ge 151 of the text and complete Financial Problem 6 Ann and Carl Wilton In addition to answering the question (do they get a refund or owe taxes?) also indicate the tax owed or the refund they would receive. Adjusted gross income: $42,686 Standard deduction: $24,00
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Concept Review 3.2- Ann and Carl Wilton (
Please turn to page 151 of the text and complete Financial Problem 6 Ann and Carl Wilton In addition to answering the question (do they get a refund or owe taxes?) also indicate the tax owed or the refund they would receive.
Adjusted gross income: $42,686
Standard deduction: $24,000
Child care tax credit: $100
Federal income tax withheld: $1,490
Tax rate on taxable income: 10%
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- Concept Review 3.1- Please turn to page 151 of the text and complete Financial Planning Problem 1. (Personal Finance, 13th ed., Kapoor, Dlabay) Computing Taxable Income: Ross Martin arrived at the following tax information… Gross salary: $56,145 Interest earnings: $205 Dividend income: $65 Standard deductions: $12,000 Itemized deductions: $11,250 Adjustments (subtractions) to income: $1,200 What amount would Ross report as taxable income?Activity 3 Use the following information for the next two questions. Write your answer on a separate sheet of paper. Mr Danny earns the following business income in a taxable year. Sales P 3,900,000 Sales returns and discounts 100,000 Inventory, beg. 30,000 Purchases 1,800,000 Operating expenses (itemized deductions) 780,000 Inventory, end. 80,000 1. How much is the tax due if Mr Danny chose the option to use the itemized deductions? _____________ 2. How much is the tax due if Mr Danny chose the option to use the optional standard deduction? _____________ Assessment 3 Use the following informationNeed these answered asap! 1) Taking home used office printers when the company purchases new equipment would increase your gross income. True or False 2) A taxpayer filing Married Jointly has an AGI of $120,250. They have one qualifying child under age 17. How much could they potentially recieev in a child tax credit? Phase out begins at $400,000. 500, 1400, 0, 600, or 2000? 3) You pay $9,000 for an annuity. The annuity will pay $1,000 for 12 years. How much of the annuity cash payments will be considered as a taxable income? 750, 0, 1000, or 250? 4) We discussed several divorce payments. Which category will be included on the recipient's tax return as gross income if the divorce happened after 2018? Alimony, Property Settlements, Child Support, All of the Above, or None of the Above 5) Normally, for a taxable item to be considered realized there must have been an ownership transfer and the transaction involves a secondary party. True or False
- Herschel needed form 8863 Education Credits is shown below,Assuming they meet all the requirements , what amount can Jake and Nicole claim for the American opportunity tax credit when they file their 2021 return They're gross income is 47,000 amount of tax report online 1618 other form 10 AveThey're gross income is 47,000 amount of tax report online 1618 other form 1040 is $2233. No additional taxeseBook Calculator Example 6-4 Borden Company received a federal tax levy on John Kline. Kline is single, claims 2 personal allowances, and had a takehome pay of $621.00 this week. The amount of the tax levy (in 2019) would be: Take-home pay $621.00 Less: Exempt amount (from Figure 6.3). 396.16 Federal tax levy $224.84 Figure 6.32019 Table for Amount Exempt for Tax Levy (Single Person) Filing Status: Single PayPeriod Number of Exemptions Claimed on Statement 0 1 2 3 4 5 More Than 5 Daily 46.92 63.07 79.22 95.37 111.52 127.67 46.92 plus 16.15 foreach dependent Weekly 234.62 315.39 396.16 476.93 557.70 638.47 234.62 plus 80.77 foreach dependent Biweekly 469.23 630.77 792.31 953.85 1115.39 1276.93 469.23 plus 161.54 foreach dependent Semimonthly 508.33 683.33 858.33 1033.33 1208.33 1383.33 508.33 plus 175 foreach dependent Monthly 1016.67 1366.67 1716.67 2066.67 2416.67 2766.67 1016.67 plus 350 foreach dependent Source: Internal Revenue Service.…Question 1 (1 point) Chad and Jason Roberts paid $8,500 during the year for childcare for their three children, aged 2, 6 and 11. Chad’s annual salary was $12,000 and Jason’s annual salary was $42,000. Chad can deduct the $8,500 paid from his income. Question 1 options: a) True b) False Question 2 (1 point) The entire amount of retiring allowance received must be included in income, even if some part of the allowance was transferred to an RRSP. Question 2 options: a) True b) False Question 3 (1 point) Saved The amount earned in a Tax Free Savings Account (TFSA) is not subject to taxation; however, the withdrawals from a TFSA are taxed in the hands of the recipient. Question 3 options: a) True b) False Question 4 (1 point) All…
