George Black lives in Manitoba, a non-participating province that has an 7% provincial sales tax During the current year, he purchanes a new Lexus tor $82.000 He receives a trade in allowance of $36,000 for his old vehicle. The GST/HST charged on his new vehicle would be equal to Select one O a $4,100. O b. $5,980 O c. $2,300. O d. $10,660. Clear my choice Activate Windows
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- Eagle Life Insurance Company pays its employees 0.30 per mile for driving their personal automobiles to and from work. The company reimburses each employee who rides the bus 100 a month for the cost of a pass. Tom collected 100 for his automobile mileage, and Mason received 100 as reimbursement for the cost of a bus pass. a. What are the effects of the above on Toms and Masons gross income? b. Assume that Tom and Mason are in the 24% marginal tax bracket and the actual before-tax cost for Tom to drive to and from work is 0.30 per mile. What are Toms and Masons after-tax costs of commuting to and from work?David is a CPA and enjoys playing the lottery. This year David won 10,000 in lottery scratch-off tickets. He spent 200 purchasing the tickets. Which statement is true regarding Davids winnings? a. David must include 9,800 in gross income. b. David must include the 10,000 in gross income and can deduct 200 as an itemized deduction not subject to the 2%-of-AGI limitation. c. David must include 10,000 in gross income and can deduct 200 as an adjustment to AGI. d. Davids winnings are not taxable.Linda is an employee of JRH Corporation. Which of the following would be included in Lindas gross income? a. Premiums paid by JRH Corporation for a group term life insurance policy for 50,000 of coverage for Linda. b. 1,000 of tuition paid by JRH Corporation to State University for Lindas masters degree program. c. A 2,000 trip given to Linda by JRH Corporation for meeting sales goals. d. 1,200 paid by JRH Corporation for an annual parking pass for Linda.
- State whether each of the following payments is a tax. Explain your answers. To incorporate his business, Alex pays the state of Texas a $2,000 incorpora tion fee. The city paves a road and assesses each property owner on the road $4,000 for his or her share of the cost. The city of Asheville charges each residence in the city $10 per month to pick up the trash. Rory pays $450 of income tax to the state of California. Lanny is fined $45 for exceeding the speed limit.Mr. Juan Dela Cruz operates a mini bakeshop while he offers cleaning services to his clients. In 2018, his gross sales amounted to P280,000 in addition to his receipts from cleaning services of P20,000. He incurred cost of sales and operating expenses amounting to P20,000 and P5,000, respectively or a total of P30,000. He consulted you if he could avail of either the graduated income tax rates (0%-35%) or the flat 8% income tax rate. Compute for the income tax due for 2018 considering the tax option that is more favorable to him.Repaso is engaged in renting out 250 apartment units to small families forP13,000 per month. All units are occupied. Philippine, 2021.Determine the business tax and the business tax due. VAT; P390,000Percentage Tax ; P32,500VAT Exempt; P 0Percentage tax; P 0
- Some years ago, after he graduated, Fred Murray (the musician) opened his own retail shop selling musical instruments. His recent profit for the 2021/22 tax year was £21,700 after having deducted the following expenses. He had already deducted drawings of £2,200 per month in calculating this profit figure. Entertainment of foreign suppliers £1,700 (of which £200 was for entertaining his own family) Penalty fees for non-submission of tax return, £851 Petrol costs of £2,000 (of which 20% was for private use) Painting of the interior of the musical shop, £550 Calculate for Fred the correct profits that he should include on his tax return for 2021/22.Roxy operates a dress shop in Arlington, Virginia. Lisa, a Maryland resident, comes in for a measurement and purchases a $2,800 dress. Lisa returns to Virginia a few weeks later to pick up the dress and drive it back to her Maryland residence, where she will use the dress. Assuming that Virginia's sales tax rate is 5 percent and that Maryland's sales tax rate is 6 percent, what is Roxy's sales tax collection obligation? Multiple Choice $0 $140 to Virginia $140 sales tax to Virginia and $28 use tax to Maryland $168 to MarylandMs. Carol is the Head of Taxation of UniSA Limited. During the financial year 2020-21 she earned following income: Ms. Carol received Taka 12,00,000 as cash salary out of which basic pay was 60%, medical allowance was 20%, transport allowance was 15% and education allowance for children was 5%. The company provided her with a car for official and her family use. She is entitled for two festival bonuses as well as year end festival bonus for 10% of her basic. The maintenance cost of the car is Taka 30,000. Besides the salary of the driver is Taka 15,000 which is directly paid by the UniSA to his account. She was also provided with a residential house against which the company incurred rental expense of Taka 3,10,000. The utilities for the accommodation are monthly Taka 20,000 of which UniSA contributes 70%. Though the company has a Recognized Provident Fund, Ms. Carol did not apply for becoming the member of that Fund. As per the Provident Fund Rules, the contribution…
- In April of the current year, Freeman Steel Company transferred Herb Porter from its factory in Nebraska to its plant in Michigan. The company's SUTA tax rates based on its experience ratings are 3.2% in Nebraska and 3.8% in Michigan. Both states base the tax on the first $9,000 of each employee's earnings. This year, Freeman Steel Company paid Herb Porter wages of $20,900; $2,800 were paid in Nebraska and the remainder in Michigan. Compute the following: Round your answers to the nearest cent. a. Amount of SUTA tax the company must pay to Nebraska on Porter's wages$89.6 b. Amount of SUTA tax the company must pay to Michigan on Porter's wages$235.6 c. Amount of the net FUTA tax on Porter's wages$ I need help with C Note: For this textbook edition the rate .6% was used for the net FUTA rate for employersIn April of the current year, Freeman Steel Company transferred Herb Porter from its factory in Nebraska to its plant in Michigan. The company's SUTA tax rates based on its experience ratings are 3.2% in Nebraska and 3.8% in Michigan. Both states base the tax on the first $9,000 of each employee's earnings. This year, Freeman Steel Company paid Herb Porter wages of $20,900; $2,800 were paid in Nebraska and the remainder in Michigan. Compute the following: Round your answers to the nearest cent. a. Amount of SUTA tax the company must pay to Nebraska on Porter's wages$89.6 b. Amount of SUTA tax the company must pay to Michigan on Porter's wages$235.6 c. Amount of the net FUTA tax on Porter's wages (I mainly need this answer, Noboby has gotten it right before. it is not 232.80)As the owner of a copy and print shop, you must collect 6 ½ % of the amount of each sale for sales tax. If sales for the month are 48,680, find the combined amount of sales and tax. Thomas Dugally of Century 21 Real Estate sold a small home for 174,900. The commission was 6% of the sale price. Since Dugally both listed and sold the home, he receives 60% of the commission, and his broker receives the remainder. Find the amount received by Dugally.