Abe 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 2021-227 £26,340 £20,110 £24,471 £15,720

K Mihir Shah received interest income of $3971.13 from his investments in 2023 in his taxable brokerage account. Calculate the amount of tax he will have to pay on this interest based on the following information: Gross-up percent Combined Federal and Manitoba Tax Rate on Ordinary Income Federal Dividend Tax Credit Manitoba Dividend Tax Credit Do not round intermediate calculations - do your work in Excel. Mihir will have to pay $ HOTED 38% 49.98% 15.0198% 8% of tax on this interest income (round to the nearest cent = $0.01)

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KPL Ltd has a year end of 31 March 2021. During the year it paid £1,600 for rent. At the start of the year it had an accrual of £400 and at 31 March 2021 had prepaid £250 of rent in respect of the year starting 1 April 2021. What is the charge to the income account for the year ended 31 March 2021? a)  £950 b)  £1,600 c)  £1,450 d)  £1,750

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Mikhail Rivers is a self-employed corporate tax consultant.  Mikhail’s business, Rivers’s Tax Consultancy, prepares financial statements to an accounting date of 31 March each year.   During the year ended 31 March 2021, Mikhail’s tax adjusted trading profit was £34,120.   What is the total amount of National Insurance contributions payable by Mikhail for the contribution period 2020/21?   A. £158.60 B. £3,070.80 C. £2,374.40 D.        £0. Mikhail will not be required to make any National Insurance contributions

The accounting income of Pharoah Corporation and its taxable income for the years 2023 to 2026 are as follows: Year Accounting Income Taxable Income Tax Rate 2023 $463,000 $302,000 25% 2024 425,000 301,000 30% 2025 401,000 309,000 30% 2026 465,000 651,000 30% The change in the tax rate from 25% to 30% was not enacted until early in 2024. Accounting income for each year includes an expense of $42,000 that will never be deductible for tax purposes. The remainder of the difference between accounting income and taxable income in each period is due to one reversing difference for the depreciation of property, plant, and equipment. No deferred taxes existed at the beginning of 2023. (a) Calculate the current and deferred tax expense or benefit for each of the four years. Also calculate the balance of the deferred tax balance sheet account at the end of each fiscal year from 2023 to 2026. (Show asset and benefit numbers as positive, and liability and expense numbers as negative.) 2023 2024…

Meryam Ahmed has net tax owing for 2016 of $5,000, net tax owing for 2017 of $8,000 and estimated net tax owing for 2018 of $6,500. If she wishes to pay using the Canada Revenue Agency's instalment payment calculation, what would be her payment be on September 15, 2018? a) $1250 Ob) $1625 c) $2000 d) $2750

27-Muscat Steels LLC received an assessment order (AO) from income tax authority on 1st August 2020. As per the AO, the due date of filing of final return was on 31st July 2020 for the tax year 2019 and the tax payable is assessed as RO 200,000. What will be the amount of tax to be paid by the taxpayer assuming that if the payment of tax was made on 30th April 2021? O a. RO 201,500 b. RO 202,000 O c. RO 200,500 o d. None of the options

Mani