Bob spent the entire 2019 year in Tokyo. His annual salary was $90,000 and he paid $30,000 rent. What is the highest amount of foreign earned income and foreign housing expenses Bob can exclude? a) $ 90,000 b) $92, 900 c) $105, 900 d) $120,000
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Bob spent the entire 2019 year in Tokyo. His annual salary was $90,000 and he paid $30,000 rent. What is the highest amount of foreign earned income and foreign housing expenses Bob can exclude? a) $
90,000 b) $92, 900
c) $105, 900
d) $120,000
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- Joan, a single mother, has AGI of $61,500 in 2019. In September 2019 , she pays $5,000 in qualified tuition for her dependent son who just started at Big University. What is Joan's American Opportunity credit for 2019? $0 $1,250 $2,125 $2,500 Some other amountFred currently earns $9,100 per month. Fred has been offered the chance to transfer for three to five years to an overseas affiliate. His employer is willing to pay Fred $10,100 per month if he accepts the assignment. Assume that the maximum foreign-earned income exclusion for next year is $108,700. 1. If Fred's employer also provides him free housing abroad (cost of $20,100), how much of the $20,100 is excludable from Fred's income? 2. Suppose that Fred's employer has offered Fred a six-month overseas assignment beginning on January 1 of next year. How much U.S. gross income will Fred report next year if he accepts the six-month assignment abroad and returns home on July 1 of next year? 3. Suppose that Fred's employer offers Fred a permanent overseas assignment beginning on March 1 of next year. How much U.S. gross income will Fred report next year if he accepts the permanent assignment abroad? Assume that Fred will be abroad for 305 days out of 365 days next year. 4. If Fred's…Fred currently earns $9,000 per month. Fred has been offered the chance to transfer for three to five years to an overseas affiliate. His employer is willing to pay Fred $10,000 per month if he accepts the assignment. Assume that the maximum foreign-earned income exclusion for next year is $105,900. a) How much U.S. gross income will Fred report if he accepts the assignment abroad on January 1 of next year and works overseas for the entire year b) Suppose that Fred's employer has offered Fred a six-month overseas assignment beginning on January 1 of next year. How much U.S. gross income will Fred report next year if he accepts the six-month assignment abroad and returns home on July 1 of next year?
- Fred currently earns $10,700 per month. Fred has been offered the chance to transfer for three to five years to an overseas affiliate. His employer is willing to pay Fred $13,700 per month if he accepts the assignment. Assume that the maximum foreign-earned income exclusion for next year is $120,000. c-2. If Fred's employer also provides him free housing abroad (cost of $20,850 next year), how much of the $20,850 is excludable from Fred's income? Assume that Fred will be abroad for 305 days out of 365 days next year. Note: Round your intermediate calculations and final answer to the nearest whole dollar amount.During the year 2021, Ms. kelley, a foreign student from a non-treaty country, attended the University of California, an American university in pursuit of a degree. While in the U.S., she worked part-time at the school cafateria and earned $3,500. During her summer vacation, Ms. kelley returned home, where she worked for a company incorporated in her country and earned the equivalent of $4,500 (US dollars). How much of her income earned will be INCLUDED in U.S. gross income? $8,000 $4,500 $3,500 $0 reFred currently earns $10,100 per month. Fred has been offered the chance to transfer for three to five years to an overseas affiliate. His employer is willing to pay Fred $11,100 per month if he accepts the assignment. Assume that the maximum foreign-earned income exclusion for next year is $112,000. Required: a-1. How much U.S. gross income will Fred report if he accepts the assignment abroad on January 1 of next year and works overseas for the entire year? a-2. If Fred's employer also provides him free housing abroad (cost of $21,100), how much of the $21,100 is excludable from Fred's income? b. Suppose that Fred's employer has offered Fred a six-month overseas assignment beginning on January 1 of next year. How much U.S. gross income will Fred report next year if he accepts the six-month assignment abroad and returns home on July 1 of next year? c-1. Suppose that Fred's employer offers Fred a permanent overseas assignment beginning on March 1 of next year. How much U.S. gross income…
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- Required Information [The following information applies to the questions displayed below.] Fred currently earns $9,000 per month. Fred has been offered the chance to transfer for three to five years to an overseas affiliate. His employer is willing to pay Fred $12,000 per month if he accepts the assignment. Assume that the maximum foreign-earned Income exclusion for next year is $120,000. a-2. If Fred's employer also provides him free housing abroad (cost of $25,000), how much of the $25,000 is excludable from Fred's Income? Amount to be excludedQ1) Jean, a 40-year-old Singapore citizen, was provided with the following employment income and benefits for the year 2020: (i) Monthly salary of $4,000. (ii) 2020 contractual bonus of $8,000. Jean is single and entitled to earned income relief of $1,000. Jean contributed to the Central Provident Fund based on the statutory limits. Calculate Jean's minimum chargeable income for the Year of Assessment 2021. Q2) Tom was awarded an option purchase the company's shares at $2/share. On 25 March 2020, he exercised the option to purchase 5000 shares when the share price was $2.50/share. He sold the shares at $4/share on 15 November 2020. The taxable benefit for the year 2020 is? Q3) Beta (S) Pte Ltd, in the business of making clothes, sold a tractor for $40,000 on 15 August 2020. The tractor was bought for $39,000 during its accounting year ended 31 December 2019. Calculate the balancing adjustment for the Year of Assessment 2021 assuming no capital allowance is claimed in the year…1. A, resident citizen, has the following income for year 2019: Compensation income of 1,000,000 and Other income of 200,000. What is the income tax due? 2.The minimum wage in Marawi City is 550 per day. A, a laborer, earns 900 per day. He worked for 280 days in 2019. How much is the ANNUAL income tax due of A? 3. Asta, non-resident citizen has the following income for 2019: Business income in USA of 7,000,000 and; Compensation income of 2,000,000 earned in the Philippines. How much is the income tax due of Asta?