Gary wants you to calculate his personal income tax liability. He is a tax resident of Australia. During the year ended 30 June 2022 he received the following: Gross salary and wages of $138,000. His employer deducted from his salary PAYGW tax of $22,523. Interest income of $678 from the ANZ Bank
Q: Carleton Corporation distributes investment securities to each of its individual shareholders. The t...
A: Dividend income shall be Fair market value of securities less amount of loan still encumbered on sec...
Q: The December 31, 2021 adjusted trial balance section of Premier Construction's work sheet is below A...
A: Closing Entries - Closing entries are required to close the temporary accounts after making financi...
Q: 1. The company is desirous of comparing several financial transactions and possible outcomes to assi...
A: Stockholder's Equity - Stockholder's Equity includes the amount contributed by shareholders issued i...
Q: The company Alumnos Emprendedores S.A. has an investment for a total amount of $175,800.00, and annu...
A: Period of Recovery (in years) = Investment / Annual Cash Flow
Q: Allan buys a cellphone costing Php. 13,000. What is its value after 4 years if the rate of depreciat...
A: The question is related to the Depreciation Accounting and of reducing balance method of depreciatio...
Q: Is it true or false that corporations muse issue common stock, but may or may not decide to issue pr...
A: The question is related to the True and Flase.
Q: The next two questions are based on the following information: Herald company, a jacket selling comp...
A: The income statement is prepared to record the revenues and expenses of the current period and find ...
Q: Which one of the following formulas is correct? O i) Profit margin = EBIT / Sales O ii) ROA = ROE / ...
A: ROA = ROE / Equity Multiplier ROA = Net Income / Total Assets ROE = Net Income / Shareholders' Equit...
Q: Date Accounts title & Explanations Debit S Credit S Sep-01 Cash 20000 Owner's Capital 20000 Sep-02 R...
A: Journal entry - It refers to the process where the business transactions are recorded in the books o...
Q: 8. $264,000 $105,600 $281,600 $158,400 6. $95,040 $57,024 3 $158,400 $63,360 $344,960 10 $95,040 $38...
A: Depreciation is the allocation of cost of asset over the useful life of the asset. Accumulated Depre...
Q: Cheyenne Corp. has the following inventory data: July 1 Beginning inventory 48 units at $19 $912 Pur...
A: LIFO (Last-in First Out): Under LIFO inventory method, units purchased last are sold first and the e...
Q: bonds.
A: The correct answer is Option (d) accounting supervisor.
Q: Cost Item Cost at 100 units Cost at 140 units Wheat Flour P8,000 P10,560 Xerox Machine P5,000 P5,000...
A: Variable cost is expenses that changes in proportion of production or sale. Variable cost per unit w...
Q: T/F Statement of Cash Flows maintain the same structure as those in the private sector.
A: Cash flow statement is a financial statement that provides aggregate information regarding all cash ...
Q: Ive tried asking this twice and neither time has the answer been accepted. Please, assist me! Ch...
A: Blue Circle Corporation Cash Flow Statement (Indirect Method) For the year ended December 31, 20...
Q: The treasury department maintains the custody over the company's investments. Both the accounting an...
A: Since treasury department maintains the custody over the company’s investment.Therefore,
Q: 2. The company is desirous of comparing serval financial transactions and possible outcomes to as...
A: Stockholder's Equity - Stockholder's Equity includes the amount contributed by shareholders issued i...
Q: On January 1, 2020, Junibond issued 5-year 10%, P10,000,000 for P10,246,744. Interest and principal ...
A: Amount of Annual installments = Issue value of the bonds / Present value factor at yield rate Carryi...
Q: 22. Compute the realized gain or loss, recognized gain or loss, and the adjusted basis for the secur...
A: Recognized gain or loss- A recognized gain is the revenue you formulate from selling an asset. Recog...
Q: Greek Manufacturing Company produces and sells a line of product that are sold usually all year roun...
A: The question is based on the concept of Cost Accounting.
Q: Land costing $138,463 was sold for $175,514 cash. The gain on the sale was reported on the income st...
A: Cash flow includes only the cash amount that is received or paid in the cash transaction.
Q: On January 1, 2016, Saul Company issued convertible bonds with a face amount of P 5,000,000 for P 6,...
A: It is the amount liable to the bondholders by the issuer of bonds. These bonds payable will be repor...
Q: kable income and accounting inco epreciation expense terest expense
A: Taxable income refers to the money earned by an entity on which the government levied a mandatory ch...
Q: From the following information, calculate Operating ratios and operating profit ratio and net profit...
A: Gross profit = Sales - Cost of goods sold 2019 = 15,00,000 - 7,50,000 = 7,50,0...
Q: Adjustments: (1) Write off S6000 as Bad debts from Debtors. (2) Provision for doubtful debts at 5% i...
A: Debtors 200000 Bad Debt Reserve 5000 Bad Debt 10000 Discount Allowed 600 Discount Rese...
Q: ABC Pty Ltd is a resident private company. It is not a small business entity 01/07/20 Received unfra...
