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- What is the annual social security withholding for an executive whose annual gross earnings are 98485?Please help me with part a.A calendar-year taxpayer had net Code Sec. 1231 losses of $8,000 in 2018. He had net Code Sec. 1231 gains of $5,250 and $4,600 in 2019 and 2020, respectively. There were no net Code Sec. 1231 losses in 2015, 2016, and 2017. What portion of the net Code Sec. 1231 gain is reported as ordinary income, and what portion is considered long-term capital gain in 2020? $5,250 is reported as ordinary income; no portion is treated as long-term gain. No long-term capital gain is reported and $3,400 is reported as ordinary income. $2,750 is reported as ordinary income and $1,850 is reported as long-term capital gain. $2,150 is reported as long-term capital gain and $2,400 is reported as ordinary income.
- Camila timely filed her 2020 tax return on April 15, 2021. Under ordinary circumstances, what is the last day she can file an amended tax return? April 15, 2023; October 15, 2023; April 18, 2024; October 15, 202419. Miss Barakah is the owner of Mini Market Barakah. She has prepared financial statements for the year ending 31 December 2022. Why does she need to prepare financial statements? A Ensure that the investment was used optimally B Attracting new investors to invest C Determine the amount of taxable income. D Allow bonus claims and salary increments to be made 20. Information below relates to Mr. Azrex who needs a financial statement. I need a financial statement to make an assessment of whether to grant or renew a credit facility. Who is Mr. Azrex? A Competitor B Investor C Owner D Supplier 21. Adrian Sdn. Bhd. supplies shirts to boutiques across the country. This company incurs fixed costs amounting to RM300,000. The selling price of a shirt is RM180 and the variable cost of a shirt is RM95. How many shirts should be sold to ensure that the company does not incur losses? A 1,091 B 1,667 C 3,158 D 3,530What are the 2019 tax rates for FICA Social Security and FICA Medicare? What are the 2019 maximum taxable earnings amounts for each of these taxes?
- Required: Calculate Augustine's income tax liability for the year ended 30 June 2020, if he is treated as carrying on a trade in respect of his motor car activities.What is Marc and Mikkel's taxable income? What is Marc and Mikkel's taxes payable or refund due for the year?Assume that Rosanne Madden, CPA, is using 5% of net incomebefore taxes, current assets, or current liabilities as her major guidelines for evaluatingmateriality. What qualitative factors should she also consider in deciding whethermisstatements may be material?
- 57. What is the adjustment that must be made to taxable income in computing alternative minimum taxable income for 2020, assuming that an individual purchased an office building on january 8 for $400,000?For the tax year 2021-22, what is the deadline to file a self-assessment tax return if submitted manually? 31 January 2022 31 January 2023 31 October 2022 6th April 2023Annie files her 2020 tax return on April 15, 2021. On what date will the Statute of Limitations on Assessment expire? O April 15, 2022 April 15, 2023 April 15, 2024 O April 15, 2027