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- The following Data relates to Stephanie Garner, a resident taxpayer. Stephanie derives income from a public relations business and is also a partner in a marketing business Assessable business Income 2019/20 2020/21 2021/22 $93,400. $126,000 $133,400 General Business Deductions Share of Partnership Net Income (Loss). Superannuation and Gifts Net Exempt income 80,000 129,000 119,200 (21,800) 14,900 (5,600) 11,000 8,000 3,000 2,000 4,000 1,500 General Business deductions are separate from personal superannuation, gifts, partnership lossess and losses of previous years. For each year, determine Stephanie's Taxable Income and any losses that may be carried forwardFor a 24-year-old taxpayer with two dependents who is qualified to use the filing status of "head of household," what is the California AGI that will cause him to be required to file a tax return for 2022? a. $41,988 • b. $46,171 c. $58,724 • d. $40,000 Answer: a. $41,988Pedro is about to prepare and file his annual income tax return for the year ending December 21, 2020. Pedro is an emloyed engineering manager and he practice his profession and as a consultant. What BIR Form will be used?
- 19. Miss Barakah is the owner of Mini Market Barakah. She has prepared financial statements for the year ending 31 December 2022. Why does she need to prepare financial statements? A Ensure that the investment was used optimally B Attracting new investors to invest C Determine the amount of taxable income. D Allow bonus claims and salary increments to be made 20. Information below relates to Mr. Azrex who needs a financial statement. I need a financial statement to make an assessment of whether to grant or renew a credit facility. Who is Mr. Azrex? A Competitor B Investor C Owner D Supplier 21. Adrian Sdn. Bhd. supplies shirts to boutiques across the country. This company incurs fixed costs amounting to RM300,000. The selling price of a shirt is RM180 and the variable cost of a shirt is RM95. How many shirts should be sold to ensure that the company does not incur losses? A 1,091 B 1,667 C 3,158 D 3,530a taxpayer’s spouse died on march 31, 2020. he has no qualifying child. which status should the taxpayer elect when filing his 2020 tax return? a. qualifying widow(er). b. married filing jointly. c. single. d. married filing separately.Assume Nathalie dies today. Based on their current situation, what asset would be subject to probate fees?a) nathalie's spousal and individual RRSPb) nathalie's cottagec) Nathalie 50% ownership interest in the couple's principsi residence and their joint investment account.d) nathalie's death will not result in tax liability this year.
- As a tax return preparer for The Fernando Rodriguez Tax & Accounting Service, you have been asked to calculate the missing information for one of the firm's tax clients. The following table gives the standard deduction for various filing statuses. Standard Deductions Single or married filing separately $12,000 Married filing jointly or surviving spouse $24,000 Head of household $18,000 65 or older and/or blind and/or someone else can Varies claim you (or your spouse (See www.irs.gov for information.) if filing jointly) as a dependent: Using the standard deduction table above, complete the following table (in $). Name Filing Status Income Adjustments to Adjusted Gross Income Income Itemized Taxable Deductions Income Lerner married filing jointly $ $1,377 $47,278 $5,329 $ When finding your client's taxable income, which deduction did you use? O standard deduction O itemized deductions Standard Deduction $ ---Select--- v! Required information [The following information applies to the questions displayed below.] In 2023, Sheryl is claimed as a dependent on her parents' tax return. Her parents report taxable income of $600,000 (married filing jointly). Sheryl did not provide more than half her own support. What is Sheryl's tax liability for the year in each of the following alternative circumstances? Use Tax Rate Schedule, Dividends and Capital Gains Tax Rates for reference. Note: Leave no answer blank. Enter zero if applicable. c. She received $9,200 of interest income from corporate bonds she received several years ago. This is her only source of income. She is 20 years old at year-end and is a full-time student> Tax liabilityplease quickly thanks!
- Under what circumstances, if any, can a married person file as a head of household? A. A married person, if otherwise qualified, can claim head of household status only in the first year that he or she can be classified as a surviving spouse. The taxpayer must maintain a household for at least nine months of the year. OB. A married person, if otherwise qualified, can claim head of household status if he or she is married to a nonresident alien or if he or she qualifies as an abandoned spouse. To be an abandoned spouse, the person must have lived apart from his or spouse for the last six months of the year and maintain a household for a qualifying child in which they both live. OC. A married person, cannot claim head of household status, this status is only for single taxpayer that maintain a household for a qualifying child in which they both live. O D. A married person, if otherwise qualified, can claim head of household status only if he or she qualifies as an abandoned spouse. To be…jituAssume Nathalie dies today. Based on their current situation, what asset would be subject to probate fees?a) nathalie's spousal and individual RRSPb) nathalie's cottagec) Nathalie 50% ownership interest in the couple's principsi residence and their joint investment account.d) nathalie's death will not result in tax liability this year.