A: Franked Dividend: The expression "franked dividend" alludes to the profit on which expenses have pro...
Q: After returning from a three-day business trip, the accountant for Southeast Sales, Johanna Estrada,...
A: General journal entry is a books of original entries. in which raw business transactions are recorde...
Q: In July 2017, Lenux Corporation (a calendar-year taxpayer) purchased $2,140,000 of new office furnit...
A: The office furniture is put to use in July 2017. therefore half-year convention is used. An office f...
Q: Is it true or false that corporations muse issue common stock, but may or may not decide to issue pr...
A: Disclaimer: “Since you have asked multiple question, we will solve the first question for you. If ...
Q: ing the valuatic ue, the auditor
A: The quoted investment in stock is the investment made by the company in purchasing the stock.
Q: variable factory overhead is $7 per hour ($84,000/12,000 hrs.). Martin’s labor standards allow 0.5 ...
A: Variance is the amount of variation of actual results from the standard or expected results. Varian...
Q: Sheffield Steel Company, as lessee, signed a lease agreement for equipment for 5 years, beginning De...
A: A journal entry is the first step—and an essential function—of the accounting process. Journal entri...
Q: Banyan Co.'s common stock currently sells for $46.25 per share. The growth rate is a constant 4%, an...
A: Flotation Costs: Flotation costs will be costs an organization causes when it gives new stock. They ...
Q: a. Issued ________shares of common stock. Stock has par value of ___ per share and was issued at $__...
A: a. 5000 shares , par value of $ 0.01 , was issued at $30
Q: A manufacturing company plans to replace an existing production line with a newer and more energy ef...
A: Savings in expenses refers to the amount by which a particular expense or a set of expenses are redu...
Q: You have the following information for Metlock, Inc. for the month ended October 31, 2022. Metlock u...
A: calculation of above requirement are as follows
Q: ABADDON Tool Company uses a process cost system with a fifo cost assumption to account for the produ...
A: The first step is to calculate equivalent units Units Reconciliation Units to account for Fab D...
Q: [The following information applies to the questions displayed below.] The following events occu...
A: Accounts Receivable - Accounts Receivables are the amount unpaid by the customer on the sale made to...
Q: 2e the following transactions in the accounts of Arrow Medical Co., a medical equipment company that...
A: Under Direct method no allowance account is created and bad debts expense is recorded only when the ...
Q: Zepol Company is planning to produce 600,000 power drills for the coming year. The company uses dire...
A: Overhead refers to the ongoing costs to operate a business but excludes the direct costs associated ...
Q: Work Area PROBLEM Required: Provide input into cells shaded in yellow in this template. Use mathemat...
A: Net pay: It implies to the income that is received by an employee after all the allowable deductions...
Q: Chavez Wholesale Inc. changed its method of valuing inventory from the average cost method to the FI...
A: Your journal entries may not be seen if you use accounting system or outsource your accounting, but ...
Q: 150,000 (150,000) 133,000 133, 000 1,000 1, (32, (5,000) 120,000 (120, 000) (6 270,000 30,000 (27, 0...
A: Shareholders refer to the entities or an individual who buys some shares in a company and is entitle...
Q: Answer the following questions for Steve. A) Explain the corporate characteristic termed “no mutu...
A: corporation is such a business entity in which ownership is lie in the hands of shareholders with al...
Q: Alphabet Inc. is a small business that produces wood cabinets. The company collected the following d...
A: Calculation of total cost of the Job Cutting Department Assembly Department Finishing Depa...
Q: Accounting During the current year, Chuck's home was burglarized. Chuck had the following item stole...
A: Gross Income: The value of income which is earned by the taxpayer from varied sources is called as g...
Q: Three major segments of the transportation industry are motor carriers such as YRC Worldwide, railro...
A: The assets turnover ratio indicates the efficiency of the firm in generating revenue by using assets...
Q: A VAT-registered enterprise sold goods to a person with disability. The amount of sale was 1,120, wi...
A: Person with disability will get a 20% discount and exemption from paying VAT.
Q: Please answer with details on how to do it. Thank you. A company borrows $ 100,000 today at 6 % no...
A: Annuities seem to be interest-bearing financial products that offer a steady steady flow of income o...
Q: Use the 2016 marginal tax rates to compute the income tax owed by the following person. Unmarried he...
A: For the Unmarried Head of household Marginal tax rate is 15% for the year 2016 , income bracket $13,...
Step by step
Solved in 2 steps
- Mikhail Rivers is a self-employed corporate tax consultant. Mikhail’s business, Rivers’s Tax Consultancy, prepares financial statements to an accounting date of 31 March each year. During the year ended 31 March 2021, Mikhail’s tax adjusted trading profit was £34,120. What is the total amount of National Insurance contributions payable by Mikhail for the contribution period 2020/21? A. £158.60 B. £3,070.80 C. £2,374.40 D. £0. Mikhail will not be required to make any National Insurance contributionsFor the tax year 2023/24 Jane has employment income of £47,570, savings income of £1758 and dividends of £3588. What is her tax liability for the year? Enter a whole number, without the £ sign, in the response box.1. Paul, a resident citizen, provided the following data for year current taxable year: Gross Income from business (gross of 12,000 creditable withholding tax) Business Expenses 700,000.00 300,000.00 a. How much is the income tax of Paul? b. How much is the income tax payable of Paul? c. How much is the taxable income of Paul?