- 1. Label each item as Gross Income, (GI), Not Included, (NI) or Deductions for Adjusted Gross Income, (DAGI), and calculate adjusted gross income for Noelle Nelson. A gift from her mother Nia, $30,000 Noelle has a sole proprietorship, candy shop. The net income is $120,000 Salary $100,000. Bonus $40,000 Capital loss $20,000 Contribution to individual retirement account, $1,000 Child support received, $30,000 Alimony received $50,000. The divorce was signed on January 15, 2018. Noele won $20,000 in a national bowling tournament. Noelle received $20,000 from a legal settlement for a dog bite on her leg. Student loan interest paid $1,000. Noelle’s sister, Natasha, gave her $40,000, in repayment of a $35,000 loan from 2017. Workman’s compensation $30,000 Unemployment compensation $40,000 Interest from a City of Nashville Bond, $7,000 Treasury bill interest $10,000 Interest from CitiGroup Account $5,000 Penalty for early withdrawal from timed savings…Title Record these transactions in the General Journal, complete with suitable explanations. Ask your... Description Record these transactions in the General Journal, complete with suitable explanations. Ask your instructor which of the following tax rates to use: i. Add 5% GST only ii. Add 13% HST iii. Add 5% GST 1 7% PST 1. Rita Jackson, owner of a grocery store, withdrew merchandise for her own use, $55 plus tax(es). 2. Issued cheque to the Provincial Telephone Co. to pay the following: company telephone bill, $45.50 plus tax(es), and owner’s home telephone bill, $41.10. 3. Owner has given you the receipt for a bouquet of flowers sent to her husband. The amount was paid by company cheque, $25. 4. Owner took used printer, valued at $225 plus tax(es), from the business for personal use at home. 5. Issued cheque for $500 to Ms. Jackson for personal use. 6. Owner took office supplies for own use, $15 plus tax(es). 7. Paid owner’s personal dry-cleaning bill, $15.50, with a…Question A Determining a Refund or Taxes Owed. Based on the following data, will Ann Wilton receive a federal tax refund or owe additional taxes in2019? LO2Net income, $48,190Deductions to determine net income, $11,420Federal income tax withheld, $6,784Total non-refundable tax credit amounts, excluding medical expenses, $12,069Medical expenses, $2,300 Don't work in Excel Full explainthe this question very fast solution sent me step by step Don't ignore any part all part work u Text typing work only not allow paper work
-  SEARCH  ASK CHAT Question Carlos is a resident citizen. He maintains a savings account deposit with the BPI-Baguio City Branch. For the current year, his savings earned a total of P6,000 interest. How much is the final tax on said income? a. P300 b. P720 c. P1,200 d. P1,500B6 Which of the following taxpayers will have an adjustment on their Schedule CA (540), Part I, Section A, line 1? Abdul earned $40,000 of wages while working at the local pharmacy. Dana won $2,000 from the California Lottery. Milo cashed U.S. Savings Bonds yielding $300 of interest. Sasha received ridesharing fringe benefits that were excluded from income on her federal return.H1. profile-image Carlos owns a property which he has rented. During 2021, the property generated $24,000 in rental income. Carlos incurred the following expenses related to rental operations: • Depreciation $5,000 • Real estate tax 2,000 Utilities (water and electricity) Maintenance 3,000 • Boat expenses which Carlos uses to 1,500 meet clients and sign contracts 5,500 Determine the net income from rental operations that Carlos will include in his individual income tax return. Submit your computations.