Mr. Ali obtained dividends of a gross amount of 200.000 TRY from a full taxpayer joint stock company in Turkey in 2021. Mr. Ali has no other income. Explain how much did the company withhold? How much Money does Mr. Ali has to declare if necessary? (Withholding rate for dividends will be taken as 15%) (Explain the method of your calculation with reasons).
Q: Nicanor, a Non-Resident Alien residing in Canada, bought 20,000 (@par value of Php 100) shares of…
A: As per the provisions of BIR . a non-resident alien is charged for…
Q: Moc Corporation reports on the calendar year and has made the S Corporation election. It distributed…
A: S corporation: A type of Business Corporation having a maximum of 100 shareholders which is taxed as…
Q: Kara sold to Mia shares of stock of a foreign corporation at a selling price of P1,000,000 with an…
A: Answer: As per Bureau of revenue department at Philippines, the capital gain is applicable for the…
Q: Mr. Allen is a 65-year-old Jamaican tax resident. He is the director of a hotel, Allen’s Rest Well…
A: In Jamaica the individuals are charged at a flat rate of income tax on all types of…
Q: John, who is single, paid educational expenses of $16,000 in 2021. In 2021, he redeemed Series EE…
A: Taxable income is the income on which a taxpayer has to pay tax to the government. Adjusted gross…
Q: Mr. Allen is a 65-year-old Jamaican tax resident. He is the director of a hotel, Allen’s Rest Well…
A:
Q: How much final tax was withheld from her dividend income?
A: Correct Answer = Option A = P0 Explanation As per the law dividend received from the domestic…
Q: From the following particulars furnished by Mr.Suresh, pertaining to income ending on 31.3.2020,…
A: Solution- Computation of taxable income…
Q: purchased 2,000 units in a Canadian mutual fund company for $13,000. On April 29, 2021, he sold…
A: Capital loss will be offseted by capital gains and net gains will taxed.
Q: at purchase was $69159 and Sri's
A: Dividend received from Canadian corporation = $1878 Earnings after selling his holdings…
Q: 53. Nicanor, a Non-Resident Alien residing in Canada, bought 20,000 (@par value of Php 100) shares…
A: Nicanor, a Non- Resident Alien Residing in Canda Bought Share for 2 Million on 2009 ( 20000 Share…
Q: John and his wife, Maggie, have lived in Hong Kong for over 30 years. John runs a sole…
A: In Hongkong the taxation system is userfriendly. A fullfledged tax calculator…
Q: Mr. Allen is a 65-year-old Jamaican tax resident. He is the director of a hotel, Allen’s Rest Well…
A: Taxation: Taxation refers to the imposition of compulsory financial obligations by the government on…
Q: Mr. Allen is a 65-year-old Jamaican tax resident. He is the director of a hotel, Allen’s Rest Well…
A: The government frequently charges its citizens to help create and maintain a country's…
Q: My question is would Horace's tax liability on the $5000 gain on the sale of stock as ordinary…
A: Capital Gain Taxes According to Internal Revenue Service (IRS) there are two types of Capital gain…
Q: Dahlia is in the 32 percent tax rate bracket and has purchased the following shares of Microsoft…
A: A capital gain is an increase in the value of a capital asset that is considered realized when the…
Q: Calculate Ava’s taxes payable on her bonus using her marginal tax rate.
A: The taxable income will be calculated by deducting the deductions from the total income. The Federal…
Q: ty was $1,500,000. Expenses was $650,000. Capital allowance for this property was $180,000. He…
A: Gross salary =$7,000,000 per year. monthly pension =$75,000
Q: What are Jenna’s tax consequences in 2019? b. 2020? c. What is Jenna's basis in…
A: The deduction of the partner’s distributive share of partnership losses (including capital losses)…
Q: Dahlia is in the 32 percent tax rate bracket and has purchased the following shares of Microsoft…
A: Specific identification method: It is a method to track the purchase cost of the items sold…
Q: What is the tax impact on john's income from the stock options in 2016?
A: For the year 2016 :-As per Taxation rules, Stock option will be included in the taxable income as…
Q: items of income or loss in 2019 and does not itemized her deductions, what are the tax consequences…
A: When a corporate entity purchase its own shares/stocks from its shareholders either during lifetime…
Q: Melanie owns 25% of the stock of the Gimli Corporation. The tax rate on dividend income is 26%. If…
A: Melanie shareholding is 25% Tax rate on dividend income is 26% Total Dividend payment by Gimli is…
Q: From the given data below, how much is the final tax on the dividend earned by Cruz? ZAX…
A: solution : we are required to calculate final tax on dividend earned by cruz total dividend declared…
Q: 1. Ian holds 100 shares in Big Bank Pty Ltd. The company paid a fully franked dividend of $4 per…
A: Solution note Dear student as per the Q&A guideline we are required to answer the first question…
Q: Mr. Neis, a resident alien, owns 40% of the shares of Coco Corporation, a resident corporation. Coco…
A: Cash dividends received by an individual who is a resident alien of the Philippines are subject to a…
Q: n, he receives a meal allowance of $6,000 per week. e) The company also pays his son's school fees…
A: Tax refers to the mandatory form of charge levied by the government over the income gained by an…
Q: Nicanor, resident citizen, sold his shares of stock from ABC Corporation, a foreign corporation…
A: a. Only S1 is true
Q: Mr. Ramos, a non-resident citizen, sold shares of stocks of a domestic corporation directly to a…
A: Capital gains refer to profit earned on the sale of capital assets. Ordinary income and capital…
Q: Sri owns shares in a Canadian Corporation that paid him $1493 in dividends in 2020. In addition, he…
A: In this question, we will calculate that how much tax does Sri paid.