- A resident citizen has the following data in 2022:Gross receipts from services, P800,000Cost of services, P200,000Long term capital gain, P15,000Short term capital loss, P5,000Dividend from a domestic corporation, P15,000Interest income from bank deposits, P10,000Operating expenses, P20,000Assuming the taxpayer chooses optional standard deduction, how much is the taxable income? Choices P486,000 P500,000 P364,500 P482,500In tax year 2023, a married taxpayer with AGI of $300,000 had gross investment income of $6,150 (which included a long-term capital gain of $3,500 and interest income of $2,650), brokerage commissions of $75, and tax preparation fees of $210. Calculate the amount of net investment income tax the taxpayer is required to pay? Please explain what would need be deducted.Gerry is a resident of Quebec and has been with the same employer, XYZ company for the last 3 years. Facts: Gerry’s gross salary in 2022:$96,000 ignore non-refundable tax credits for this problem Using Table A, 2022 tax rates, calculate Gerry’s taxes payable Gerry’s Taxes Payable Calculate Gerry’s average tax rate and marginal tax rate: Tax calculation Average tax rate Marginal tax rate Table A
- Mr. Bakhtawar, a Individual Person, has following information for the Tax Year 2020.Given His Annual Tax Certificate from Employer shows, Annual Gross Salaried Income of Rs. 1450,000. His employer has deducted WHT under Section 149 (Salary of Employee) Rs. 97200. His Mobile Tax Certificate shows WHT under Section 236 (Prepaid Telephone Card) Rs. 2355. He received share of Profit from Investment in a Business Rs. 750,000. He received Rent from Property as follow: Shop Rent of 20,000 per month (Shop was rented for 11 Month Only) Rent from Owned Flat Rs. 18,000 permonth (Flat was rent for full year) The details of his Personal Assets as follow: Balances June 30, 2019 June 30, 2020 Cash at Hand 150,000 180,000 Bank Account (Salaried) 421,000 659,000 Bank Account (Saving) 850,000 1265,000 Investment Securities (Saving Certificates and Prize Bonds) 1255,000 1550,000 Investment in Business 4,000,000 4,000,000 Property (Residential)…Mr. Bakhtawar, a Individual Person, has following information for the Tax Year 2020.Given His Annual Tax Certificate from Employer shows, Annual Gross Salaried Income of Rs. 1450,000. His employer has deducted WHT under Section 149 (Salary of Employee) Rs. 97200. His Mobile Tax Certificate shows WHT under Section 236 (Prepaid Telephone Card) Rs. 2355. He received share of Profit from Investment in a Business Rs. 750,000. He received Rent from Property as follow: Shop Rent of 20,000 per month (Shop was rented for 11 Month Only) Rent from Owned Flat Rs. 18,000 permonth (Flat was rent for full year) The details of his Personal Assets as follow: Balances June 30, 2019 June 30, 2020 Cash at Hand 150,000 180,000 Bank Account (Salaried) 421,000 659,000 Bank Account (Saving) 850,000 1265,000 Investment Securities (Saving Certificates and Prize Bonds) 1255,000 1550,000 Investment in Business 4,000,000 4,000,000 Property (Residential)…Mr. Roly received savings income of £7,500 and dividend income of £17,500 during 2019-20. He had an employment income of £22,500. How much is his total tax liability for the tax year 2019/20? a. £ 4,462.5 b. £ 4,812.5 C. £ 4,612.5 O d. £ 4,662.5
- Suppose that Bob is preparing to file his taxes. He is single and currently lives in New York City. Bob earned $205,000 in taxable income in 2022. He reviews the following table, which shows the IRS tax rates for a single taxpayer in 2022. On Annual Taxable Income... Up to $10,275 From $10,275 to $41,775 From $41,775 to $89,075 From $89,075 to $170,050 From $170,050 to $215,950 From $215,950 to $539,900 Over $539,900 The Tax Rate Is... (Percent) 10.0 Bob calculates that he owes 12.0 22.0 24.0 Based on the IRS table, Bob calculates that his marginal tax rate is 32.0 35.0 37.0 Bob then calculates that his average tax rate is in income taxes for 2022. when his annual taxable income is $205,000. based on the annual income level and the amount of taxes he owes for 2022. After figuring out what he owes in taxes in 2022, Bob decides to ask an accountant for tax advice. The accountant claims that he has found a legal way to shelter $4,000 of taxable income from the federal government. The…Allan has a gross income of P400,000 in 2020. His employer deducted P5,000 SSS, P4,000 PHIC, P3,000 HDMF, P2,000 union dues, and P80,000 creditable withholding tax. How much is the total final tax due of Allan?Jamila received Employment Income of £29,000 and bank interest of £3,000 during the tax year 2020/21. Calculate Jamila's income tax liability for the tax year 2020/21.