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- PART A: Ms. Sonia Nexus is a computer specialist with net employment income of $96,000 in 2019. She had a pension adjustment of $5,000. During the year ending December 31, 2019 she has: interest income of $10,250, rental losses of $6,750, and a loss from her unincorporated business of $8,000 In addition, she makes spousal support payments of $14,000. She had unused RRSP contribution room from prior years of $4,500. Required: Calculate Ms. Nexus’s earned income for RRSP purposes and her maximum contribution possible. Show all calculations.LO.2 Belinda spent the last 60 days of 2019 in a nursing home. The cost of the services provided to her was 18,000 (300 per day). Medicare paid 8,500 toward the cost of her stay. Belinda also received 5,500 of benefits under a long-term care insurance policy she purchased. Assume that the Federal daily excludible amount is 370. What is the effect on Belindas gross income?Harvey Cook, 45, is a recently divorced father of two children, ages 10 and 7. He currently earns $95,000 a year as an operations manager for a utility company. The divorce settlement requires him to pay $1,500 a month in child support and $400 a month in alimony to his ex-wife. Harvey is now renting an apartment, and the divorce settlement left him with about $100,000 in savings and retirement benefits. His employer provides a $75,000 life insurance policy. Harvey’s ex-wife is currently the beneficiary listed on the policy. What advice would you give to Harvey? What factors should he consider in deciding whether to buy additional life insurance at this point in his life? If he does need additional life insurance, what type of policy or policies should he buy? Use Worksheet 8.1 to help answer these questions for Harvey.
- B6 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.KA. QUESTION 10 Maria is employed by a major defense contractor and earns $156,000 in 2016. She Calculates: a. The amount of Social Security taxes withheld from your income b. The amount of Medicare tax withheld from your income c. The amount of FUTA withheld from your incomeDeciding if additional life insurance is needed and, if so, appropriate type. Use Worksheet 8.1. Harvey Cook, 45, is a recently divorced father of two children, ages 10 and 7. He currently earns $95,000 a year as an operations manager for a utility company. The divorce settlement requires him to pay $1,500 a month in child support and $400 a month in alimony to his ex-wife. She currently earns $35,000 annually as a schoolteacher. Harvey is now renting an apartment, and the divorce settlement left him with about $100,000 in savings and retirement benefits. His employer provides a $75,000 life insurance policy. Harvey’s ex-wife is currently the beneficiary listed on the policy. What advice would you give to Harvey? What factors should he consider in deciding whether to buy additional life insurance at this point in his life? If he does need additional life insurance, what type of policy or policies should he buy? Use Worksheet 8.1 to help answer these questions for Harvey.
- Solution of jessie james (46 years of age and a disabled person as defined) had the following receipts and accruals during the 2020 year of assessment: receipts from a restaurant operated in his own name 650 000 salary received from part-time employment 180 000 dividends from south african companies 50 000 interest from local bank 43 800 interest on tax free investment 800 jessie incurred the following expenses during the current year of assessment: jamie incurred expenses related to the restaurant for maintenance to the building 120 000 additional medical expenses paid 26 152 monthly medical aid contribution 2 050 (james and his wife are members of the fund) jessie paid the following pre-paid taxes: paye with regards to part-time employment 45 000 provisional tax 80 000 in addition to the above information jessie james had also made a profit of r200 000 on the sale of asset which he sold in the current year of assessment. question 1 calculate jessie’s normal tax liability for the 2020…Subject:accounting The Blacks moved from Maine to Nevada. As a result, they sold their house in Maine on January 4, 2018. They originally paid $76,000 for the home on July 3, 1993, but managed to sell it for $604,000. They spent $13,000 on improvements over the years. They are currently renting in Las Vegas while they look for a new home. How do I complete Form 8949???Melanie bolar 62 will use the filing single status he adjust gross income xuring the year was 35000. She would like to itemize the deduction when she filies her 2020 federal . To seek relief from a medical during the year dhe inccured the following trip related 90 for a room 1 night,80 for non hospital meals while she was away, 500 miles driving her own vichele.she is not eligible for employer sponsored insurance. Her other expenses include 2200 net out of pocket health insurance paid with after tax dollar,1300 prescription 350 in co pay to jer doctor, 300 for new glasses 600 for basic dental services. What amount should she enter for total medical insurance and what amount can she deduct for eligie medical and dental expenses?
