VAT shall be paid by Jasmin on her purchases as per UK tax law
Q: Lucas, a single U.S. citizen, works in Denmark for MNC Corp during all of 2019. His MNC salary is…
A: Answer: Any US citizen who is earning money even from foreign source is taxable in the gross income…
Q: In 2021, Henri, a U.S. citizen and calendar year taxpayer, reports $24,600 of income from France,…
A: Given that France tax = $24,600 x 10% = 2,460 Italy tax = 44,400 x 40% = 17,760 Total creditable…
Q: Compute Devon's lowest net tax payable or refund due for 2019
A:
Q: 2. Warren owns a marketing business. He travels to Maryland in May 2020 to discuss acquiring an…
A: Tax return: The form under which the tax payer reports its taxable income and the tax liability is…
Q: The following interest income are earned by May during the year: a. Interest income earned from bank…
A: 1. her income subject to final tax = 80,000 + 75,000 + 40,000 = 1,95,000 ( C)
Q: Frank moved to Canada from Germany on February 20, 2020. Which of the following accurately describes…
A: There are 2 type os residents in Canada, i.e. ordinary resident and deemed residents. The residents…
Q: Leena's marginal federal tax rate is 28%. She lives in a province where her provincial marginal tax…
A: Dividend Tax credit : In various provinces of Canada, the tax paid by the taxpayers…
Q: Conner and Matsuko paid [{MathJax fullWidth-false' \S1,000 and [{MathJax fullWidth=false \S2,000}],…
A: Under The American Recovery and Reinvestment Act of 2009 and extended by the Tax Relief,…
Q: Mike just celebrated his 80h birthday last week (September 2021). His 401(k) account balance on his…
A: Required Minimum Distribution (RMD) It the person who involves any kind of retirement plan it allows…
Q: Following are the income details of Mr. Albert is in UK for the tax year 2019-2020…
A: Tax:- A tax is the compulsory payment which is imposed by the government on the income and capital…
Q: ial Security number is 111-11-1112. Bill lives with Ashley, and she fully supports him. Bill spent…
A: Introduction: Ashley Panda's Social Security number is 123-45-6777, and she resides at 1310 Meadow…
Q: Mary is a self-employed attorney. a. Assuming that Mary earns $27,500 from her practice,…
A: For the 2020 tax year, the self-employment tax rate is 15.3%. Social Security represents 12.4% of…
Q: A taxpayer filed his income tax return in October 28, 2022. The deadline for the return was April…
A: solution concept as per the income tax provision stated by BIR in event when a person fails to file…
Q: Anna Frozen operates an ice cream store while she offers bookkeeping services to her clients. In…
A: Tax Liability -: Tax liability is the cumulative proportion of tax obligation owed by a person,…
Q: Ali bought a ring in January 2000 for £15,000. He transferred to his civil partner Asila in November…
A: Capital Gain Tax In simple word capital gain tax is the difference amount of the assets you are…
Q: xable Year 2023
A: Tax is the liability of an individual owing to the government. The government collects the tax from…
Q: Mr. C living in Berlin, leased out his flat as residency premises in İzmir and obtained 8.000 € as…
A: INCOME Rental Income from Residency Premises in Izmir (Turkey): 8,000 Euro Rental Income from…
Q: An investor earns $138639 in the 2021/22 tax year. She purchases shares worth $4251 on 15 April 2021…
A: Income tax payable is tax liability which is paid to the government on the income of individual, A…
Q: 38 PPP is a Filipino residing in Muntinlupa City. Aside from being employed as an accounting…
A: Taxable Income Taxable Income means the part of income that is subject to taxes. It is calculated by…
Q: Ahmed uses his own car for business travel. During 2019/20, Ahmed drove £20,000 miles while…
A: You pay your employees Mileage Allowance Payments (MAPs) for driving their own car on company trips.…
Q: 1. The taxpayer is NON-VAT-registered. He purchased goods from a VAT-supplier for 200,000 price…
A: VAT means the value added tax which is levied on sale and purchase . Vat paid on purchases is booked…
Q: 5-Asila uses her own car for business travel. During 2019/20, Asila drove 20,000 miles while…
A: Mileage Allowance Payments are what you pay your employee for using their own vehicle for business…
Q: Marco is a medical doctor. Inday’s total gross receipts from year 2020 amounted to Php 4,250,000.00…
A: Income tax payable= taxable income * tax rate taxable income= Gross receipts+ Non operating income =…
Q: US Tax System 2021 Jessie is a single taxpayer and has taxable income of $195,000 for 2020. If…
A: Gross income: Those incomes which are earned all source of income and under this income, not the…
Q: 17.A doctor pays his children $100,000 each year for "consulting services". The IRS plans to…
A: Given: A doctor pays the children $100,000 each year for “consulting services”. The options are…
Q: Gross sales, P240,000 Purchases from VAT registered suppliers, P156,980 How much is the percentage…
A: Percentage tax is the amount of tax which is paid by non VAT registered suppliers. It is indirect…
Q: Arthur was seconded to work in Hong Kong since 1 April 2020 at an annual salary of $800,000. During…
