 4P: In 2019, Lou has a salary of $53,300 from her job. She also has interest income of $1,600 and...

See similar textbooks

Related questions

Q: Mr. B, a resident Filipino, married having 5 dependent children, reported the following income and…

A: Mr. B, a resident Filipino and married having 5 dependent children. For taxable year 2019, 1. Net…

Q: Matthew earned $67,859 during 2020. How much will his employer withhold from him, in total, for FICA…

A: FICA tax: Federal government imposes taxes on the employee's pay to provide benefits to retired, old…

Q: Lucas, a single U.S. citizen, works in Denmark for MNC Corp during all of 2019. His MNC salary is…

A: Answer: Any US citizen who is earning money even from foreign source is taxable in the gross income…

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

A: In case estimated tax of an individual is $1,000 or more than quarterly payment of tax should be…

Q: Sonny receives wages of $47,900 and $10,000 of unemployment in 2021

A: As per Income tax act 1961 (indian no any other deatial given for other country tax that why)

Q: Emily, who is single, sustains an NOL of $10,080 in 2021. The loss is carried forward to 2022. For…

A: calculation of adjusted gross income and taxable income and other requirement are as follows

Q: During 2019, Jason Glen has net employment income of $11500, net rental income of $3800, as well as…

A: The taxable income of a taxpayer includes the income from multiples sources and there may be loss…

Q: From the following particulars furnished by Mr.Suresh, pertaining to income ending on 31.3.2020,…

A: Solution- Computation of taxable income…

Q: Alice is single and self-employed in 2020. Her net business profit on her Schedule C for the year is…

A: Self employment tax rate in 2020 = 15.3% Medicare tax rate = 2.9%

Q: Henrich is a single taxpayer. In 2021, his taxable income is $454,000. What is his income tax and…

A: Calculation of taxable income Particulars Amount Gross taxable income 454000 Less: Standard…

Q: Marc, a single taxpayer, earns $60,000 in taxable income and $5,000 in interest from an investment…

A: It is the average rate at which income of individual is taxed.

Q: Mr. Dela Cruz died on March 10, 2019 with a gross estate amounting to Php125M. This includes a…

A: 1.The standard deduction amounting PHP 5 million shall be allowed as deduction

Q: Lacy is a single taxpayer. In 2021, her taxable income is $44,600. What is her tax liability in each…

A: All amounts are in dollar ($).

Q: xable Year 2023

A: Tax is the liability of an individual owing to the government. The government collects the tax from…

Q: William, a resident, has taxable income for 2020/21 of $60,000. The PAYG amounts withheld by his…

A: Pay as you Go [PAYG] is the amount of tax withheld by the employer from the pay out of the employee…

Q: Huy, single, operates a sole proprietorship. In 2020, Huy's QBI is $74,348, and his modified taxable…

A: It is the deduction available on the qualified business income subject to the provisions of IRS.…

Q: Addison had $80,000 of income from wages and $1,850 of taxable interest. Addison also made…

A: Head of household can claim dependent allowance up to $2000 per child dependent on him in the year…

Q: Allan has a gross income of P400,000 in 2020. His employer deducted P5,000 SSS, P4,000 PHIC, P3,000…

A: Answer: The final tax due is calculated on the net income of the person. The deductions is allowed…

Q: On October 1, 2021, C company purchased a P1,800,000 car and designated it for the use of its…

A: Monetary Value of Fringe Benefit on account of Cars Purchased = Acquisition Cost5 years x 50%…

Q: Mr Jacob Johnson has net employment income of $41300 (after the deduction of $8600 in RPP…

A: Net income + RPP deduction + income from business + taxable dividend - support payment from former…

Q: Based on ph Joji, a resident citizen, has the following cumulative data from January to June 30,…

A: Sales and Salary expenses reported in the income tax return: Whether all the revenue from sales or…

Q: Beatrix’s annual salary is ₱430,000.00. While she is single, she has one dependent declared under…

A: Taxable income is the net income earned by an individual on which the tax is payable. It is…

Q: In 2021, Jasmine and Thomas, a married couple, had taxable would have reported taxable income of…

A: In this question, we have to compute the tax.

Q: In 2021, Sonny earns $47,900 and is unemployed for $10,000. What is Sonny's taxable income if he…

A: As per Income tax act 1961 (endian no any other detail given for other country tax that why)

Q: Self-Employment tax =

A: The total self-employment tax is 15.3% of the net earnings and it has two parts. The first part is…

Q: Jason is an Australian tax resident and for the financial year 2019-20, has taxable income of $…

A: HELP- HECS: The two components included in it are: a student discount a loan The Australian…

Q: Vicki Vale operates a convenience store while at the same time offers bookkeeping services to her…

A: Taxable income is the one which is computed after deducting the expenses from the revenues. It also…

Q: Brooklyn files as a head of household for 2021. She claimed the standard deduction of $18,800 for…

A: Brooklyn’s AMTI = $ 74,950

Q: Angelena files as a head of household. In 2021, she reported $54,900 of taxable income, including a…

A: Introduction: Accountants must assess their tax liabilities to guarantee that they can pay the right…

Q: Lacy is a single taxpayer. In 2020, her taxable income is $43,800. What is her tax liability in each…

