Melinda received sick pay from an employer-paid insurance policy in 2020. The sick pay will be Select one: O a. Nontaxable income O b. Deductible on Schedule A C. Taxable income O d. An adjustment to income on Form 1040

Q: Sonny receives wages of $47,900 and $10,000 of unemployment in 2021

A: As per Income tax act 1961 (indian no any other deatial given for other country tax that why)

Q: Mary’s employer sponsors a deferred profit sharing plan as well as a registered pension plan. During…

A: The PA is an aggregate of all individual and employer pension credits for the year. For each year of…

Q: Jon, age 45, had adjusted gross income of $26,000 in 2019. During the year, he incurred and paid the…

A: Deduction Limit=10%×Adjusted gross income=10%×$26,000=$2,600

Q: What percentage of medical insurance payments can self-employed taxpayers deduct for adjusted gross…

A: Self employed individuals are those individuals stated through IRS as the people who offer services…

Q: The taxpayer is married filled joints (age 40), with an AGI of $199,000, and is not an active…

A: Individual retirement account is an account created with a financial institution to save for future…

Q: ola, age 64 began receiving $1,200 as a monthly annuity in 2019 when her husband died.  She received…

A: The question is based on the concept of financial accounting.

Q: employment income

A: Correct Answer is :- D.  $42,500

Q: Ron, who died during the year, has the following income in 2019: Proceeds of life insurance Death…

A: Total exclusion from gross income = P1,000,000+P200,000+P800,000 = P2,000,000

Q: Under the TRAIN law, the amount of premium allowed per family during the taxable year for health…

A: Exempted income is the income which is exempted from taxation. Such incomes are deducted from gross…

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

A: Income tax return refers to the statement filed with the government that reflects the income,…

Q: When a taxpayer claims the spousal credit for an infirm spouse ($13,229 or less + $2,273 for 2020),…

A: Canada Caregiver It is notice that the additional benefits which are available for infirm spouse /…

Q: What is Mohamed's taxable income for 2019, note that the personal allowance is £10,600,

A: The final amount of income over which the tax rate is charged for the tax liability is known as…

Q: Anna paid her income tax on June 20, 2019. She filed a claim for refund on May 2, 2020and received…

A: Anna paid her income tax on June 20, 2019 It means she filed her income tax = 20.06.2019 She also…

Q: Jasmine 29 is filing as a single taxpayer  in 2020 she recieve  income from the following  sources…

A: Jasmine is having $14328 as income from other sources. So, she should report $14328 as other income.

Q: Find the employer’s FICA deduction for each of the following employees. Find the amounts of the FUTA…

A: Federal Unemployment Taxes (FUTA) The threshold limit for the Federal Unemployment taxes (FUTA) is $…

Q: Your standard deduction will be $12,400 in 2020 if you are:   a. A married individual filing a…

A: Standard deduction is the portion of income that is reduced from gross income which ultimately…

Q: Compute the appropriate amount of 2019 additional Medicare tax for Mario, a single individual. His…

A: Additional Medicare Tax charged 0.9% on wages in excess of $200,000 for persons.

Q: Tessa, a self-employed dentist, has the following taxable income and allowable outgoings for 2020:…

A: The Universal social charge (USC) is a tax charged on the income which replaced income and health…

Q: Determine Amy’s taxable income for 2019 if she has $40,000 of salary income, is single, and claims…

A: Amy' taxable income = Gross income- standard deduction Standard deduction allowed for single tax…

Q: hich of the following should be included in an individual taxpayer's federal gross income?    Child…

A: Wages, dividends, capital gains, business income, retirement distributions, and other income are all…

Q: On January 1, 2020, Michelle, age 35, started a new job, and her new employer offers a healthcare…

A: Employers are allowing employees to make regular contribution to some of the accounts. These are…

Q: Dora Burch files her 2020 income tax return on March 2, 2021. She receives a nil assessment on June…

A: As given Dora Burch prepares her tax return for the year 2020 on March 2, 2021. On June 3, 2021, she…

Q: Assuming they all meet the income requirements, which of the following taxpayers qualify for the…

A: The earned-income credit (EIC) is a refundable tax credit that is intended to augment low-income…

Q: Trinidad Schwab is an employee ar rhe Kyletoen Fire Department. He received the following benefits…

A: Taxable income is the amount of a individual's gross income that the government deems subject to…

Q: Would education expenses incurred by a self-employed individual be allowed in 2021 for the following…

A: A self employed can deduct the cost of education required for his /her…

Q: which of the following is required for a taxpayer to be subject to the tax on unearned income of…

