Gurdeev own a small business (Constrution) in Sydney, he employed his sister in law (University student) during her uni break for a salary of $2,000/ week while a market rate for receptionist is $650/week as a receptionist. Advise whether Gurdeev can claim the $2,000 as a deduction under S8-1 (General Deduction)?
Q: Nitai, who is single and has no dependents, was planning on spending the weekend repairing his car.…
A: Tax is the liability which has to be paid by the individual and the corporation to the Federal…
Q: Norman Dowd owns his own taxi, for which he bought a $10,800 permit to operate two years ago. Mr.…
A: Solution- 1 (a)- Opportunity cost = $40,500 1 (b)- Operating as independent = $32,400 Working…
Q: Lorenzo Ricci, a 38-year-old computer programmer, earns $85,000 a year. His monthly take-home pay is…
A: Disability insurance is a type of insurance in which benefits are received by the insured if the…
Q: After graduating from Concordia, Paulo successfully completed the mandatory real estate training and…
A: Debt to Asset ratio is the proportion of Debt to Total assets of a person or business. It is…
Q: If Jonathon worked for his mother's sole proprietorship, what salary would she have to pay him to…
A: Tax is the compulsory payment made by the taxpayer to his country's government.
Q: Mr. Allen is a 65-year-old Jamaican tax resident. He is the director of a hotel, Allen’s Rest Well…
A: Taxation: Taxation refers to the imposition of compulsory financial obligations by the government on…
Q: Nitai, who is single and has no dependents, was planning on spending the weekend repairing his car.…
A: Opportunity cost can be defined as the loss of what is given up when choosing the alternative over…
Q: Advise Sam’s employer as to the FBT consequences (using statutory formula method) arising out of the…
A: FBT stands for the fringe benefit tax. It is the benefit which an employee receives from his or her…
Q: What is Leah’s total annual compensation?
A: The total annual compensation of Leah would consists of annual salary plus employer's contribution.…
Q: Keith is an employee of a real estate company. He has negotiated car benefits with his employer.…
A: FBT stands for Fridge Benefit tax. It is the amount of tax to be paid on the employee's fringe…
Q: Hinda works for LMN in Nova Scotia and earns an annual salary of $70,000.00 paid on a bi-weekly…
A: Answer:
Q: What is Ann's home office deduction?
A: There are 2 methods of calculating home office deduction. The simplified option and the actual…
Q: Jordan owns and operates Jordan’s Exotic Jouneys (JEJ), a sole proprietorship. JEJ sponsors a…
A: Computation:
Q: Your clients, Adam and Amy Accrual, have a 21-year-old daughter named April. April is single and is…
A: In the above question we have asked about to sign declaration form for return or not which the help…
Q: Assuming the Workmans file a joint tax return, determine their gross income minus expenses on the…
A: 1. Determination of Gross Income when Ryan's files joint return. S.NO PARTICULARS AMOUNT ($)…
Q: During the current year, Gene, a CPA, performs services as follows: 1,800 hours in his tax practice…
A:
Q: Gordon is a health care assistant living in Belfast, earning £20,000 a year after deductions for…
A: Here talking about the net earning which can be useful for the individual who can covert to living…
Q: ax provided she opted to use the graduate rate?
A: Pay as you earn system or tax deduction at source in some countries are the advance tax payment…
Q: Freddie owns an electronics outlet in Houston. This year, he paid $600 to register for a four-day…
A: Business expense: Record expenses which are incurred only business purpose.
Q: Johann and Marta are a married couple, both age 33. Johann works as a contract employee for the…
A: Disability Insurance -: Disability insurance is a category of insurance that is planned to provide…
Q: Candace uses an office in her home exclusively for her business. The business use of the home is 100…
A: Home office deduction should be proportionate to the area that is used for business purpose.
Q: Ken is a self-employed architect in a small firm with four employees: himself, his office assistant,…
A: Answer: According to data - Ken is a self-employed architect in a small firm with four employees:…
Q: Emily was recently accredited as a lawyer and started employment on June 1 with Maloney & Maloney, a…
A: Here in this context the situation was Emily enter into Working contract with Maloney & Maloney…
Q: income should be declared by Palmon
A: Palmon rendered cleaning service to Pai Chain. The value of cleaning service is an income in the…
Q: Ann is a self-employed restaurant critic who does her work exclusively from a home office. Ann's…
A: Rent $6000/1000 x 200 = $1200 Utiilties = $1000 /2 = $500 insurance = $ 200 /2 = $100 Maintanence =…
Q: Joseph is employed with NSM limited and earns a gross monthly salary of one million from which he…
A: In Kampala commercial capital of Uganda rental income is taxed as under--- Exempt limit of…
Q: tim is living with his spouse in California when he finds out that his wife is having an affair. Tim…
A: Tax is a charge which is charged on the taxable income of the taxpayer. This tax amount is…
Q: First Metro Pacific was able to persuade Francis to join the company as its Assistant Vice President…
A: Francis joined the company as Assistant Vice President for Finance. Company included the car plan in…
Q: Clark is a self-employed freelance news reporter. The Globe News Corp. hires him as an independent…
A: Deductible expenditures are those which can be deducted from a business's profit before it is taxed.
