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- Mrs. Y, wife of a deceased employee, received financial benefits voluntarily voted upon by the Board of Directors of the employer-company in recognition of her husband’s long and loyal service and primarily to help her meet financial needs. Which of the following is false? A. Mrs. Y is not subject to income tax on the financial benefits she received because there were no services rendered by Mrs. Y. B. Mrs. Y is subject to income tax on the financial benefits she received because such amount is in consideration of her deceased husband’s employment. C. The amount is not considered as income of the deceased employee because the giving was not in payment for services rendered. D. A and BEkiya, who is single, has been offered a position as a city landscape consultant, the position pays $127,400 in wages. Assume Ekiya has no dependents. Ekiya deducts the standard deduction instead of itemized deductions, she is not eligible for the quailed business income deduction, and she did not make any charitable donations.Ekiya, who is single, has been offered a position as a city landscape consultant. The position pays $150,200 in wages. Assume Ekiya has no dependents. Ekiya deducts the standard deduction instead of itemized deductions, and she is not eligible for the qualified business income deduction. What is the amount of Ekiya's after-tax compensation (ignore payroll taxes)? Solve for sub-questions 2, 4, and 6.
- Ekiya, who is single, has been offered a position as a city landscape consultant. The position pays $132, 200 in wages. Assume Ekiya has no dependents. Ekiya deducts the standard deduction instead of itemized deductions, and she is not eligible for the qualified business income deduction. (Use the tax rate schedules.) a. What is the amount of Ekiya's after-tax compensation (ignore payroll taxes)?Virginia Pecson is an MWE working in Quezon City. As such, her employer did not withhold any tax from her compensation. In addition to her Statutory Minimum Wage (SMW), she also earned a one-time commission from her employer in September of taxable year 2018. In what months of the taxable year shall her employer withhold income tax from her SMW? (a) When she received the commission in September, she ceased to be an MWE. Her employer shall withhold income taxes from her compensation (which includes the SMW) received in the months of September thru December 2018. (b) None. Her employer may not withhold income taxes from the SMW she received in all the 12 months of 2018. Her employer shall withhold the CWT only from the commission she received in September 2018. (c) In all the months of 2018. (d) None of the above.Marvin sells computer equipment and is objecting to an assessment received from SARS. During the current year of assessment (28 February), Marvin donated second-hand office equipment to a local radio station. In return, the radio station agreed to broadcast 'specials' that Marvin had on certain computer products for the week. SARS taxed the value of the office equipment donated to the radio station and stated that the donation fell within the definition of gross income. Marvin believes otherwise. YOU ARE REQUIRED: Discuss all the gross income requirements that Marvin should bear in mind when preparing the objection of the assessment. (Assume that Marvin is a resident of the Republic.)
- Ekiya, who is single, has been offered a position as a city landscape consultant. The position pays $127,400 in wages. Assume Ekiya has no dependents. Ekiya deducts the standard deduction instead of itemized deductions, she is not eligible for the qualified business income deduction, and she did not make any charitable donations. -what is the amount of Ekiya’s after-tax compensation (ignore payroll taxes)? -suppose Ekiya receives a competing job offer of $122,000 in wages and non taxable (excluded) benefits worth $5,400. What is the amount of Ekiyas after tax compensation for the competing offer?Ekiya, who is single, has been offered a position as a city landscape consultant. The position pays $125,000 in wages. Assume Ekiya has no dependents. Ekiya deducts the standard deduction instead of itemized deductions, she is not eligible for the qualified business income deduction, and she did not make any charitable donations. (Use the tax rate schedules.) Required: a. What is the amount of Ekiya's after-tax compensation (ignore payroll taxes)? Note: Round your intermediate calculations and final answers to the nearest whole dollar amount. b-1. Suppose Ekiya receives a competing job offer of $120,000 in wages and nontaxable (excluded) benefits worth $5,000. What is the amount of Ekiya's after-tax compensation for the competing offer? Note: Round your intermediate calculations and final answer to the nearest whole dollar amount. b-2. Which job should she take if taxes are the only concern?Gary owns a commercial building and leased his premises to John to conduct a bakery business. Under the lease contract, John is obliged to repair any modified or damaged parts of the building after the lease term. However, John fails to repair Gary’s building, which was damaged due to machinery and fixtures’ instalments. John agreed to pay Gary $3,100 to cover the repair expenses. Required: With reference to relevant legislation and case law discuss the tax treatment of this payment for Gary. (maximum 300 words)
- Rick, 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.) a. What is the amount of Rick’s after-tax compensation (ignore payroll taxes)?Asshish is a medical doctor and a scientist. He works at a local hospital in the mornings, attending to patients. At lunchtime he takes a train to the local university where he works in a research laboratory. At the end of the day, he takes the train home. Advise Asshish as to the tax deductibility of the train fares. O The train fare from the university to his home will not be deductible as it is a private or domestic expense O The train fare from the university to his home will be deductible as it is necessary to put him in a position to earn the income O The train fare from the university to his home will not be deductible as it is a fringe benefit tax O The train fare from the university to his home will be deductible as it is directly connected to his income exertionA taxpayer operating a small business applied for and received the Main Street Small Business Tax Credit from the CDTFA. During the year, they increased their net employee count for full-time equivalent (FTE) employees to 102 over their average monthly FTE values. What is the amount of the credit that they can claim on their return for this massive employee increase? (Do not consider how much can be used, only how much they are eligible for given the circumstances. None of the employee wages are used in the consideration of any other credits.