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- Unmarried head of household with two dependent childrenGross Income: $70,000Adjustments: $2,000Deductions:$10,000 mortgage interest$2500 property taxes$1200 charitable contributionsTax Credit: NoneI. Find the Adjusted Gross Income.II. Find the Taxable Income.III. Find the tax owed.From the information given below, determine Steve's gross income for tax purposes. Salary $32,000 Interest (checking account) $25 Cash received as a birthday gift $1,000 Dividends (mutual funds) $5,500 Child support payments received from ex-wife $24,000 Life insurance benefits received from aunt's death $50,000Gabriela has the following income for the quarter: a. Professional income,P80,000 b. Income from her business, P30,000 c. Compensation income,P40,000 d. Interest income from bank deposit, P10,000. What amount ofincome will Gabriela report in her quarterly income tax return? P80,000P110,000P120,000P150,000
- Anna has the following income for the quarter: a. Professional income P80,000 b. Income from her business P30,000 c. Compensation income P40,000 d. Interest income from bank deposit P10,000. 1. What amount of income will Anna report in her quarterly income tax return? a. P80,000 b. P110,000 c. P120,000 d. P150,000 2. If Anna, opted to use 8% rate, how much is her income tax due in her quarterly ITR? a. P6,400 b. P8,800 c. P9,600 d. P12,0001. Label each item as Gross Income, (GI), Not Included, (NI) or Deductions for Adjusted Gross Income, (DAGI), and calculate adjusted gross income for Noelle Nelson. A gift from her mother Nia, $30,000 Noelle has a sole proprietorship, candy shop. The net income is $120,000 Salary $100,000. Bonus $40,000 Capital loss $20,000 Contribution to individual retirement account, $1,000 Child support received, $30,000 Alimony received $50,000. The divorce was signed on January 15, 2018. Noele won $20,000 in a national bowling tournament. Noelle received $20,000 from a legal settlement for a dog bite on her leg. Student loan interest paid $1,000. Noelle’s sister, Natasha, gave her $40,000, in repayment of a $35,000 loan from 2017. Workman’s compensation $30,000 Unemployment compensation $40,000 Interest from a City of Nashville Bond, $7,000 Treasury bill interest $10,000 Interest from CitiGroup Account $5,000 Penalty for early withdrawal from timed savings…Case study for Harry and Belinda Johnson. Given: Harry Johnson - Annual Income $73,000.00 contributed to a traditional IRA $3,000.00 Belinda Johnson - Annual Income $94,000.00 contribued to 401(k) $3,000.00 Earned Interst - checking & savings $400.00 Earned Interst -Trust (taxed same as check & sav) $3,000.00 1. What is the Johnson's reportable gross income on their joint tax return? 2. What is their adjusted gross income?
- For tax year 2023Cindy has work-related dependent care expenses of $3,200 for the care of one qualifying person, and work-related dependent care expenses of $3,800 for another qualifying person. What amount of these work-related expenses may Cindy use when figuring the Child and Dependent Care Credit? A) $2,800 B) $3.000 C) $7,000 D) $6,000From the following information, determine Marcie’s gross income for tax purposes. Salary $40,000 Interest (checking account) 50 Cash received as birthday gift 900 Dividends (mutual funds) 500 Inheritance received upon father’s death 22,000 Cash received from insurance for accident claim settlement 3,200 Cash dividend from stock 750An individual has taxable general income of £70,000 (before deducting the personal allowance). He also has savings income of £1,000. How much Income Tax will be payable on the savings income? £0 £200 £400 £300
- Mr Juan Jose, married, resident citizen with two qualified dependentchildren, has the following data for the year 2018: Salaries, net of P50,000withholding tax and other nontaxable amount P200,000; Tuition of childrenP10,000; Rent of apartment P24,000; Household expenses P60,000; Health andhospitalization insurance premium paid P3,400. How much is the taxablecompensation income? a. 47,600b. 147,600c. 200,000d. 250,000A married couple received $9,200 of social security benefits. a. Calculate the taxable amount of those benefits if the couple's provisional income is $20,500. b. Calculate the taxable amount of those benefits if the couple's provisional income is $38,000. c. Calculate the taxable amount of those benefits if the couple's provisional income is $56,000.Repaso is engaged in renting out 250 apartment units to small families forP13,000 per month. All units are occupied. Philippine, 2021.Determine the business tax and the business tax due. VAT; P390,000Percentage Tax ; P32,500VAT Exempt; P 0Percentage tax; P 0