Q: Cindy, who is self-employed, maintains an office in her home that comprises 20% (390 square feet) of…
A: Home Office Deduction: When one is using his or her home also in the business, hence one can be…
Q: Raj is employed as a journalist. His employer pays him an allowance of $200 per week to cover the…
A: The question is based on the concept of Taxation.
Q: Jessica is a professional consultant. She agrees to consulting services for Joe for $2,000. After…
A: This question deals with the IFRS 15 " Revenue from contracts with customer". As per IFRS 15, When…
Q: Samantha moved from Regina to Winnipeg to work at Red River College. Her moving expenses included…
A: Moving allowances - It includes all such expenses which is incur for moving of household goods and…
Q: Mr. Nassir works as a sales agent in an insurance company and is responsible for selling life…
A: An employee earns a gross income that may include various component like basic salary, allowances,…
Q: Mr. Allen is a 65-year-old Jamaican tax resident. He is the director of a hotel, Allen’s Rest Well…
A: Considering Jamaica tax rates citizens who are aged more than or equal to 65 years are given an…
Q: France works for a company located in Pierrefonds, Québec. She earns an annual salary of $54.905.00…
A: Introduction:- Persons or enterprises (taxpayers) pay a taxation depending on their revenues or…
Q: Ginny is an accountant by trade, she paid $1,000 each year to join as CPA member. She also has a…
A: Tax: It is the liability imposed by government that arises on the income of individual corporation…
Q: Jack is a lawyer who is a member at Ocean Spray Country Club where he spends $7,200 in dues, $4,000…
A: Formula: Total expense = Business meals + Rotary club fees Sum of both business meals and rotary…
Q: Under Australian Taxation law .Please provide "sections" on the issues raised on the question below…
A: FBT stands as fringe benefits tax it is applicable in the Australian tax system and is applied by…
Q: a. Federal income tax withholdings b. Federal income tax withholdings c. Federal income tax…
A: The income tax withholding is an amount of the tax that is deducted by the employer from the…
Q: Norman Dowd owns his own taxi, for which he bought a $13,000 permit to operate two years ago. Mr.…
A: Opportunity cost of owning and operating the independent business = Selling Price of Business…
Q: Rick, who is single, has been offered a position as a city landscape consultant. The position pays…
A: Tax:- A tax is the compulsory payment which is imposed by the government on the income and capital…
Q: Rabbie is an Australian resident and single. He works as a university lecturer in Brisbane CBD. His…
A: Tax- It is the charge computed on the income of an individual or an organization which is…
Q: Helen works for Jefferson Movers in Alberta and earns an annual salary of $49,086.00 paid on a…
A: Using the given data, Helen's net pay is calculated as below Particulars Amount Gross Annual…
Gurdeev own a small business (Constrution) in Sydney, he employed his sister in law (University student) during her uni break for a salary of $2,000/ week while a market rate for receptionist is $650/week as a receptionist. |
Advise whether Gurdeev can claim the $2,000 as a deduction under S8-1 (General Deduction)? |
Step by step
Solved in 2 steps
- Mr. Nassir works as a sales agent in an insurance company and is responsible for selling life insurance. Mr. Nassir's basic salary is OMR 500 per month. However, as per his employment contract, he receives an extra income of OMR 30 for every life insurance he sells. This makes his total salary significantly different from his basic salary. This extra income belongs to which of the following categories? Illegal income Deduction Fringe benefit IncentiveMorgan is paid $2,947.75 per week. What is the amount of federal income tax withheld from Morgan's paycheck under the following conditions? Assume that Morgan has only one job or that step 2 of Form W- 4 is not checked. Also, her employer uses the Percentage Method Tables for Automated Systems. Use percentage method tables for automated systems. Required: a. Morgan is single, with no dependents. b. Morgan is married (spouse does not work) and claims two dependents who are under the age of 17. c. Morgan is single, claims no dependents, but wants $60 in additional withholding. Note: For all requirements, round your intermediate computations and final answers to 2 decimal places. a. Federal income tax withholdings b. Federal income tax withholdings c. Federal income tax withholdings AmountRick, who is single, has been offered a position as a city landscape consultant. The position pays $147,800 in cash wages. Assume Rick has no dependents. Rick deducts the standard deduction instead of itemized deductions and he is not eligible for the qualified business income deduction. (Use the tax rate schedules.) b-1. Suppose Rick receives a competing job offer of $139,000 in cash compensation and nontaxable (excluded) benefits worth $8,800. What is the amount of Rick’s after-tax compensation for the competing offer?
