How much is the estate tax?
Q: Compute the tax due assuming
A: Tax due is the amount which has to be paid to the government and the same has been computed on the…
Q: How much does she have to include in taxable income?
A: Answer: Any settlement that is received after damage is taxable other than recovery for emotional…
Q: What capital gains are subject to capital gains taxation?
A: The сарitаl gаins tаx is the levy оn the рrоfit frоm аn investment thаt is inсurred…
Q: The additional tax on top of the standard tax?
A: Tax is a compulsory financial charge levied by government for finding the source of public…
Q: What is the examples of estate tax?
A:
Q: What is meant by a tax shelter?
A: Tax shelter is a provision for tax payer to deduct the taxable income. This provision gives certain…
Q: What distinguishes an income tax from other taxes?
A: A tax is a governmental entity's required financial charge or other kind of levy put on a taxpayer…
Q: What is the tax shield of interest?
A: Interest tax shields: It alludes to the assessment obligation decrease because of the interest…
Q: What are all type of taxes we need to pay
A: As individuals and as entities we need to pay various direct taxes as well as indirect taxes in our…
Q: Why is the Donor's tax is the advantageous for the taxpayer? Explain
A: Donar's tax refers to the tax on a donation or gift. It is imposed on the gratuitous transfer of…
Q: What is DONNER's current tax expense?
A: Current tax expense refers to the tax payable by the Company relating to the current year.
Q: What are homestead and family allowances?
A: Allowances: It refers to a sum of money paid to an individual for a specific purpose.
Q: What is the net tax consequences of these dispositions?
A: The disposition of the assets means sales, exchange, or donation of the assets. The disposition of…
Q: what are the characteristics of a good tax system?
A: Tax system is designed by the government of every country which is imposed on the individual’s…
Q: What are long-term capital gains? Are they taxed like other income? Explain.
A: A long-term capital gain or loss is the gain or misfortune coming about because of the selling of…
Q: What’s the difference between marginal and average tax rates?
A: The taxes are the government source of income from the general public. The tax rate are the…
Q: What are FUTA and SUTA taxes? Is there any possible reduction in the FUTA tax rate? If so, what is…
A: Introduction: Employer payroll taxes are paid by the employer from its own funds on the basis of…
Q: What are the Sources of Tax Laws?
A: Tax: It is a mandatory fee levied by the government on the individual and organization.
Q: What is Estate Tax?
A: An estate tax is a financial duty levy on estates whose value surpases an allowed limit set by law.…
Q: What is the difference between a progressive tax, a proportional tax, and a regressive tax?
A: Tax is an important concept in the area of finance. The United states has three types of taxes…
Q: Average tax rate? (
A: Tax payable is calculated on the income falling within the respective slabs The formula to…
Q: What is taxable income?
A: Tax: A tax is a compulsory charge or a levy imposed upon a taxpayer by a government organization…
Q: What is an estate tax and donor tax? Give example how to compute estate and donor taxes
A: Taxes are mandatory payments placed on individuals or businesses by a government agency, whether…
Q: What are estate taxes?
A: Taxes: Taxes are the taxpayer's obligation to pay a certain amount to the tax authority on yearly…
Q: how to calculate someones adjusted basis in tax
A: Adjusted basis refers to the amount of gain or loss earned on selling the property. It includes the…
Q: What deductions are allowed in computing estate income taxes?
A:
Q: How to calculate taxable social security earnings?
A: Social security: It is the protection that a society will provide towards individuals and…
Q: What are taxes?
A:
Q: What are the tax implications of Social Security? Is it taxable at the Federal Level?, the State…
A: If you have other substantial income in addition to socoal security benefits, then you have to pay…
Q: What was his tax liability?
A: Taxable income = 42,000+5,000= 47000 Tax rate = 12% for $19,751 to $80,250($1,975 plus 12% of the…
Q: What is the Effect on Deferred Income Taxes?
A: Tax: Tax refers to a compulsory payment or a contribution to the state revenue, levied by the…
Q: What is personal income tax and it's use?
