In 2019, Simon, age 12, has interest income of $4,900 and no earned income. He has no investment expenses. Determine Simon’s net unearned income and total tax liability.

Q: Agnes, a resident taxpayer, has a taxable income of $50,000 for the income tax year ended 30 June…

A: PAYG is pay as you go is amount  of tax deducted by employer  at source. After filing income  tax…

Q: Mazik, age 17, is a dependent of his parents. Mazik earned wages of $12,500 and had no investment…

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Q: Nicanor, having a capital of Php 100,000, filed as a non-VAT taxpayer in 2019. The following is a…

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Q: In 2020, Paul, who is single, has a comfortable salary from his job as well as income from his…

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A: Given information, withheld from his paycheck=$2,250 for state taxes and $400 for city taxes. Simon…

Q: Using the following facts, determine Jaron’s 2019 taxable income. 1. In November 2017, when his wife…

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…

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A: Return filing Status: It is the status given to the taxpayers for determining their threshold for…

Q: Bob's only source of income is from his consulting business operated as a sole proprietorship.…

A: As per our protocol we provide solution to one question only but as you have asked different…

Q: Jim is single and earned wages of $46,181 in 2019. He also earned $1,632 in tips and contributed…

A: Adjusted Gross Income: In accounting, adjusted gross income (AGI) is defined as gross income less…

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Q: Oscar and Mary have no dependents and file a joint income tax return for 2020. They have adjusted…

A: Formula: Taxable income = Gross income - itemized deductions

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Q: Maryann filed her Income Tax Return for taxable year 2021 on May 2, 2022. After an investigation, it…

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A: Alternate minimum tax: Alternate minimum tax can be defined as the minimum amount of tax or the…

Q: Simon, age 12, generates $6,320 interest income and no earned income for 2018. He incurs no…

A: Step1: Calculating the Simon’s net unearned income. We have,Since, Simon, age 12, generates $ 6,320…

Q: Rasheed works for Company A, earning $350,000 in salary during 2021. Assuming he is single and has…

A: The Federal Insurance Contributions Act (FICA) is a United States law that requires employers to…

Q: Charles and Joan Thompson file a joint return. In 2019, they had taxable income of $90,160 and paid…

A: 2020 tax slab of married filing jointly is used to calculate the amount of the tax.

Q: Kathy is 48 years of age and self-employed. During 2019, she reported $100,000 of revenues and…

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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: In 2019, Simon, age 12, has interest income of $7,980 and no earned income. He has no investment…

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Q: In 2020, Ashley earns a salary of $ 55,000, has capital gains of $ 3,000, and receives interest…

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Q: Sarah is completing her tax return for the year 2021 and calculating her personal exemption. I'm 25…

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Q: In 2020, Fred (55, head of household) has taxable income of $79,120. Fred had federal income taxes…

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Q: Mazik, age 17, is a dependent of his parents.Mazik earned wages of $12,500 and had no investment…

A: Solution -  A wages $12500 AGI $12500   B Standard deduction= $12150  greater of $1100 or…

Q: Brian and Kim have a 12-year-old child, Stan. For 2019, Brain and Kim have taxable income of…

A: Brian and Kim are minor kids their taxable income=$52000 Stan's Interest income=$4500

Q: nnie, age 70 and single, is claimed as a dependent on her daughter's tax return. During 2021, she…

A: Taxable Income = Gross Income - Deductions

Q: Derek, a cash basis, unmarried taxpayer, had $610 of state income tax withheld during 2018. Also in…

A: Income Tax Expenses: The expenses which are related to the taxable income of the individuals and…

Q: Joanne Plummer is self-employed in 2019. Her Schedule C net income is $36,600 for the year, and…

A: Self-employment income: Income earned by an individual by working for his/her interest with the…

Q: Cameron works as a construction worker. During the 2020 financial year, he received the amounts…

A: Assessable income:    As the name suggests, it is the income that can be assessed by the taxpayer…

Q: 00 Capital loss from sale of stock held 6 months…………………..(4,000) Compute Sarah’s regular taxable…

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Q: Jaclyn Biggs, who files as a head of household, never paid AMT before 2021. In 2021, her regular tax…

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Q: Jane, a resident taxpayer, has a taxable income of $19,500 for the income tax year ended 30 June…

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Q: Diego, age 28, married Dolores, age 27, in 2019. Their salaries for the year amounted to $80,000 and…

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Q: Sheila and Joe Wells are married with no dependent children. During 2021, they have gross income of…

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Q: In 2020, Simon, age 12, has interest income of $5,820 on funds he inherited from his grandmother and…

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Q: n 2019, Cheryl, who is single and not a dependent of another taxpayer, has taxable income of…

A: Every Individual who is earning more than the limit prescribed then person has to pay tax amount to…

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…

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Q: In 2021, Marcus, single, received municipal bond interest of $10,000, unemployment compensation of…

A: The question is based on the concept of Taxation.

Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.