CCT 328, HW 2 Due no later than Mar 13, 2022 11:55 PM:
Q: 10
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Q: Micro
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- During 2019, Carl (a single taxpayer) has a salary of $91,500 and interest income of $11,000. Calculate the maximum contribution Carl is allowed for an educational savings account. $0 $400 $1,000 $2,000 Some other amountMason Phillips, age 45, and his wife, Ruth, live at 230 Wood lane, Salt lake City, UT 84101. Masons Social Security number is 111-11-1111. Ruths Social Security number is 123-45-6789. Mason and Ruth arc cash basis taxpayers and had the following items for 2019: Salary of 140,000. Had debt of 30,000 from uncollected rent. Collection of unpaid rent from a prior year of 6,000. Sale of 124-i stock resulting in a loss of 105,000. The stock was acquired eight months ago. Rental income of 60,000 (property is managed by Mason and Ruth). Rental expenses of 33,000. Casualty loss on rental property of 10,000. Personal casualty loss (from one event) of 3,000; not in a Federally declared disaster area. Theft loss of 8,000 on a painting held for investment. Other itemized deductions of 21,000. Federal income tax withheld of 3,000. (Compute Mason and Ruths 2019 Federal income tax payable (or refund due).6. An employee, who had been with the company for 6 years, passed away on August 31, 2021. She had been earning a monthly salary of $5,900 and had regular CPP and El deductions taken off this salary on every cheque up to and including her August 31 payment. Calculate: a) Her maximum CPP contribution for the year. b) How much should be refunded to her estate, if any? cpp rate 5.45% cpp annual basic exemption $3,500 maximum insurable earnings $56,300 premium rate 1.58% Maximum annual employee premium $889.54
- Following emoluments are received by Ms Sangeeta during the previous year ended on 31.3.2021 Basic salary 250000Dearness Allowance 10000Commission 2500Entertainment allowance 2000Medical expenses reimbursed 25000Professional taxes paid 2000(Rs1000 paid by employer) Ms. Sangeeta contributes Rs 2000 towards the Recognized Provident FundShe has no other income.Compute the income from salary for A.Y 2022-23, and give reasons and explanationswherever required, If Ms. Sangeeta is a Government employee. A) please first tell the formula and understanding of the question B) second what are the steps to be followed to get the answer C) please write the answer in c option and what can we clarify from thisFollowing emoluments are received by Ms Sangeeta during the previous year ended on31.3.2021 Basic salary 250000Dearness Allowance 10000Commission 2500Entertainment allowance 2000Medical expenses reimbursed 25000Professional taxes paid 2000(Rs1000 paid by employer) Ms. Sangeeta contributes Rs 2000 towards the Recognized Provident Fund. She has no other income.Compute the income from salary for A.Y 2022-23, and give reasons and explanations wherever required, If Ms. Sangeeta is a Government employee.Steve Grayson, is self-employed age 43. He has established a SEP-IRA for himself several years ago. In 2019, Steve had a $1,000 excess contribution to his SEP-IRA. In 2020. his net earnings from the business are $80,000. He uses the maximum contribution rate for his SEP-IRA account. What amount would Steve's contribution be for 2020. a.) $14,870 b.) $0 c.) $13,870 d.) $57,000
- w the summary page so Upon his retirement earlier this year, Salvatore received a $42,000 retiring allowance from the company for whom he had worked since 1980. He joined his company's registered pension plan two years after he was hired. If Salvatore accumulated $9,640 in RRSP contribution room for this year and he has an RRSP carryforward of $16.500 from previous years, what portion of his retiring allowance represents the NAXINUM amount he can rollover into his RRSP? Oa) $ 9,640 Ob) $ 26,140 can easy go Oc) $ 35,000A private employee had the following remuneration in 2019: Gross salaries, net of P11,000 mandatory contribution P314,000 12,000 24,000 28,000 5,000 8,000 Fixed RATA COLA 13th month pay Christmas gift Laundry allowance (P500/month) What is the taxable compensation income?PART A: Ms. Sonia Nexus is a computer specialist with net employment income of $96,000 in 2019. She had a pension adjustment of $5,000. During the year ending December 31, 2019 she has: interest income of $10,250, rental losses of $6,750, and a loss from her unincorporated business of $8,000 In addition, she makes spousal support payments of $14,000. She had unused RRSP contribution room from prior years of $4,500. Required: Calculate Ms. Nexus’s earned income for RRSP purposes and her maximum contribution possible. Show all calculations.
- Kaitlyn purchased a life annuity contract with money contributed to her employer-sponsored retirement plan. The employer had contributed $300,000 and Kaitlyn contributed $150,000 after-tax. She began receiving $2,400 per month on April 1, 2022 when she was age 60. How much of each payment received by Kaitlyn is excluded from gross income? $1,550 $517 $1,452 0 $323 $48445. Mr. Gerry, hired as employee on July 1, 2019 received the following compensation for the year: Monthly Basic Salary P 20,000 13th Month pay 20,000 Other benefits 7,000 Salary from previous employer (Jan- May 2019) 180,000 Withholding tax from previous 4,167employer Withholding tax (July-Nov 2019) 6,000 The amount to be refunded to Mr. Gerry isJuan was hired at Brownstone Warehouse on August 10, 1978. His employment terminated March 25, 2006. Juan was no pension plan. Juan's employer paid him a $77,000.00 retiring allowance. Calculate the eligible portion of the retiring allow O $16.500.00 O $36,000.00 O $45,500.00 O $52,500.00