Akram has assessable trading income of £41,870 and employement income of £11,400 (gross). Tax under PAYE was £80.Calculate Akram's income tax payable for 2017/2018
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- Use the 2016 marginal tax rates to compute the tax owed by the following person. A head of household with a taxable income of $89,000 and a $7000 tax credit Click the icon to view the 2016 marginal tax rates. The tax owed is $ (Type an integer or a decimal. Round to the nearest cent as needed.) 2016 Marginal Tax Rates Tax Rate 10% 15% 25% 28% 33% 35% 39.6% 2016 Marginal Tax Rates, Standard Deductions, and Exemptions Married and each partner files a separate tax return Unmarried, divorced, or legally separated Single up to $9275 $9276 to $37,650 $37,651 to $91,150 $91,151 to $190,150 $190,151 to $413,350 $413,351 to $415,050 more than $415,050 $6300 Standard Deduction Exemptions (per $4050 person) Married Filing Separately Married Filing Jointly up to $9275 up to $18,550 $9276 to $37,650 $18,551 to $75,300 $37,651 to $75,950 $75,301 to $151,900 $75,951 to $115,725 $151,901 to $231,450 $115,726 to $206,675 $231,451 to $413,350 $206,676 to $233,475 $413,351 to $466,950 more than $233,475…Diamond, Inc. had the following Income Statement at the end of the year. Compute Diamond's federal income tax expense given the tax rate of 21%. What is the company's net income?Use the 2016 marginal tax rates to compute the tax owed by the following person. A head of household with a taxable income of $129,000 and an $8000 tax credit The tax owed is $
- ABCD Ltd had the following results for the year ending 31 March 2019:Trading income 369,000; Bank interest 10,000; Capital gains 9,500; Qualifying charitable donations (7,800); Dividends received from UK companies 41,000.Required: Calculate the ABCD’s tax liability for the year ended 31 March 2019.Use the 2016 marginal tax rates to compute the tax owed by the following person. A head of household with a taxable income of $56,000 and a $8000 tax credit i Click the icon to view the 2016 marginal tax rates. The tax owed is $ (Type an integer or a decimal. Round to the nearest cent as needed.)Umasa Company reported rental revenue of P2,210,000 in the cash basis income tax return for the year ended November 30, 2020. Rent receivable – Nov. 30, 2020 is P1,060,000; Rent receivable – Nov. 30, 2019 is P800,000; and Uncollectible rent written off during the fiscal year is P30,000. Under accrual basis, what amount should be reported as rent revenue? P2,240,000 P1,920,000 P1,980,000 P2,500,000
- Use the 2016 marginal tax rates to compute the tax owed by a head of household with a taxable income of $78,000 and a $6000 tax credit.A VAT-registered taxpayer has the following VAT-exclusive data for the month of January 2017:Accounts receivable, January 1, 2017P 500,000Sales on account for the month of January1,000,000Cash sales for the month of January300,000Accounts receivable, January 31, 2017700,000Cash purchases for the month of January 2017 400,000 a.How much is the output tax for the month of January, 2017 using 12% rate assuming the taxpayer is a trader. b.How much is the output tax for January, 2017 using 12% rate assuming the taxpayer is service providerXYZ Company reported the following pretax income (loss) and related tax rates during the years 2016-2021. Year Pretax Income (loss) Таx rate 2016 $75,000 30% 2017 150,000 30% 2018 240,000 40% 2019 (540,000) 48% 2020 210,000 40% 2021 300,000 42% a. Prepare the journal entries for the years 2019 and 2020 to record income taxes and the tax effects of the loss. Assume that XYZ elects the carryback provision where possible and it is probable that it will realize benefits of any loss carryforward. b. Prepare the portion of the income statement that presents your answer in part (a) for the year ended 2019.
- Marr Company reported rental revenue of P2,210,000 in its cash basis income tax return for the year ended November 30, 2010 . Additional information is as follows: Rent receivable – November 30, 2010 1,060,000; Rent receivable – November 30, 2009 800,000; Under the accrual basis, Marr should report rental revenue of Choices; 1,920,000 1,950,000 2,440,000 2,470,000Jock (LTD) is a manufacturer of Stationery. The Following information is given regarding Jock Ltd for 2021 and 2022 Income tax Expense for 2021 is R9 565 and for 2022 is R8 575 The Income tax for 2021 according to the final assessment for SARS is R9 800.00 Total Dividends declared for 2021 is R5 000. The dividends tax rate is 15% Prepare the journal entries for the year ended 31 December 2021 and 2022 (Include journal narrations)16. Umasa Company reported rental revenue of P2,210,000 in the cash basis income tax return for the year ended November 30, 2020. Rent receivable – Nov. 30, 2020 is P1,060,000; Rent receivable – Nov. 30, 2019 is P800,000; and Uncollectible rent written off during the fiscal year is P30,000. Under accrual basis, what amount should be reported as rent revenue? a. P1,920,000 b. P2,240,000 c. P2,500,000 d. P1,980,000