- Under Australian Taxation law .Please provide "sections" on the issues raised on the question below Mason is a car painter with Melbourne Collision Repair Centre. Mason studying BPA and his employer pays for his course fees at Holmes Institute costing Mason $12,000. Also, Mason lives in a unit apartment in Brisbane, which is provided to him by Melbourne Collision Repair Centre as his employer as fringe benefit. The market value rent for the apartment is $500 per week, and Mason pays $100 of rent per week for the apartment.Required:Advise the FBT consequences of Mason’s remuneration packageMorgan is paid $2,915.75 per week. What is the amount of federal income tax withheld from Morgan's paycheck under the following conditions? Assume that Morgan has only one job or that step 2 of Form W-4 is not checked. Also, her employer uses the Percentage Method Tables for Automated Systems. Use percentage method tables for automated systems. Required: a. Morgan is single, with no dependents. b. Morgan is married (spouse does not work) and claims two dependents who are under the age of 17. c. Morgan is single, claims no dependents, but wants $50 in additional withholding. Note: For all requirements, round your intermediate computations and final answers to 2 decimal places. a. Federal income tax withholdings b. Federal income tax withholdings c. Federal income tax withholdings AmountMason is a car painter with Melbourne Collision Repair Centre. Mason studying BPA and his employer pays for his course fees at Holmes Institute costing Mason $12,000. Also, Mason lives in a unit apartment in Brisbane, which is provided to him by Melbourne Collision Repair Centre as his employer as fringe benefit. The market value rent for the apartment is $500 per week, and Mason pays $100 of rent per week for the apartment. Advise the FBT consequences of Mason’s remuneration package
- Allison is paid $2,850 per week. What is the amount of federal income tax withheld from Allison's paycheck under the following conditions? Assume that Allison has only one job or that step 2 of Form W-4 is not checked. Also, her employer uses the Percentage Method Tables for Automated Systems. Use percentage method tables for automated systems. Required: a. Allison is single and no dependents. b. Allison is married (her spouse does not work) and claims two dependents who are under the age of 17. c. Allison is single, claims no dependents, but wants $60 in additional withholding. (For all requirements, round your intermediate computations and final answers to 2 decimal places.) a. Federal income tax withholdings b. Federal income tax withholdings c. Federal income tax withholdings AmountHenrietta Jones works on Capitol Hill as a legislative assistant and to supplement her income, works as a freelance driver using an app (Lyft). In 2023, she made $ 40.000 in wages from her Capitol Hill job and made $61 ,200 from driving for Lyft (She is an independent contractor). a. What is her 1) taxable income, b. What is her 2) OBI deduction: s. How much self-employment tax does she owe; d. Please prepare draft: 1) Form 1040 Schedule C, Schedule SE and Schedule 1.Ginny is an accountant by trade, she paid $1,000 each year to join as CPAmember. She also has a knack for programming; hence she also joins theComputer Associates membership for $500 per year as she planned to find a newcareer as a programmer. Discuss her eligibility whether she can deduct bothmembership fees from her assessable income!
- Morgan is paid $2,700 per week. What is the amount of federal income tax withheld from Morgan's paycheck under the following conditions? Assume that Morgan has only one job or that step 2 of Form W-4 is not checked. Also, her employer uses the Percentage Method Tables for Automated Systems. Use percentage method tables for automated systems. Required: a. Morgan is single and no dependents. b. Morgan is married (spouse does not work) and claims two dependents who are under the age of 17. c. Morgan is single, claims no dependents, but wants $60 in additional withholding.Allison is paid $3,000 per week. What is the amount of federal income tax withheld from Allison’s paycheck under the following conditions? Assume that Allison has only one job or that step 2 of Form W-4 is not checked. Also, her employer uses the Percentage Method Tables for Automated Systems. Use percentage method tables for automated systems. Required: Allison is single and no dependents. Allison is married (her spouse does not work) and claims two dependents who are under the age of 17. Allison is single, claims no dependents, but wants $60 in additional withholding.What is the taxpayer's gross income in each of the following situations? Do not type a dollar sign. Use commas when appropriate as in 3,500. If the answer is zero, type a 0. a. Myra received a salary of $80,000 from her employer, Green Construction. b. In July, Green Construction gave Myra an all-expense-paid trip to Las Vegas (value of $3,200) for exceeding her sales goals. c. Darrin received $9,000 from his employer to help him pay his medical expenses not covered by insurance, this payment is not available to all employees. d. Blake received $5,000 from his deceased wife's employer to help him in his time of greatest need." e. Austin collected $50,000 as the beneficiary of a group term life insurance policy when his wife died. The premiums on the policy were paid by his deceased wife's employer.