A: Income tax is a type of tax that governments impose on income generated by businesses and…
Q: how is income tax expense calculated?
A: Income tax expense is form of direct tax which needs to be paid by individual or business…
Q: Marco Polo, How much is the total income not subject to tax?
A: Answer: The part of income that are exempted becomes the part of income which are not subject to…
Q: . What is Donors Tax?
A: Donor’s Tax is the tax imposed on the transfer of property as a gift between two or more persons who…
Q: What are capital gains and losses, and how are they taxed?
A: A capital gain is the amount of profit you receive when you sell a capital asset or is realized when…
Q: Why every person needs tax planning?
A: Tax planning is something by which an individual or any entity can plan out on how much tax it can…
Q: Calculate Earning before interest Tax
A: EBIT (earnings before interest and taxes) is a company's net income before income tax expense and…
Q: What are the importance of taxation in your life
A: solution concept Tax is an important source of revenue for the government Government collects the…
Q: Are they entitled to a refund or do they owe additional taxes?
A: Tax Liability is the different company's taxable income as shown in the income statement and in…
Q: Explain the federal estate tax.
A: Federal Estate Tax: A tax on the transfer of property after death is called Estate tax. Federal…
Q: What is marginal tax rate?
A:
Q: What are direct taxes?
A: The financial position of the company can be arrived from the income statement prepared by the…
Q: Describe the Economic Service Life with Tax Considerations?
A: Economic service life is the anticipated time over which the average owner will continue to use an…
Q: How is the federal estate tax computed?
A: Federal estates tax is the tax collected on the transfer of a person’s assets to its beneficiaries…
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- LO2 Fatima inherits a rental property with a fair market value of 90,000 from her aunt on April 30. On May 15, the executor of the estate sends her a check for 7,000. A letter accompanying the check states that the 7,000 comes from the rent received on the property since her aunts death. Fatima receives 6,600 in rent on the property during the remainder of the year and pays allow able expenses of 4,200 on the property. How much gross income does Fatima have from these transactions?24. Mrs. Manoban has a gross taxable compensation income of PHP 400,000 and personal exemption of PHP 100,000. She earned additional PHP 2,000 by investing her money in time deposits plus PHP 3,000 interest income from lending money to a friend. Compute the taxable income a. PHP 305,000 b. PHP 400,000 c. PHP 302,000 d. PHP 303,000Juan died with a receivable collectible from Ernest Rutherford. Ernest Rutherford has assets amounting to P400,000, and liabilities amounting to P1,000,000, and included among Ernest's liabilities is an obligation on unpaid taxes payable to the government amounting to P100,000. Neils also mortgaged his property to the bank in consideration for a loan worth P1,000,000. The property is worth P1,500,000. P300,000 of the loan was paid by Niels before her death. How much may Neils' estate claim as deduction for claims against insolvent persons? P100,000 P120,000 P180,000 P200,000
- Niels died with a receivable collectible from Ernest Rutherford. Ernest Rutherford has assets amounting to P400,000, and liabilities amounting to P1,000,000, and included among Ernest's liabilities is an obligation on unpaid taxes payable to the government amounting to P100,000. Neils also mortgaged his property to the bank in consideration for a loan worth P1,000,000. The property is worth P1,500,000. P300,000 of the loan was paid by Niels before her death. In relation to the mortgage, how much may be claimed as a deduction? P700,000 P1,000,000 P1,200,000 P1,500,0009. A resident citizen died leaving a cash in bank in local domestic bank with face value ofP1,000,000 and other properties. If the heirs will withdraw the said cash in bank, what is thefinal tax to be withheld by the local domestic bank if the heirs would like to withdraw thetotal amount of cash in bank?a. P60,000b. P120,000c. P100,000d. P5,000Nicanor left the following bank deposits upon his death: Uno Bank- Php 1,000,000 Dos Bank Php 2,000,000 Tri Bank - Php 3.000.000 a. How much is the amount to be reported as part of gross estate assuming the heirs of Nicanor opted for final tax? b. How much is the final tax required to be withheld by the bank assuming the heirs will opt for final tax? c. How much is the estate tax?
