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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 amountAn individual has taxable general income of £70,000 (before deducting the personal allowance). He also has savings income of £1,000. How much Income Tax will be payable on the savings income? £0 £200 £400 £300A woman is in the 15% tax bucket and itemizes her deductions. How much will her tax bill be reduced if she makes a$200 tax deductible contribution to charity A. $30 B. $200 C. $0 D. $170
- n the tax year 2019/20, Emmanuel receives an employment income of £180,000 from ABC Ltd. He made a gross gift aid donation of £10,000 in February 2020. What is Emmanuel’s income tax liability for the tax year 2019-20?Jane received bank interest of £3000 during the tax year 2020/21. Requirement: Calculate Jane’s Income tax liability assuming she also had employment income £29,000 in the tax year 2020/21Mr. Daniel had an Total Net Income of £104,000 in 2019-2020 tax year. His personal pension contribution is £2000 Gross. What will be the amount of his Adjusted Net Income? a. £11,500 b. £92,500 c. £101,500 d. £102,000
- Calculating Social Security and Medicare Taxes Assume a Social Security tax rate of 6.2% is applied to maximum earnings of $128,400 and a Medicare tax rate of 1.45% is applied to all earnings. What is the social security tax paid if jose 's gross income is $145,780.00 for the year.Use the following information Molly has collect to help her determine her taxable income for the year: Salary from her job 115,100 Interest earn from 1,280 savings Interest paid on student loans Your Answer: Answer 905 Standard deduction 12,950 Itemized deductions 842 Child tax credit 2000In 2020, Mohamed receives the following income: Employment income of £ 80,000 Bank interest of £ 20,000 net of 20% tax suffered at source 9,000 net of 10% tax suffered at source What is Mohamed's taxable income for 2019, note that the personal allowance is £10,600, Dividends of £
- For the tax year 2023/24 Jane has employment income of £47,570, savings income of £1758 and dividends of £3588. What is her tax liability for the year? Enter a whole number, without the £ sign, in the response box.Jamie received employment income (PAYE £26300) of £25000 and bank interest £3350 during the tax year 2019/20. Requirement: Calculate Jamie’s income tax payable for the year 2019/20.QUESTION 2 - Calculate Total Assessable Income, Taxable Income, Tax Liability, Medicare Levy and Medicare Levy Surcharge, if applicable, for the tax payer (Jenny) with information below: Jenny is a resident single mom with one dependent child (7 years old) tax payer of Australia for the tax year 2019-2020 Her Taxable Salary earned is $120,000 (Including tax withheld) having no private health insurance. Jenny has a student loan outstanding for his previous studies at Queensland University of $32,000. Jenny’s employer pays superannuation guarantee charge of 9.5% on top of her salary to her nominated fund. Jenny earned a passive income of $5,000 from the investments in shares in the same tax year.