Faisal is self-employed, and for the tax year 2021-22 had a trading profit of E47,500. He has brought forward trading losses of £8,000 What are the total national Insurance contributions payable by Faisal for the tax year 2021-227
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- Faisal is self-employed, and for the tax year 2021-22 had a trading profit of £47,500. He has brought forward trading losses of £8,900. What are the total national insurance contributions payable by Faisal for the tax year 2021-227 Select...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 contributions7) In 2021-22, Steven (who is not a Scottish taxpayer) has business profits of £45,250, bank interest of £1,765 and dividends of £10,000. He claims the personal allowance of £12,570. Required: What is his income tax liability for the year?
- Gary's income for the tax year 2022/23 comprises a salary of £140,000 and dividends of £20,000. He is not entitled to a personal allowance. How will his dividends be taxed? O a. £2,000 at 0% and £8,000 at 33.75% and £10,000 at 39.35% O b. All at 39.35% O c. £10,000 at 33.75% and £10,000 at 39.35% O d. £2,000 at 0% and £10,000 at 33.75% and £8,000 at 39.35%Marco Leopizzi earns £45,000 in tax year 2021-22. He also received bonus of £20,000 in a year, house allowance £10,000, conveyance allowance £2,000. His income from property is £20,000 His spouse was born before 6 April 1935. He takes the advantage of married couple allowance (MCA) and is also eligible for marriage allowance. Keeping in view above set of information, please calculate his amount of tax paid for year 2021-2022.Leonard is employed and received a gross salary of £3,452 per month during tax year 2021-22. He also has a small business and paid 52 Class 2 NICs for the year. His trading income for 2021-22 was £12,160. Calculate the refund of NICs due to Leonard for the year (if any).
- Allan has a gross income of P400,000 in 2020. His employer deducted P5,000 SSS, P4,000 PHIC, P3,000 HDMF, P2,000 union dues, and P80,000 creditable withholding tax. How much is the total final tax due of Allan?Jamila received Employment Income of £29,000 and bank interest of £3,000 during the tax year 2020/21. Calculate Jamila's income tax liability for the tax year 2020/21.Mr. Asif, a Salaried Individual, has following information for the Tax Year 2020. His Annual Tax Certificate from Employer shows, Annual Gross Salaried Income of Rs. 950,000 His employer has deducted WHT under Section 149 (Salary of Employee) Rs. 17200. His Mobile Tax Certificate shows WHT under Section 236 (Prepaid Telephone Card) Rs. 889. He received share of Profit from Investment in a Business Rs. 150,000. The details of his Personal Assets as follow: Balances June 30, 2019 June 30, 2020 Cash at Hand 50,000 50,000 Bank Account (Salaried) 121,000 159,000 Bank Account (Saving) 150,000 265,000 Prize Bond 255,000 255,000 Investment in Business 2,000,000 2,000,000 Property (Residential) 3,200,000 3,200,000 Calculate: Total Income Tax Chargeable (Annual Income Tax) Admitted Income Tax (Remaining Tax Liability) His estimated Personal Expenses (Reconciliation of Personal Assets)
- Mr. Bakhtawar, a Individual Person, has following information for the Tax Year 2020.Given His Annual Tax Certificate from Employer shows, Annual Gross Salaried Income of Rs. 1450,000. His employer has deducted WHT under Section 149 (Salary of Employee) Rs. 97200. His Mobile Tax Certificate shows WHT under Section 236 (Prepaid Telephone Card) Rs. 2355. He received share of Profit from Investment in a Business Rs. 750,000. He received Rent from Property as follow: Shop Rent of 20,000 per month (Shop was rented for 11 Month Only) Rent from Owned Flat Rs. 18,000 permonth (Flat was rent for full year) The details of his Personal Assets as follow: Balances June 30, 2019 June 30, 2020 Cash at Hand 150,000 180,000 Bank Account (Salaried) 421,000 659,000 Bank Account (Saving) 850,000 1265,000 Investment Securities (Saving Certificates and Prize Bonds) 1255,000 1550,000 Investment in Business 4,000,000 4,000,000 Property (Residential)…Mr. Bakhtawar, a Individual Person, has following information for the Tax Year 2020.Given His Annual Tax Certificate from Employer shows, Annual Gross Salaried Income of Rs. 1450,000. His employer has deducted WHT under Section 149 (Salary of Employee) Rs. 97200. His Mobile Tax Certificate shows WHT under Section 236 (Prepaid Telephone Card) Rs. 2355. He received share of Profit from Investment in a Business Rs. 750,000. He received Rent from Property as follow: Shop Rent of 20,000 per month (Shop was rented for 11 Month Only) Rent from Owned Flat Rs. 18,000 permonth (Flat was rent for full year) The details of his Personal Assets as follow: Balances June 30, 2019 June 30, 2020 Cash at Hand 150,000 180,000 Bank Account (Salaried) 421,000 659,000 Bank Account (Saving) 850,000 1265,000 Investment Securities (Saving Certificates and Prize Bonds) 1255,000 1550,000 Investment in Business 4,000,000 4,000,000 Property (Residential)…Mr. Bakhtawar, a Individual Person, has following information for the Tax Year 2020.Given His Annual Tax Certificate from Employer shows, Annual Gross Salaried Income of Rs. 1450,000. His employer has deducted WHT under Section 149 (Salary of Employee) Rs. 97200. His Mobile Tax Certificate shows WHT under Section 236 (Prepaid Telephone Card) Rs. 2355. He received share of Profit from Investment in a Business Rs. 750,000. He received Rent from Property as follow: Shop Rent of 20,000 per month (Shop was rented for 11 Month Only) Rent from Owned Flat Rs. 18,000 permonth (Flat was rent for full year) The details of his Personal Assets as follow: Balances June 30, 2019 June 30, 2020 Cash at Hand 150,000 180,000 Bank Account (Salaried) 421,000 659,000 Bank Account (Saving) 850,000 1265,000 Investment Securities (Saving Certificates and Prize Bonds) 1255,000 1550,000 Investment in Business 4,000,000 4,000,000 Property (Residential)…
