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- Q. Ms. Reid borrowed $50000 from a broker to purchase Lero Inc. common stock. This year, she paid $3900 interest on the debt. Compute her itemized deduction for this interest in each of the following cases. a. The Lero stock paid a $1100 dividend this year, and Ms. Reid had on other investment income. b. Ms. Reid's only investment income was $690 interest on a certificate of deposit. c. Ms. Reid's only investment income was a $4900 ordinary dividend from her investment in Koal Mutual Fund.Question Description Compute the tax payable of Mr. Zubair who during the year ended 30th June 2018 enjoyed income from the following sources: (filer) Dividend from a private limited company 20% Rs. 9000 Zakat paid Rs. 7000 Profit on special deposit scheme10% Rs. 35000 Income from property Rs. 450,000 Gift from father Rs. 20000 Income from business Rs. 570,000 Agricultural income Rs. 22000 He has claimed the following amounts for rebate: a. Personal legal expenditure Rs. 25000 b. Purchased shares of public co. listed in PSX Rs. 50,000 c. Tuition fee paid for his son Rs. 55,000 d. Donation to Sindh University Rs. 50,000 Calculate Taxable income & Tax Payable for the year 2018.LO.2 In 2019, Chaya Corporation, an accrual basis, calendar year taxpayer, provided services to clients and earned 25,000. The clients signed notes receivable to Chaya that have a fair market value of 22,000 at year-end. In addition, Chaya sold a 36-month service contract on June 1, 2019, and received payment in full of 12,000. How much gross income does Chaya report from these transactions in 2019?
- Marlene, a cash basis taxpayer, invests in Series EE U.S. government savings bonds and bank certificates of deposit (CDs). Determine the tax consequences of the following on her 2019 gross income: a. On September 30, 2019, she cashed in Series EE bonds for 10,000. She purchased the bonds in 2009 for 7,090. The yield to maturity on the bonds was 3.5%. b. On July 1, 2018, she purchased a CD for 10,000. The CD matures on June 30, 2020, and will pay 10,816, thus yielding a 4% annual return. c. On July 1, 2019, she purchased a CD for 10,000. The maturity date on the CD was June 30, 2020, when Marlene would receive 10,300.16. Wyatt Industries, an accrual-method and calendar year taxpayer, paid $12,000 in real estate taxes on October 1, 2021, covering the period October 1, 2021, to September 30, 2022. The amount of real estate taxes Wyatt can deduct as a business expense in 2021 is: a. b. C. d. e. $12,000. $6,000. $3,000. $0. none of the above.During 2021 Erin received eligible dividends of $1,000, non-eligible dividends of $800 and foreign dividends of $1,000 before 10% foreign income tax was withheld. Her 2021 property income is (note eligible dividend gross up is 38% and non-eligible dividend gross up is 15%): $3,254 $3,300 $2,800 $2,794
- X derived the following income in 2020: Business income of P400,000 Compensation income of P200,000 Interest income from 5/6 lending to clients: P150,000 Interest income from bank deposits in the amount of P25,000. Royalty income for the sale of books where he is the author: P120,000. Capital gain on sale of personal car in the amount of P20,000. Capital gain on the sale of stocks directly to buyer: P30,000. Ordinary gain on sale of old office furniture in the amount of P10,000. Dividend income from stocks of San Miguel Corporation: P60,000. Proceeds received from the life insurance of his deceased father: P1,000,000 what is the total income of X which is subject to final tax?X derived the following income in 2020: Business income of P400,000 Compensation income of P200,000 Interest income from 5/6 lending to clients: P150,000 Interest income from bank deposits in the amount of P25,000. Royalty income for the sale of books where he is the author: P120,000. Capital gain on sale of personal car in the amount of P20,000. Capital gain on the sale of stocks directly to buyer: P30,000. Ordinary gain on sale of old office furniture in the amount of P10,000. Dividend income from stocks of San Miguel Corporation: P60,000. Proceeds received from the life insurance of his deceased father: P1,000,000 what is the total income of X which is subject to regular tax?On January 1, 2014, Mr. Albuera invested P2,000,000 in the six-year time deposit of Sulu Unibank which pays 10% annual interest. Compute the final tax to be withheld by Sulu Unibank on December 31, 2014. P 0 P100,000 P200,000 P250,000
- On January 1, 2014, Mr. Albuera invested P2,000,000 in the six-year time deposit of Sulu Unibank which pays 10% annual interest. Assume Mr. Albuera pre-terminated the time deposit on July 1, 2018. Compute the final tax to be withheld on pre-termination. P5,000 P12,000 P45,000 P108,00012-During the tax year 2019/20, Ahmed has trading profit of £20,000 and sold a commercial investment property giving rise to a capital gain of £13,000. Which one of the following is total taxable income of Ahmed, for the tax year 2019/20 as per UK tax laws? a. £8,500 b. None of the options c. £7,500 d. £1,000Abe commenced trading on 1 September 2020. The tax adjusted trading profit for his first two accounting periods is as follows: Accounting period Tax adjusted trading profit Ten months ended 30 June 2021 £ 15,720 26,340 Year ended 30 June 2022 On what amount of trading profit will Abe be assessed for the tax year 2021-22? £26,340 £20,110 £24,471 £15,720