Pedro is about to prepare and file his annual income tax return for the year ending December 21, 2020. Pedro is an emloyed principal and he practice his profession and as a consultant. What BIR Form will be used?
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Pedro is about to prepare and file his annual income tax return for the year ending December 21, 2020. Pedro is an emloyed principal and he practice his profession and as a consultant.
What BIR Form will be used?
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- Choosing and preparing an individual tax form. Liam McKenzie is single, graduated from college in 2019 and began work as a systems analyst in July of that year. He is preparing to file his income tax return for 2020 and has collected the following financial information for that calendar year. A blank Form 1040 and Schedule 1 may be obtained at www.irs.gov. or in Blackboard under course materials Scholarship used to pay Tuition $ 5,650 Scholarship used to pay room, and board 1,750 Salary 47,000 Interest income 285 Itemized Deductions 4,000 Income taxes withheld 2,800 a. Prepare Liam’s 2020 tax return, using the 2020 standard deduction and the tax schedule.For the following taxpayers, determine if they are required to file a tax return in 2023. Problem 8-80 Part a (Algo) a. Ricko, single taxpayer, with gross income of $15,800.Pedro is about to prepare and file his annual income tax return for the year ending December 21, 2020. Pedro is an emloyed engineering manager and he practice his profession and as a consultant. What BIR Form will be used?
- For the following taxpayers, determine if they are required to file a tax return in 2022. Required: a. Ricko, single taxpayer, with gross income of $17,300. b. Fantasia, head of household, with gross income of $17,200. c. Ken and Barbie, married taxpayers with no dependents, with gross income of $22,300. d. Dorothy and Rudolf, married taxpayers, both age 68, with gross income of $24,200. e. Janyce, single taxpayer, age 73, with gross income of $13,200.1. 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?Choosing and preparing an individual tax form. Liam McKenzie is single, graduated from college in 2018 and began work as a systems analyst in July of that year. He is preparing to file his income tax return for 2018 and has collected the following financial information for that calendar year. A blank Form 1040 and Schedule 1 may be obtained at www.irs.gov. Scholarship used to pay Tuition $ 5,750 Scholarship used to pay room, and board 1,850 Salary 55,000 Interest income 185 Itemized Deductions 3,000 Income taxes withheld 2,600 Prepare Liam’s 2018 tax return, using a $12,000 standard deduction and the tax rates given in Exhibit 3.3.
- Han and Leia have come to you for tax help for their 2023 tax year. What issues does their set of facts present to you as their tax advisor? What advice do you have for them? Please make any assumptions that you need in-order to address and respond to the issues presented by the fact pattern. Clearly state the assumptions that you make. It is advisable to utilize a memorandum style in which you address the facts, issues, analysis, and conclusions. Support your answers with cites to code, regulations, cases, rulings, IRS publications or other research data. 1. In 2023 the Village of Mos Eisley valued the property at $3,150,000 and assessed real property taxes on the both the home and the out-parcels of property. Jobba the Assessor determined that the home represented 30% of the value and the out-parcels represented the remaining 70% of the value for the property. The real estate taxes on the Lake Tatooine property are $31,500 per year.A new client, Mary, is your first client. She needs to lodge his income tax for 2021/22. Further, she wants to know about some tax-related provisions and practices. She asks some questions - what are the differences between taxable income, ordinary income, and statutory income? What types of ordinary and statutory income do not constitute assessable income? (Maximum 700 words)Furthermore- She gave her annual income and deduction below. Calculate her Total Assessable Income, Taxable Income, Tax Liability, Medicare Levy and Medicare Levy Surcharge, if applicable, for the taxpayer (Mary) with the information below:• Mary is a resident single mom with one dependent child (4 years old) taxpayer of Australia for the tax year 2021-2022• Her Taxable Salary earned is $110,000 (Including tax withheld) having no private health insurance.• She had a $12,000 deduction.• Mary has a student loan outstanding for his previous studies at Queensland University of $32,000.• Mary’s employer pays…Seun started his self-employment on 1 July 2020, he prepared the first period of accounts to 31 December 2021. What tax year will be his first tax year? 2020/2021 2021/2022 2019/2020 2022/2023
- Compute the income tax due of Redforwayt for the year 2023, if he opted to avail 8% income tax rate.Compute the income tax due of Redforwayt for the year 2023, if he is a VAT registered person.Gloria Edwards is a consultant. For 10 years, until June 30, 2021, she had been employed by IBM Ltd., a national computer company. On July 1, 2021, she began to practise law as a sole proprietor from an office in her home. Required: Gloria would like you to calculate his Net Income for Tax Purposes (Division B income) for 2021. You should indicate why you did not include any of the above amounts in your answer. Show all your work to get full marks. At a recent meeting, you gathered the information provided in Exhibits I and II. EXHIBIT I Gloria Edwards Information Regarding Work at IBM and Law Practice 1. Gloria’s salary to June 30, 2021, was $80,750. From this, IBM deducted CPP and EI of $4,056, income tax of $21,000, and $600 for Gloria’s portion of the private group medical insurance premium. An additional premium of $400 was paid by IBM. Also, IBM paid the $700 premium for Gloria’s group term life insurance coverage of $100,000. Gloria also received a pro-rated amount under the…Question 1: A new client, Mary, is your first client. She needs to lodge his income tax for 2021/22. Further, she wants to know about some tax-related provisions and practices. She asks some questions - what are the differences between taxable income, ordinary income, and statutory income? What types of ordinary and statutory income do not constitute assessable income? (Maximum 700 words) Furthermore- She gave her annual income and deduction below. Calculate her Total Assessable Income, Taxable Income, Tax Liability, Medicare Levy and Medicare Levy Surcharge, if applicable, for the taxpayer (Mary) with the information below: • Mary is a resident single mom with one dependent child (4 years old) taxpayer of Australia for the tax year 2021-2022• Her Taxable Salary earned is $110,000 (Including tax withheld) having no private health insurance.• She had a $12,000 deduction. • Mary has a student loan outstanding for his previous studies at Queensland University of $32,000.• Mary’s employer…