A: Under the employment, various benefits are provided like accommodation. The rental value is to be…
Q: Ava has not yet filed her 2021 personal income tax returns (combined Federal and Quebec) and has…
A: Here discuss about the details of the Calculation of Taxable income for Ava for the year 2021 after…
Q: Rose works as a quality in-charge in an equipment manufacturing firm in the UK. During the tax year…
A: Tax liability is the dutiful debt you owe to the government from the amount of money of an…
Q: As per Australian tax law Emma runs a business selling scarves. She purchases the scarves directly…
A: Emma's tax implications for a variety of transactions: The scarves were purchased on July 5th, and…
Q: Jaleel is an insurance agent and collects insurance premiums from his clients every month. His total…
A: Insurance is an agreement between two parties whereby one party agrees to make loss into good of…
Q: Following are the income details of Mr. Albert is in UK for the tax year 2019-2020…
A: Income Tax rates and tax bracket for 2019-20 in UK is as under - Income Bracket Taxable Income…
Q: inheritance tax of UK tax law
A: As per inheritance tax laws of UK, gifts of valuables by grant parent on occasion of marriage of…
Q: Anwar received trading income of £120,000 in the tax year 2019/20. He also made gift aid donations…
A: The personal allowance for the tax year 2019-20 is £12500. It must be noted that when the adjusted…
Q: Rabbie is an Australian resident and single. He works as a university lecturer in Brisbane CBD. His…
A: Taxable income = Assessable Income - deductions
Q: United States Tax Law Richard Hartman, age 29, single with no dependents, received a salary of…
A: Income tax definition: An income tax is a tax imposed on individuals or entities (taxpayers) that…
Q: Caroline is an unmarried single mother of a 14 year old son in 2020. Caroline's spouse and the son's…
A: Adjusted Gross Income (AGI) is calculated to measure the taxable income of the taxpayer. It is…
Q: Said uses his own car for business travel. During 2019/20, Said drove 10,000 miles while performing…
A: Tax deduction is defined as the income deduction which is able to be taxed and it is commonly as an…
Q: Income Tax on Salaried Person Mr. Asif, a Salaried Individual, has following information for the…
A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…
Q: Basma earns £60,000 each year and makes a payment of £2,500 (net) to the gift aid donations. Which…
A: As per UK tax laws, When any person make any gift aid donation then basic rate band get increased by…
Q: May Tan, a 50-year-old Canadian citizen entered Singapore on 1 June 2020 to work for a Singapore…
A: Given in the question: May Tan was in Singapore for employment and the contract is for 1 year. May…
Q: 17. June 30 fiscal year. Joan provides 60% of the cost of maintaining a household in which a…
A: The multiple choice question and relevant explanation are presented hereunder : There are different…
Q: PP operates a convenience store while she offers bookkeeping services to her clients. In 2020, her…
A: Gross sales amount, in this case, means the amount received from the total number of transactions at…
Q: . Gomez maintains a law firm and registered as VAT taxpayer. For a particular client, the amount of…
A: Comment- Multiple Questions Asked. Question-1 Income Tax- Income Tax refers to the charge which is…
Q: Ms. Callie sold goods worth P201,600 (inclusive of vat) to Ms. Dani on account. Ms. Dani purchased…
A: The question is related Input tax. Input tax is the tax on purchases. The present VAT is 12%. Two…
Q: Which is FALSE? I. Adonis, a sari-sari store owner, opted commuted tax of 8%. He is allowed to…
A: Self employed individuals having gross sales and non-operating income not in excess of P3,000,000…
Step by step
Solved in 2 steps
- 7-Ahmed uses his own car for business travel. During 2019/20, Ahmed drove £20,000 miles while performing of his duties. Ahmed's employer paid him 35p a mile. Which one of the following is Ahmed's taxable benefit from mileage allowance as per the UK tax laws? a. £2,500 b. £7,000 c. £4,500 d. None of the options26-Jaleel is an insurance agent and collects insurance premiums from his clients every month. His total collection of insurance premiums for the month of June 2019, £30,000. Which of the following is correct with regards to the calculation of VAT as per UK tax laws? a. 5% VAT on such Taxable Supplies O b. Exempted Supplies so not VAT O c. 0% VAT on such Taxable Supplies O d. 10% VAT on such Taxable Supplies5-Asila uses her own car for business travel. During 2019/20, Asila drove 20,000 miles while performing of her duties. Asila's employer paid her 50p a mile. Which one of the following is Asila's taxable benefit from mileage allowance as per the UK tax laws? O a. None of the options O b. £3,000 c. £10,000 O d. £4,500