Q: Herbert and Wendy are Married Filing Jointly taxpayers. During 2020, they each made $40,000 in W2…
A: Herbert and Wendy are married filing jointly tax payers. During 2020, Wages income for both = $80000…
Q: Mr. Allen is a 65-year-old Jamaican tax resident. He is the director of a hotel, Allen’s Rest Well…
A: Given, Mr. Allen is a 65-year-old Jamaican tax resident. a) Gross salary $7,000,000 per year. b) As…
Q: Noah and Olivia Anderson are a married couple in their early 20s living in Dallas. Noah Anderson…
A: Taxable income is the measurement of income which is used to calculate the amount of tax that needs…
Q: Ava has not yet filed her 2021 personal income tax returns (combined Federal and Quebec) and has…
A: Here discuss about the details of the Calculation of Taxable income for Ava for the year 2021 after…
Q: Mr. Siegfried, a resident citizen, received P100,000 dividend income from Vodka, Inc., a domestic…
A: Dividend income is kind of revenue or reward which is received by a shareholder or an individual…
Q: Mikhail Rivers is a self-employed corporate tax consultant. Mikhail’s business, Rivers’s Tax…
A: Employees and employers in the United Kingdom pay National Insurance Contributions (NICs) to fund…
Q: Faisal is self-employed, and for the tax year 2021-22 had a trading profit of E47,500. He has…
A: Lets discuss basics. As per HMRC rules, Sole trader needs to pay class 2 NI @ 3.05 per week for…
Q: Shen purchased corporate stock for $48,650 on April 10, 2019. On July 14, 2021, when the stock was…
A: Given data, Purchase price of stock =$48,650 On July 14, 2021, when the stock was worth $29,190 For…
Q: Nicanor, a Non-Resident Alien residing in Canada, bought 20,000 (@par value of Php 100) shares of…
A: Cost of securities = 20000 shares x 100 = P2000000 Sales price = P 4000000
Q: Mr. Allen is a 65-year-old Jamaican tax resident. He is the director of a hotel, Allen’s Rest Well…
A: Mr. Allen is a 65-year-old Jamaican tax resident. He is the director of a hotel, Allen’s Rest Well…
Q: Mr. Allen is a 65-year-old Jamaican tax resident. He is the director of a hotel, Allen’s Rest Well…
A: Considering Jamaica tax rates citizens who are aged more than or equal to 65 years are given an…
Q: John bought 1,000 shares of intel stock on October 18,2015, for $30 per share, plus a $750…
A: Introduction: An asset's cost basis is adjusted for various events that take place during its…
Q: Marshall Mathers , a non-resident alien not engaged in trade or business, owns 1,000,000 shares in…
A: Marshall Mathers owns 1,000,000 shares in MWC Inc which has a FAIR VALUE of P1/share So the total…
Q: On May 9, 2018, Calvin acquired 600 shares of stock in Hobbes Corporation, a new startup company,…
A: Note: As I can't find the double S that is given before the stock value so I denoted it as "The…
Q: What is the taxable income of Mr. Pamplona subject to regular income tax?
A: Tax is the amount which the taxpayer has to pay on the taxable income and which is determined as per…
Q: Jackson is the sole owner of JJJ Corporation (an S corporation). At the beginning of 2022, Jackson's…
A: Ordinary business loss refers to the loss which is realized through the taxpayer when the expenses…
Q: Mr. Omagana, a resident Japanese, owned 2,000 common shares of San Miguel Corporation with book…
A:
Q: John bought 2,100 shares of Intel stock on October 18, 2017, for $52 per share plus a $750…
A: Gain on sale of stock means when sale or realisation value of stock is, more than, cost or adjusted…
Q: NEED HELP ON PART B, PLEASE. Dahlia is in the 32 percent tax rate bracket and has purchased the…
A: To minimize her current-year capital gain she should sell the shares acquired at a higher cost at…
Step by step
Solved in 2 steps
- 1. Ian holds 100 shares in Big Bank Pty Ltd. The company paid a fully franked dividend of $4 per share on 1 June 2021. Assume a corporate tax rate of 30%. What amount must Ian include in his assessable income for the 2021 income year? a. $171 b. $700 c. $571 d. $400 2. Which of the following tests must a company satisfy to be a resident of Australia for tax purposes? (Select the most appropriate.) Ordinary resident test Domicile test 183 day test Superannuation test Place of incorporation Central management and control Controlling shareholders a. 4, 5, 6 ,or 7 b. 5, 6, or 7 c. Any of the above. d. 5, 6, and 7 only 3. You are provided with the following information on the accounts receivable of Havelock Limited for the year ended 30 June 2021. What is the amount included in the taxable income for Havelock Limited based on the accrual and cash methods of…For the following independent cases, determine whether economic income is present and, if so, whether it must be included in gross income (i.e., is it realized and recognized for tax purposes?). Note: Leave no answers blank. Enter zero if applicable. Required: Asia owns stock that is listed on the New York Stock Exchange, and this year the stock increased in value by $15,250. Ben sold stock for $10,500 and paid a sales commission of $210. Ben purchased the stock several years ago for $4,200. Bessie is a partner in SULU Enterprises LLC. This year SULU reported that Bessie's share of rental income was $2,850 and her share of municipal interest was $800.Ricki Glass received the following income in 2021: Eligible dividend for $2,000 Non-eligible dividend for $3,500 Foreign dividend for $1,500 ($225 was withheld by the foreign country, netting Ricki $1,275.) Calculate the dividend income to be included on Ricki's 2021 T1.
- Sri owns shares in a Canadian Corporation that paid him $1878 in dividends in 2020. In addition, he sold his holdings for $131089. Assuming the ACB for that purchase was $69159 and Sri's marginal tax rate is 34%, how much tax does Sri owe? Please provide your answer to 2 decimal places (e.g. 1234.56) Please do fast ASAP fast pleaseSuppose that at the beginning of 2021 Jamaal's basis in his S corporation stock is $1,000 and he has a $10,000 debt basis associated with a $10,000 loan he made to the S corporation. In 2021, Jamaal's share of S corporation income is $4,000, and he received a $7.000 distribution from the S corporation. How much total income does Jamaal report in 2021 from these transactions? Multiple Choice $0 $4,000 $6,000 $7,000 None of the choices are correct.Accounting 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 Interest of $32 from the BNZ Bank in New Zealand. The $32 is after the New Zealnd Tax Authorities deducted withholding tax of $5.2O. A dividend of $156 from Rio Tinto. He also spent $250 on text books for his work as an IT engineer. He does not have private hospital cover. Required: Calculate his taxable income and his total tax payable for the year ended 30 June 2022.
- For the following independent cases, determine whether economic income is present and, if so, whether it must be included in gross income (i.e., is it realized and recognized for tax purposes?) Asia owns stock that is listed on the New York Stock Exchange, and this year the stock increased in value by 20,000. Ben sold stock for $10,000 and paid a sales commission of $250. Ben purchased the stock several years ago for $4,000. Bessie is partner in SULU Enterprises LLC. This year SULU reported that Bessie’s share of rental income was $2,700 and her share of municipal interest was $750.Frank is a director of Otago Pty Ltd (Otago), an Australian resident private company, with a corporate tax rate for imputation purposes for the 2020/21 income year of 30%. Frank provided you with the following information regarding the company’s franking account: 1 July 2020: Opening balance $500 credit. 29 July 2020: Paid 2020 tax year fully franked final dividend $7,000 28 February 2021: Paid 2021 tax year 60% franked interim dividend $9,000 30 April 2021: Received fully franked dividend from Australian company $4,500 28 June 2021: PAYG instalment paid relating 2020/21 tax year totalled $1,200 30 June 2021: Declared a fully franked dividend of $10,000 Otago had a taxable income of $16,000 for 2020/21. Required 1) Prepare Otago Pty Ltd’s franking account for the 2020/21 tax year and explain any consequences arising from the franking account balance at 30 June 2021. 2) Calculate net tax payable (refundable) for the company.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 contributions
- From the given data below, how much is the final tax on the dividend earned by Cruz? ZAX Corporation, a domestic corporation, declared a P1,000,000 dividend for the current period 2021. The following are some stockholders of ZAX: Stockholder Description Ownership De Guzman Resident citizen 10% Cruz ABC Corporation DEF Corporation Non-resident alien engaged in business in the Philippines Domestic corporation Nonresident foreign corporation 15% 30% 10% a. P15,000 b. P30,000 с. Р37,500 d. No final taxDuring 2021 Erin received eligible dividends of $1,000, non-eligible dividends of $800 and foreign dividends of $1,000 before 10% foreign income tax was withheld. Her 2021 property income is (note eligible dividend gross up is 38% and non-eligible dividend gross up is 15%): $3,254 $3,300 $2,800 $2,794Sri owns shares in a Canadian Corporation that paid him $1493 in dividends in 2020. In addition, he sold his holdings for $141418. Assuming the ACB for that purchase was $65189 and Sri's marginal tax rate is 48%, how much tax does Sri owe? Please provide your answer to 2 decimal places (e.g. 1234.56)