A: The tax that is imposed on a person who is under 19 years of age on his/her investment and unearned…

Q: Jamie received employment income (PAYE £26300) of £25000 and bank interest £3350 during the tax year…

A: Taxable income is the income on which the tax is payable. It is calculated by deducting all…

Q: file his annual ITR on February 2019. On May 2020, he received a notice of assessment from BIR for…

A: X files annual return on Feb 19. On receiving notice from BIR for underpayment, X can file amended…

Q: Susan, a self-employed solicitor, has the following taxable income and allowable outgoings for 2020:…

A: USC is a tax payable on your total income. Total income for USC purposes includes things such as:…

Q: What is the total dollar amount of personal and dependency exemptions which a married couple with…

A: Itemized deduction: These deductions are subtractions from a taxpayer’s adjusted gross income (AGI)…

Q: Jasmine  29 is filing  as a single tax payer  in 2020 she recieve income from the following  sources…

A: Alimony Paid: As per the new rule: Alimony paid is no longer deductible by the payer if a…

Q: Ann received $8,400 of regular employment insurance benefits during 2019 and has a repayment rate of…

A: A claw back is a type of provision in which the employer of any entity takes back the benefits given…

Q: Stew Beauf is a self-employed surfboard-maker in 2019. His Schedule C net income is $148,000 for the…

A: For computing self-employed tax according to Schedule SE, the taxpayer requires to take 92.35% of…

Q: Robert Bowser, an employee, was covered under a noncontributory pension plan. Robert died on April…

A: Robert Died on April 15, 2020 His widow received pension payments of $500 from 01-05-2020 Death…

Q: In 2020, Schedule 1 of Form 1040 is used to report:   a. Capital gains and losses.   b.…

A: Under IRC, Form 1040 is the form which is used for the filing of personal income tax returns. It is…

Q: Sally hires a maid to work in her home for $280 per month. The maid is 25 years old and not related…

A: The present tax rate for the social security for the employer is 6.2% and for the employee is 6.2%…

Q: Barbara has worked for one employer her entire career. While she was working, she participated in…

A: The amount that a person can withdraw after reaching a specified age (that is 72) from his/her…

Q: Indicate whether each of the following items is considered a for AGI, (above-the-line) deduction for…

A: AGI is adjusted gross income which is used to find taxable income. It is the difference of total…

Q: Michelle was paid a retiring allowance o $72,000.00 when her employment was terminated in February…

A: Solution : The non-eligible amount = ($72,000 -  $42,000)                                         =…

Q: Michelle was paid a retiring allowance of $72,000.00 when her employment was terminated in February…

A: The amount that an employee can transfer to the registered retirement plan is known as the eligible…

Q: Under the TRAIN law, the amount of premium allowed per family during the taxable year for health…

A: Health insurance means where the insurance company agree to bear the expenses incurred for…

Q: Carol was an employee during 2019 with the following income and benefits received from her employer:…

A: Particulars Amount Salaries $60,000 Add: Bonus accrued $5,500 Carol’s…

Q: Jon, age 45, had adjusted gross income of $26,000 in 2019. During the year, he incurred and paid the…

A: Deduction: The amount which are subtracted from the the individual or the corporation taxable income…

Q: Annie files her 2020 tax return on April 15, 2021. On what date will the Statute of Limitations on…

A: As per Internal Revenue Service, If tax return due on April 15 if it files such return early or…

Q: Shanna, a calendar year and cash basis taxpayer, rents property from Janice. As part of the rental…

A: Taxes are the amount of dues or liabilities that needs to be paid by individual on account of…

Q: A taxpayer filed his income tax return on June 30, 2019. The deadline for the return was April 15,…

A: Taxable Income:- It is the income on which one pays tax as per rate prescribed by the taxation…

Q: Jasmine Dayne (29) is filing as a single taxpayer. In 2020, she received income from the following…

A: Introduction:-Jasmine Dayne (29), a single taxpayer, has filed her tax return. She earned money from…

Q: ax? Answer the question. Furthermore, she gave her annual income and deduction below. Calculate her…

A: Income tax is a type of tax that you pay directly to the government based on your earnings or…

Q: Which of the following taxpayers may potentially qualify for the retirement savings contributions…

A: It is in the interest of every individual to earn for the current needs and also put away some…

Q: In 2019, Maria records self-employed earnings of $135,000. Using the for- mat illustrated in the…

A: In this question first, we have to calculate the self-employment taxable income then we have to…