- Qw.5. In 2017, John makes a gift to his Billy. The amount of the gift is $50,000 in cash. John also gifts Billy and Jennifer a home which they own jointly. The basis of the home at the time of the gift is $100,00 and the FMV is $500,000. Billy dies three years later. At the time of his death, the FMV of the home is now $1,000,000. What value of the home is reported on Billy’s estate tax return? $0 $250,000 $100,000 $500,000 $1,000,000 None of the above What value of the taxable gifts made by John in 2017? $550,000 $520,000 $500,000 $150,000 None of the aboveN4 Samuel invested $10,000 a year into his retirement plan from his before tax earnings (that is, he received a deduction for these contributions and was not taxed on the income). His employer contributed $5,000 a year to Samuel’s retirement fund. After 30 years of contributions, Samuel retires and receives a distribution of $900,000, the balance in his retirement fund. Samuel must include what amount in gross income? Group of answer choices $ 0 $450,000 $600,000 $900,000QUESTION ONE Manuel, aged 55, has been married to Marlin, aged 50, for many years. Manuel has been employed by Chiili Ltd at an annual salary of K60,000. He is also entitled to a car allowance of K15,000 per annum. The tax deducted under the PAYE system for the year 2023 was K16,059. He also paid NAPSA contributions of K3,000. During the year 2023, the company offered him a house which he bought and decided to rent out with effect from 1 June 2023. This was after he spent K1,200 on initial repairs to make the house habitable. The house could not be occupied without this expenditure being incurred. The first tenant took residence in the house at an annual rental of K3,400 (net) payable quarterly in advance, on 1 July 2023. Other expenses incurred in addition to the initial repairs were: Insurance 1 800 Decoration and painting 550 General maintenance 600 Electricity 450…
- M1. John Murray is a florist and earned wages in 2022 of $53,950. Ellen Murray, John's wife, inherited tax-exempt bonds from her deceased uncle several years ago. The bonds are in her name alone. The bonds paid $5,200 of interest in 2022 The Murray's have one child, Margaret, age 10. Mrs. Murray's mother, Maude Stanley, is a widow who lives with the Murrays. Maude Stanley received $10,000 in social security benefits and is self-supported. Mrs. Stanley's sister, who resides in a nursing home, received $5,950 during the year in social security benefits. Except for the social security benefits, the total cost of the sister's support at the home during the year, $15,000, was provided entirely by Ellen. John and Ellen Murray had apartment rental income during the tax year of $9,500 from property owned jointly by them. Assume that the Murrays do not itemize deductions; compute their joint income tax liability for 2022 before tax credits.1. If John had deposited N$ 100 000 of his lump sum into a NamPost saving accountand earned interest on the savings account, the interest received by John would notbe taxable.a) Falseb) True2. Specifically included in John’s Gross Income should be any amount, excluding allvoluntary award, received or accrued in respect of services rendered or to berendered.a) Trueb) False 3. Desmond Xaweb 68-year old pensioner owns three tuck shops in Kunene Region. Hehas lived his whole life in Namibia and has never left the country. Desmond is alsothe owner of a house located a few kilometres outside Okahandja. After his death inJanuary this year, Desmond’s grandson, Dion, inherited the house. The house wasvalued at N$ 2 500 000 by an independent real estate evaluator. After facing cashflow problems, Dion decided to sell the house for N$ 2 000 000 during the sameyear. Will the proceeds from the sale of house by Dion be considered of incomenature?a) Trueb) False 4.24. Lisa Kutako, a property developer…Mrs. Manoban has a gross taxable compensation income of PHP 400,000 ad personal exemption of PHP 100,000. She earned additional PHP 2,000 by investing her money in time deposits plus PHP 3,000 interest income from lending money to a friend. Compute the taxable income PHP 400,000 PHP 302,000 PHP 303,000 PHP 305,000
