Question: Mr. Rafiq has salary income or Rs. 80,000 per month (gross) he also has invested in business where he got annual profit of Rs. 350,000 a) Identify Mr. Rafiq as Salaried Individual or Non Salaried Individual Mr. Rafiq is Individual b. Give reason to support your answer in part a Write correct reason selecting from below given reasons Mr Rafiq's Salary income is less than 75% of his total income. • Mr Rafiq's Salary income is more than 75% of his total income. • Mr Rafiq's Salary income is more than 50% of his total income. • Mr Rafiq's Salary income is less than 50% of his total income. • Amount doesnot matter as his claim of salary income will be good enough to be salaried individual

Question: Mr. Rafiq has salary income or Rs. 80,000 per month (gross) he also has invested in business where he got annual profit of Rs. 350,000 a) Identify Mr. Rafiq as Salaried Individual or Non Salaried Individual Mr. Rafiq is Individual b. Give reason to support your answer in part a Write correct reason selecting from below given reasons Mr Rafiq's Salary income is less than 75% of his total income. • Mr Rafiq's Salary income is more than 75% of his total income. • Mr Rafiq's Salary income is more than 50% of his total income. • Mr Rafiq's Salary income is less than 50% of his total income. • Amount doesnot matter as his claim of salary income will be good enough to be salaried individual

PFIN (with PFIN Online, 1 term (6 months) Printed Access Card) (New, Engaging Titles from 4LTR Press)

6th Edition

ISBN:9781337117005

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter3: Preparing Your Taxes

Section: Chapter Questions

Problem 2FPE: ESTIMATING TAXABLE INCOME, TAX LIABILITY, AND POTENTIAL REFUND. Hannah Owens is 24 years old and...

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ESTIMATING TAXABLE INCOME, TAX LIABILITY, AND POTENTIAL REFUND. Hannah Owens is 24 years old and single, lives in an apartment, and has no dependents. Last year she earned 55,000 as a sales assistant for Business Solutions: 3,910 of her wages was withheld for federal income taxes. In addition, she had interest income of 142. She takes the standard deduction. Calculate her taxable income, tax liability, and tax refund or tax owed for 2015.
Jeffrey Dean, a Masters Degree candidate at North State Central University, was awarded a 15,000 scholarship from North State Central in the current year. During the current year, he paid the following expenses: In addition, he received 6,000 for teaching two undergraduate accounting courses. What amount must be included in Deans gross income? a. 0 b. 6,000 c. 7,500 d. 21,000
Mr. Rafiq has salary income or Rs. 80,000 per month (gross) he also has invested in business where he got annual profit of Rs. 350,000 A) Identify Mr. Rafiq as Salaried Individual or Non Salaried Individual Mr. Rafiq is _______________ Individual B) Give reason to support your answer in part A
1. Mr./Mrs. Tonu (Female students consider herself as male assessee and male students consider himself as female assessee, living in delhi with 21 crore net wealth). He/she hasagricultural income of Tk. 900,000, in the income year.Besides the above information, he/she is the manager of a textile mill at delhi. From the particulars given below for the year ended on 30 th June 2021, compute his/her incomefrom salary and tax thereon.I. Monthly basic salary 90,000 (5% TDS already adjusted) in the scale of 50000-10000x4-90000. He has the yearly increment on March 10, 2020.II. Two bonus equivalent to one month’s basic salary.III. She/he has been provided with a rent free quarter for which employer deducts7.5% of basic salary per month. The annual value of the house estimated tk.50,000. A mali has been provided by the employer at a monthly salary of TK.6000.IV. He has been provided with a car both for office and private use.V. Conveyance allowance Tk. 2000 per month.VI. Surgery expense paid…
Please do not provide answer in image formate thank you. Qualified Business Income (QBI) Jim and Jane (married) own a carpet cleaning business. Jim and Jane both work full time in the business. The business had ordinary income of $180,000 in 2022. The couple earns $1,800 in interest income during the year. Their Standard Deduction for purposes of their tax return is $24,800. What is the QBI deduction in 2022?
Give typing answer with explanation and conclusion Donna owns and operates a dress shop . In 2022, her total sales were$80,000. She refunded $950 to customers who were unsatisfied. Her cost of goods sold was $30,000 what is Donna's gross income on her schedule c, profit or loss from business (sole proprietorship)
dont uplode image in answer Myra Dalrymple, single, age 48, had net income of $110,000 from a business and two dependent children at home. She had AMT adjustments that reduced depreciation and increased income by $30,200. She also had $85,000 in salary income and received from her employer 10,000 incentive stock options to buy stock at $18 when the market price was $20. Her itemized deductions consisted of the following: State and local taxes 24,250 (remember the limit) Property taxes 7,950 Mortgage interest(1st) 16,920 Charitable contrib. 8,930 Medical insurance/exp 26,950 before considering AGI floor What is Myra’s tax liability before credits including AMT if none of her income is long-term capital gain. Show calculation of regular income tax first.
Mr. Reyes is both employed and self-employed. He had the following income receipts during the month: Gross compensation income P 120,000.00 Director's fees 80,000.00 Professional fees 200,000.00 Total gross income P 400,000.00 The total amount subject to business tax is?
Ma3. Hong earns $148,500 in her job as a physician's assistant. She also has her own business selling cosmetics. This business generated $10,000 of earnings. What is Hong's self-employment tax for 2021?
K Andy Palermo is a commission salesperson with a base salary of $98,000. In 2023, he earns commissions of $16,900. Of this amount he rece travel. He incurs the following expenses: Meals and Entertainment with clients 22,700 11,900 Hotel and airline tickets What is the amount of Andy's maximum deduction for these expenses in determining his 2023 employment income? A. $9,400 B. $11,900 OC. $34,600 D. $16,900 E. $23,250 $
QUESTION 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…
. A resident citizen has the following data on income and expenses in 2018: Gross compensation income ₱ 200,000 Gross sales 900,000 Cost of sales 500,000 Business expenses 200,000 He avails himself of the Optional Standard Deduction. How much is the OSD? a. ₱80,000 b. ₱160,000 c. ₱200,000 d. ₱360,000 ANSWER: