User During the 2023 income year, Lance McGuinness (a non-resident taxpayer) received the following income: Salary from employer for work performed in Australia S 45,000 Salary from employer for work performed outside of Australia $105,000 Rent received from property in Hong Kong $ 20,000 Calculate Lance's Australian taxable income for 2023 Question 7Select one: A. $170,000 B. $65,000 C. $45,000 D. S 150,000

User During the 2023 income year, Lance McGuinness (a non-resident taxpayer) received the following income: Salary from employer for work performed in Australia S 45,000 Salary from employer for work performed outside of Australia $105,000 Rent received from property in Hong Kong $ 20,000 Calculate Lance's Australian taxable income for 2023 Question 7Select one: A. $170,000 B. $65,000 C. $45,000 D. S 150,000

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter7: Tax Credits

Section: Chapter Questions

Problem 15MCQ

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Numeric Entry Carol is 70 years of age and has been an Australian resident her whole life. She is single and has no dependent children. Carol has received the following income during the year. Calculation Space Taxable Income = 37,720+3,769 = 41,489 Adjusted RFBA = 15,990 X 0.53 =8,475 Super Annuation = 10,000 Rebate Income = 59,964 Gross payments (income statement) $37,720 RFBA (exempt employer) $15,990 Interest $3,769 Carol has made a personal superannuation contribution of $10,000 for which she is entitled to claim a tax deduction. She has not claimed any other tax deductions. Calculate the SAPTO Carol will be entitled to.
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.
Taxpayer Q has net taxable income of $30,000 from Country Y which imposes a 40 percent income tax. In addition to the income from Country Y, taxpayer Q has net taxable income from US sources of $120,000, and US tax liability, before the foreign tax credit, of $30,290. What is the amount of Q's foreign tax credit? a.$30,290 b.$12,000 c.$6,058 d.$8,350 e.None of these choices are correct.
During the 2023 income year, Lance McGuinness (a non-resident taxpayer) received the following income: Salary from employer for work performed in Australia $45,000 Salary from employer for work performed outside of Australia $105,000 Rent received from property in Hong Kong $ 20,000 Calculate Lance's Australian taxable income for 2023 Question 7Select one: A. $170,000 B. $65,000 C. $45,000 D. $150,000
User During the 2023 income year, Lance McGuinness (a non-resident taxpayer) received the following income: Salary from employer for work performed in Australia $ 45,000 Salary from employer for work performed outside of Australia $105,000 Rent received from property in Hong Kong $ 20,000 Calculate Lance's Australian taxable income for 2023 Question 7Select one: A. $170,000 B. $65,000 C. $45,000 D. $ 150,000
Following are the income details of Mr. Albert is in UK for the tax year 2019-2020 Other income Savings income Total income Net Income 16,300 1100 17400 The tax liability of Mr. Albert on Savings income will be: a. £20 b. £0 c. £220 d. £5000
Ana, a self-employed resident citizen provided the following data for 2018 taxable year:Sales P2,800,000Cost of sales 1,125,000Business expenses 650,000Interest income from peso bank deposit 80,000Interest income from bankdeposit under FCDS 120,000Gain on sale of land in the Philippines held ascapital asset with cost P1.5Mwhen zonal is P1.2M 500,000 How much is the total income tax expense of Ana for the year? * P342,500 P321,500 P358,000 P351,500 How much is the total income tax of Ana assuming she opted to be taxed at 8%? * P321,500 P358,000 P342,500 P351,500 Assuming Ana is a VAT-registered taxpayer, how much is her total income tax expense assuming she opted to be taxed at 8% income tax rate? * P342,500 P351,500 P321,500 P358,000 Using the same date except that her gross sales for the year was P3.8M, how much is her total income tax expense assuming she opted to be taxed at 8% income tax rate? * P351,500 P321,500 P342,500 P652,000
Ana, a self-employed resident citizen provided the following data for 2018 taxable year:Sales P2,800,000Cost of sales 1,125,000Business expenses 650,000Interest income from peso bank deposit 80,000Interest income from bankdeposit under FCDS 120,000Gain on sale of land in the Philippines held ascapital asset with cost P1.5Mwhen zonal is P1.2M 500,000 Using the same date except that her gross sales for the year was P3.8M, how much is her total income tax expense assuming she opted to be taxed at 8% income tax rate? * P351,500 P321,500 P342,500 P652,000
Following are the income details of Mr. Albert is in UK for the tax year 2019-2020 Other income Savings income Total income Net Income 16,300 1100 17400 ANSWER QUESTION NO 19 AND 20 Question 19 The tax liability of Mr. Albert on other income will be: a. £3800 b. £1040 c. £3260 d. £760 Clear my choice Question 20 The tax liability of Mr. Albert on Savings income will be: a. £20 b. £0 c. £220 d. £5000
During the year ended 30 Jun 2020, Ms Ria,, a resident of Australia, has received rents of $41879 and salary of $42278. Her allowable deductions for the year are $2817. Required: Calculate her taxable income. Enter your answer as numerals only eg 999999 Answer:
Taxpayer Q has net taxable income of $30,000 from Country Y which imposes a 40 percent income tax. Inaddition to the income from Country Y, taxpayer Q has net taxable income from US sources of $120,000, and UStax liability, before the foreign tax credit, of $30,290. What is the amount of Q's foreign tax credit?a. $6,058b. $8,350c. $12,000d. $30,290e. None of the above
Question 1 Subject :Taxation Mrs A (aged 66), a South African tax resident, earns the following income for the year ending 28 February 2022: Item Details Amount: 1. Salary per month -R125 000 2. Dividends from a foreign listed company -R30 000 3. Interest from a South African account -R44 000 4. Right of use of a camera on 1 March 2021 for the full year of assessment. Mrs A takes the camera with her on all her personal holiday trips. Her employer purchased the camera for R75 000 on 1 March 2020. The market value of the camera was R60 000 on 1 March 2021. 5. She purchased an annuity for R300 000. The return from the annuity is R2 750 per month for 10 years. Required: Calculate the taxable income for Mrs A for the year ending 28 February 2022.