Ignore previous year's and 2024 contribution room.
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- In 2019, what is the top tax rate for individual long-term capital gains and the top tax rate for long-term capital gains of collectible items assuming that the Medicare tax does not apply. 10; 20 20; 28 15; 25 25; 28During 2019, Carl (a single taxpayer) has a salary of $91,500 and interest income of $11,000. Calculate the maximum contribution Carl is allowed for an educational savings account. $0 $400 $1,000 $2,000 Some other amountH1. During tax year 2022, Kimberly contributed $2,000 to her health savings account (HSA). Which was not included in her federal adjusted gross income. She also withdrew $2,000 from her HSA to pay medical bills. Generally, what adjustments should be made on her schedule CA (540)?
- A taxpayer is contributing to an RRSP for the 2021 tax year. The taxpayer's earned income in 2020 was $93,000 and their pension adjustment was $7,000. Earned income and the pension adjustment were both 10% higher in 2021. The taxpayer has no unused RRSP room. from prior years. If the taxpayer is contributing to their RRSP on January 29th of 2022, how much can they contribute for 2021? Enter your answer in the space provided below. (Do not enter a dollar sign, and round to the nearest dollar.)A resident citizen has the following data in 2022:Gross receipts from services, P800,000Cost of services, P200,000Long term capital gain, P15,000Short term capital loss, P5,000Dividend from a domestic corporation, P15,000Interest income from bank deposits, P10,000Operating expenses, P20,000Assuming the taxpayer chooses optional standard deduction, how much is the taxable income? Choices P486,000 P500,000 P364,500 P482,500A resident citizen has the following data in 2022:Gross receipts from services, P800,000Cost of services, P200,000Long term capital gain, P15,000Short term capital loss, P5,000Dividend from a domestic corporation, P15,000Interest income from bank deposits, P10,000Operating expenses, P20,000Assuming the taxpayer chooses optional standard deduction, how much is the taxable income? a. P500,000 b. P482,500 c. P364,500 d. P486,000
- A taxpayer received a notice from the BIR to file his 2019 income tax return not later than January 15, 2021. The tax due per his return is P80,000. How much is the surcharge penalty? a. P9,600 b. P20,000 c. P40,000 d. P16,000 e. Answer not givenThe SECURE 2.0 Act of 2022, Section 307, allows a taxpayer who wants to make a charitable contribution from their IRA, to make a one-time rollover to an eligible split interest entity. What is the maximum amount allowed to be contributed? o $5.000 o $10.000 o $25.500 o $50.000A taxpayer received a notice from the BIR to file his 2020 income tax return not later than January 15, 2022. The tax due per his return is P100,000. What is his total interest penalty? P6,500 P14,740 P7,900 P15,068 ADD EXPLANATION THANKS
- for tax year 2023, a taxpayer has the following income items: $200,000 wages, sales of primary residence for $250,000, $40,000 alimony paid, $25,000 life insurance proceeds, $4,500 traditional ira contribution. What is the adjusted gross income for the taxpayer?A taxpayer needs help identifying and understanding their Adjusted Gross Income (AGI) for the tax year of 2022. Filing status: Single Their total income consists of the following: Wages $20,000 Capital Gains $5,000 Pension Income $5,000 The taxpayer paid alimony in the amount of $5,000 for a divorce decree dated 2017, $5,500 of student loan interest, and $3,000 for child care. Is this the AGI?4. Mr. Ankit retired on April 30, 2020. He will be receiving gratuity of *5.5 lakh and leave encashment of *2.20 lakh. He will also be receiving employee and employer contribution to provident fund. If he opt for the reduced rate of tax. Explain whether he will be eligible for the exemption under Income Tax Act,
