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- f1 Bat Man is 54 years old and married with 2 children. He is fully employed and earned a salary of R1 450 000 for the current year of assessment. He also made contributions to a medical aid fund of R35 000 and his employer also contributed a further R25 000. YOU ARE REQUIRED to determine Bat's taxable income for the current year of assessment. Select one: a. R1 450 000 b. R1 475 000 C. R1 510 000 d. R1 485 000A married couple received $11,000 of social security benefits. a. Calculate the taxable amount of those benefits if the couple's provisional income is $24,500. b. Calculate the taxable amount of those benefits if the couple's provisional income is $42,500. c. Calculate the taxable amount of those benefits if the couple's provisional income is $65,000. a. b. " Taxable amount of benefits $ 0What is the maximum amount of qualified expenses that a taxpayer with one qualifying child can claim for the basis of the Form 2441 credit for dependent care for TY2023? a. $6,000 b. $5,000 c. $3,000 d. There is no limit to the expenses
- K 5 Grady received $8,320 of Social Security benefits this year. Grady also reported salary and interest income this year. What amount of the benefits must Grady include in his gross income under the following five independent situations? Note: Leave no answer blank. Enter zero if applicable. Required: Grady files single and reports salary of $12,400 and interest income of $280. Grady files single and reports salary of $22,330 and interest income of $630. Grady files married joint and reports salary of $75,600 and interest income of $530. Grady files married joint and reports salary of $44,000 and interest income of $730. Grady files married separate and reports salary of $22,330 and interest income of $630Mr. Latif is working as an accountant in a general partnership namely 'Al Majan' for the last two years. His monthly allowance is OMR 100 PM and his gross salary is OMR 750 PM. His joining date is 08-07-2003. Since he produced a false identity, he was terminated on 01-01-2009. Calculate gratuity. • a. No gratuity O b. 2,500 O c 3,500 O d. 2,585 Clear my choiceLawrence received a salary advance of $50 on September 1. He plans to repay this advance from his gross wages of 450 to be paid on September 15. What is his taxable income for the September 15 paycheck? a. 500 b. 400 c. 450 d. 350
- Enter the taxpayer's gross income for each of the following independent situations. If an amount is zero, enter "0". Taxpayer's Gross Income a. Darrin received a salary of $50,000 from his employer, Green Construction. $fill in the blank 1 b. In July, Green gave Darrin an all - expense - paid trip to Las Vegas (value of $3,000) for exceeding his sales quota. $fill in the blank 2 c. Marta received $10,000 from her employer to help her pay medical expenses not covered by insurance. $fill in the blank 3 d. Blake received $15,000 from his deceased spouse' s employer as compensation for a bonus earned prior to death. $fill in the blank 4 e. Clint 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. $fill in the blank 5TB MC Qu. 08-67 (Algo) Montague (age 15) is claimed as a dependent... Simon (age 15) is claimed as a dependent by Simon's parents, Matthew and Marti. In 2022, Simon received $5.090 of qualified dividends, and received $890 from a part-time job. What is Simon's 2022 taxable income? Multiple Choice O 50 $4,350 $4,6901) Nancy has cumulative earnings of $104,500 and earns $7,800 during the current pay period.If the FICA rate is 4.2 percent for Social Security, with a limit of $106,800, and 1.45 percent forMedicare, applied to all earnings, calculate the total FICA tax to be withheld for this pay period.a. $440.70.b. $209.70.c. $113.10.d. $96.60.e. $231.00. 2) Ernie White has $6,800 cumulative earnings during the calendar year and earned $950 duringthe current pay period. If the state unemployment tax is 5.4 percent of the first $7,000, the federalunemployment tax is 0.6 percent of the first $7,000, the FICA Social Security tax is 6.2 percent ofthe first $106,800, and FICA Medicare tax is 1.45 percent on all earnings, the amounts placed inthe Taxable Earnings columns of the payroll register are: a. state unemployment, $0; federal unemployment, $0; Social Security, $850; Medicare,$850.b. state unemployment, $950; federal unemployment, $950; Social Security, $950; Medicare,$950.c. state unemployment,…
- Suresh a salaried employee, furnishes the following information in respect of the previous year 2021-22-Salary income (before standard deduction): Rs.4, 50,000; debentures interest: Rs.1,75,000; payment of life insurance premium on life of grandmother: Rs. 10,500; contribution to Prime Minister’s Draught Relief Fund: Rs.20,000. Determine the net income of Ramesh for the assessment year 2022-23, assuming income from long term capital gain is Rs. 100,000 and he deposited Rs. 50,000 in public provident fund. Calculate his tax liability for the assessment year 2022-23Maureen Smith is a single individual. She claims a standard deduction of $12,400. Her salary for the year was $241,050. What is her taxable income? a. $12,400 b. $253,450 c. $228,650 d. $216,250 e. $241,050Har.6 Loral is 28 years old. During the current year of assessment, he earned a salary R500 000. Hecontributed R60 000 to his retirement fund. His employer contributed R65 000 to his retirement fund.He contributed R6 000 per month to a medical aid fund for the full tax year. His employer made anequal amount of contributions to his medical aid for the for the full tax year. YOU ARE REQUIRED tocalculate the retirement fund contribution deduction which Loral will be allowed to deduct from histaxable income for the current year of assessment.Select one:a. R125 000O b. R197 000C.R175 175O d. R60 000