A: A qualified dividend is the earnings on which the capital gain tax is applied. These taxes are 0%,…

Q: During 2020, John Martin is a resident of Ontario and has calculated his taxable income to be…

A: Federal tax is paid by the individual to the government on the income earned. It is an income for…

Q: Henry (an Australian resident for tax) is 16 years old, and he is the sole beneficiary of the Herald…

A: Tax means the fixed charge imposed by the government on the income for betterment and welfare of…

Q: Julie, a single taxpayer, has completed her 2019 Schedule C and her net loss is $40,000. Her only…

A: Formulas: Business loss = Wages - Net loss

Q: During the year ended 30 jun 2020, melissa, a resident of Australia, has received rents of $5946 and…

A: 1. Gross Income = it is the total income received by the individual. 2. Deduction: These are the…

Q: Lacy is a single taxpayer. In 2021, her taxable income is $42,000. What is her tax liability in each…

A: Tax liability is a payment owing to a federal, state, or municipal tax body by an individual, a…

Q: Mr. Sotto is a resident citizen who earned the following during the current taxable year: (1)…

A: In Philippines the income which are derived to the resident Citizen which has to be withhold taxes…

Q: Kana is a single wage earner with no dependents and taxable income of $168,700 in 2021. Her 2020…

A: Tax liability is the amount which is to be paid as obligation to the government of the country as…

Q: Nelta is a single taxpayer who qualifies for the earned income credit. She has two qualifying…

A: Earned income credit: The earned income credit is a refundable tax credit for working couples and…

Q: In 2021, Meghann, a single taxpayer, has QBI of $138,400 and modified taxable income of $96,880…

A: The qualified business income deduction allows the taxpayer to deduct up to 20 percent of their…

Q: He belongs to a medical aid fund to which he contributed R3 000 per month to during the year of…

A: Introduction: When one account incurs expenditures or receives money on behalf of one or more other…

Q: Simon is a resident for tax purposes. During the year he derived gross wages of $50,000 from his…

A: The taxable income is the income on which the taxpayers has to pay the income tax yearly. The…

Q: In 2018, GN, a MWE, received from her employer an annual minimum wage salary of P99,702. Aside from…

A: Salary refers to the amount which is paid to the employees by the firm for the work performed by…

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: If Juan Da Kuan is a resident citizen and is earning purely business income for 2018 taxable year…

A: Net taxable is calculated after reducing the deductible expenses from the income. Income should be…

Q: Paulina Morales, a single taxpayer, had wage income of $68,950 in 2019. Her only other income was…

A: Given that, Paulina Morales is as single tax payer wage income = $68950 Her only other income =…

Q: Ms Rivera with four qualified dependent children had a net taxable compensation income of P 450,000…

A: Tax is a tax that individuals and businesses must pay to the government in order for the government…

Q: Jose paid $10,000 for qualified tuition during the tax year

A: Deduction U/S 80C for individuql and HUF,Income tax Act 1961 Deduction available for payment of…

Q: Ramon, a single taxpayer with no dependents, has adjusted gross income for 2019 of $98,000 and his…

A: Calculation of Taxable income:

Q: William is not married, nor does he have any dependents. He does not itemize deductions. His taxable…

A: Income Tax: Income tax is a tax paid by the individual depending on earnings or gains of the…

Question

During the year ended 30 Jun 2021, Chana, a resident of Australia, has received rents of $56,000 and salary of $15000.

Her allowable deductions for the year are $5000.

Required:

Calculate her taxable income.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Shanna, a calendar year and cash basis taxpayer, rents property to be used in her business from Janice. As part of the rental agreement, Shanna pays 8,400 rent on April 1, 2019, for the 12 months ending March 31, 2020. a. How much is Shannas deduction for rent expense in 2019? b. Assume the same facts, except that the 8,400 is for 24 months rent ending March 31, 2021. How much is Shannas deduction for rent expense in 2019?
Freda is a cash basis taxpayer. In 2019, she negotiated her salary for 2020. Her employer offered to pay her 21,000 per month in 2020 for a total of 252,000. Freda countered that she would accept 10,000 each month for the 12 months in 2020 and the remaining 132,000 in January 2021. The employer accepted Fredas terms for 2020 and 2021. a. Did Freda actually or constructively receive 252,000 in 2020? b. What could explain Fredas willingness to spread her salary over a longer period of time? c. In December 2020, after Freda had earned the right to collect the 132,000 in 2020, the employer offered 133,000 to Freda at that time, rather than 132,000 in January 2021. The employer wanted to make the early payment so as to deduct the expense in 2020. Freda rejected the employers offer. Was Freda in constructive receipt of the income in 2020? Explain.
During 2019, Inez (a single taxpayer) had the following transactions involving capital assets: a. If Inez has taxable income of 158,000, how much income tax results? b. If Inez has taxable income of 35,000, how much income tax results?
In 2019, Lou has a salary of $53,300 from her job. She also has interest income of $1,600 and dividend income of $ 400. Lou is single and has no dependents. During the year, Lou sold silver coins held as an investment for a $7,000 loss. Calculate the following amounts for Lou: Adjusted gross income $ ____________________ Standard deduction $ ____________________ Taxable income $ ____________________