- A customer bought goods from John, a registered VAT taxpayer, on the 12 February 2022. The goods were delivered on the 15 February 2022. The goods were invoiced on 15 March 2022. The customer paid for the goods on the 1 April 2022. If John is required to file his VAT return on the 15 day of the month following when the supply takes place, John would be required to: a.File his April 2022 VAT Return on the 15 May 2022 b.He is not required to file a VAT Return as the sales is below the VAT threshold. c.File his February 2022 VAT Return on the 15 March 2022 d.File his March 2022 VAT Return on the 15 April 2022A customer bought goods from John, a registered VAT taxpayer, on the 12 February 2022. The goods were delivered on the 15 February 2022. The goods were invoiced on 15 March 2022. The customer paid for the goods on the 1 April 2022. If John is required to file his VAT return on the 15 day of the month following when the supply takes place, John would be required to: a. File his April 2022 VAT Return on the 15 May 2022 b. He is not required to file a VAT Return as the sales is below the VAT threshold. c. File his February 2022 VAT Return on the 15 March 2022 d. File his March 2022 VAT Return on the 15 April 2022Sophie has the following information about her payments of tax for 2017/18: Payment on account 1 £2,000 paid in full on 31 March 2018 Payment on account 2 £2,000 paid in full on 31 July 2018 Final balancing payment £3,000 paid in full on 16 March 2019 Calculate any penalties due. Right to amend an income tax/capital gains tax return: Even once a tax return has been submitted, thetaxpayer has a right to amend it for any mistakes as long as it is within the time frame below. HMRC also have a right to amend the return HMRC- Nine months form the date the return is actually filed Taxpayer- 12 months from the usualsubmission date
- The Net Income of Mr. Richard was £130,000 during the tax year 2019-2020. He travelled 10,000 miles for business trip by his own car. His employer paid him 0.50 penny per mile for each business mile. His taxable income after mileage allowance was £: a. 112,500 b. 125,000 c. 130,500 d. 135,000Edward Bridgewater has adjusted net income of £101,300 for the tax year 2020/21. Edward is 29 years old and is married to Rahma Bridgewater. Rahma is 30 years old; her adjusted net income for the tax year 2020/21 was £119,200. What is Edward Bridgewater’s personal allowance for the tax year 2020/21? £11,850 £13,150 £0 £11,200Case Study 2 Identify the relevant elements of Australian tax law in the following scenarios and calculate the total tax payable (including Medicare Levy and any other tax offsets) by James for the 2021/22 financial year. Show your workings. On 1 July 2021, James sold some jewellery for $5,000 which he bought on 1 April 2019 for $2,780. On 1 August 2021, James sold his camera for $22,000 which he bought on 15 June 2019 for $23,000. On 5 October 2021, James sold a painting for $950 which he bought on 4 April 2013 for $480. On 8 November 2021, James sold some listed shares for $49,500 which he bought on 30 January 2021 for $42, 400 (net costs). On 30 June 2022, James receives interest income of $24,000.
- Ms. Callie sold goods worth P201,600 (inclusive of vat) to Ms. Dani on account. Ms. Dani purchased goods from Mr. Elise worth P200,000 (exclusive of vat) on account.All of them are VAT registered taxpayers. How much is the balance of input tax of Dani at the end of the period? How much is the balance of Purchases account of Ms. Dani at the end of the period?Borden Company received a federal tax levy on John Kline. Kline is single, claims 2 personal allowances, and had a takehome pay of $621.00 this week. The amount of the tax levy (in 2020) would be: Take-home pay $621.00 Less: Exempt amount (from Figure 6.3). 403.84 Federal tax levy $217.16 Figure 6.32020 Table for Amount Exempt for Tax Levy (Single Person) Filing Status: Single PayPeriod Number of Exemptions Claimed on Statement 0 1 2 3 4 5 More Than 5 Daily 47.69 64.23 80.77 97.31 113.85 130.39 47.69 plus 16.54 foreach dependent Weekly 238.46 321.15 403.84 486.53 569.22 651.91 238.46 plus 82.69 foreach dependent Biweekly 476.92 642.30 807.68 973.06 1138.44 1303.82 476.92 plus 165.38 foreach dependent Semimonthly 516.67 695.84 875.01 1054.18 1233.35 1412.52 516.67 plus 179.17 foreach dependent Monthly 1033.33 1391.66 1749.99 2108.32 2466.65 2824.98 1033.33 plus 358.33 foreach dependent Source: Internal Revenue Service. Carson Holiday has a federal…Borden Company received a federal tax levy on John Kline. Kline is single, claims 2 personal allowances, and had a takehome pay of $621.00 this week. The amount of the tax levy (in 2020) would be: Take-home pay $621.00 Less: Exempt amount (from Figure 6.3). 403.84 Federal tax levy $217.16 Figure 6.32020 Table for Amount Exempt for Tax Levy (Single Person) Filing Status: Single PayPeriod Number of Exemptions Claimed on Statement 0 1 2 3 4 5 More Than 5 Daily 47.69 64.23 80.77 97.31 113.85 130.39 47.69 plus 16.54 foreach dependent Weekly 238.46 321.15 403.84 486.53 569.22 651.91 238.46 plus 82.69 foreach dependent Biweekly 476.92 642.30 807.68 973.06 1138.44 1303.82 476.92 plus 165.38 foreach dependent Semimonthly 516.67 695.84 875.01 1054.18 1233.35 1412.52 516.67 plus 179.17 foreach dependent Monthly 1033.33 1391.66 1749.99 2108.32 2466.65 2824.98 1033.33 plus 358.33 foreach dependent Source: Internal Revenue Service. Karen Most has a federal tax…
