Christina, a 50-year-old American, is married to a Singaporean, and the couple has 2 children who are Singapore citizens. The eldest is studying at an overseas university while the younger child is attending school in Singapore. For the year 2021, Christina earned the following employment income: (i) Salary of $236,000 (ii) Bonus of $34,000 (iii) Net rental income of $10,800 What is her total the child relief claim (QCR and WMCR) for the Year of Assessment 2022?

Christina, a 50-year-old American, is married to a Singaporean, and the couple has 2 children who are Singapore citizens. The eldest is studying at an overseas university while the younger child is attending school in Singapore. For the year 2021, Christina earned the following employment income: (i) Salary of $236,000 (ii) Bonus of $34,000 (iii) Net rental income of $10,800 What is her total the child relief claim (QCR and WMCR) for the Year of Assessment 2022?

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter13: Tax Credits And Payment Procedures

Section: Chapter Questions

Problem 30P

See similar textbooks

Similar questions

Beatty Young, an American, is married with two children, aged 1 and 9 as of 31 December 2020. Both her children are Americans. Beatty has been working in Singapore for the past five years and her 65-year-old mother lives with her in Singapore to help look after the grandchildren. Her elderly mother has no income of her own. Which of the following reliefs and rebates can Beatty claim? (i) Qualifying child relief.(ii) Working Mother child relief.(iii) Parent relief(iv) Grandparent caregiver relief(v) Parenthood tax rebate Question 2 options: 1) i, ii and iii only 2) i and ii only 3) i and iii only 4) All of the above.
Mrs Tan, a Singaporean, is married with two children, aged 11 and 9 as at 31 December 2020. Both her children are Singaporeans. Mrs Tan's earned income for 2020 is $300,000. Calculate the Working Mother Child Relief that Mrs Tan can claim for the Year of Assessment 2021. Assume Mrs Tan's husband will claim the qualifying child relief. Question 1 options: 1) $91,000 2) $105,000 3) $100,000 4) $113,000
Q1) Jean, a 40-year-old Singapore citizen, was provided with the following employment income and benefits for the year 2020: (i) Monthly salary of $4,000. (ii) 2020 contractual bonus of $8,000. Jean is single and entitled to earned income relief of $1,000. Jean contributed to the Central Provident Fund based on the statutory limits. Calculate Jean's minimum chargeable income for the Year of Assessment 2021. Q2) Tom was awarded an option purchase the company's shares at $2/share. On 25 March 2020, he exercised the option to purchase 5000 shares when the share price was $2.50/share. He sold the shares at $4/share on 15 November 2020. The taxable benefit for the year 2020 is? Q3) Beta (S) Pte Ltd, in the business of making clothes, sold a tractor for $40,000 on 15 August 2020. The tractor was bought for $39,000 during its accounting year ended 31 December 2019. Calculate the balancing adjustment for the Year of Assessment 2021 assuming no capital allowance is claimed in the year…
Jason is an Australian tax resident and for the financial year 2019-20, has taxable income of $ 61,000 and reportable super contribution of $ 3,500. Jason also has a Study and Training Support loan (HELP-HECS) from undertaking a University degree. What is Jason's compulsory rate of repayment on this loan?
Lucas, a single U.S. citizen, works in Denmark for MNC Corp during all of 2019. His MNC salary is $87,000. Lucas may exclude from his gross income wages of:a. $0b. $40,000c. $87,000d. $105,900
During the year 2021, Ms. kelley, a foreign student from a non-treaty country, attended the University of California, an American university in pursuit of a degree. While in the U.S., she worked part-time at the school cafateria and earned $3,500. During her summer vacation, Ms. kelley returned home, where she worked for a company incorporated in her country and earned the equivalent of $4,500 (US dollars). How much of her income earned will be INCLUDED in U.S. gross income? $8,000 $4,500 $3,500 $0 re
Niles and Marsha adopted an infant boy (a U.S. citizen). They paid $14,750 in 2020 for adoption-related expenses. The adoption was finalized in early 2021. Marsha received $3,050 of employer-provided adoption benefits. For part (a), assume that any adoption credit is not limited by modified AGI or by the amount of tax liability. Required: What amount of adoption credit, if any, can Niles and Marsha take in 2021? Using the information in part (a), assume that their modified AGI was $224,000 in 2021. What amount of adoption credit is allowed in 2021? Note: Do not round intermediate calculations. Round your final answer to the nearest whole dollar amount.
Niles and Marsha adopted an infant boy (a U.S. citizen). They paid $16,150 in 2021 for adoption-related expenses. The adoption was finalized in early 2022. Marsha received $3,430 of employer-provided adoption benefits. For part (a), assume that any adoption credit is not limited by modified AGI or by the amount of tax liability. Required: What amount of adoption credit, if any, can Niles and Marsha take in 2022? Using the information in part (a), assume that their modified AGI was $243,000 in 2022. What amount of adoption credit is allowed in 2022? Note: Do not round intermediate calculations. Round your final answer to the nearest whole dollar amount. Prev Question 3 of 3 Total3 of 3 Visit question mapThis is the last question in the assignment. To submit, use Alt + S. To access other
Niles and Marsha adopted an infant boy (a U.S. citizen). They paid $16,150 in 2021 for adoption-related expenses. The adoption was finalized in early 2022. Marsha received $3,430 of employer-provided adoption benefits. For part (a), assume that any adoption credit is not limited by modified AGI or by the amount of tax liability. Required: What amount of adoption credit, if any, can Niles and Marsha take in 2022? Using the information in part (a), assume that their modified AGI was $243,000 in 2022. What amount of adoption credit is allowed in 2022?
Clarita is a single taxpayer that lives in the U.S. with two dependent children, ages 10 and 12. Clarita pays $3,000 in qualified child care expenses during the year. If her adjusted gross income (all from wages) for the year is $21,000 and she takes the standard deduction. Assume that Clarita’s earned income is $70,000. Determine the net effect of the additional income on her total credits. (2021)
Shenira is a resident of the Republic. She is 30 years old and she is married to Ryan in community ofpropertyThe following information relates to the 2022 year of assessment for Shenira and Ryan.Income from a Republic source for Shenira: A salary of R400 000. Net rentals of R40 000 were earned from a beach cottage. Interest of R24 000 was earned from a fixed deposit.Income from a Republic source for Ryan: Interest of R16 000 was earned from a fixed deposit Rent received from a flat he owns in Durban amounted to R24 000Foreign income (Shenira) Foreign dividends of $760 of which R3 167 is exempt Interest of ₤165 on an investment inherited from her aunt. The inheritance and the income on itare excluded from their joint estate. This interest was not subject to a withholding tax. Assume the average exchange rates for the 2021 year of assessment were $1 : R15 and ₤1 :R18 respectively. In terms of section 25D (3), she elected that her foreign receipts and accrualsbe translated into…
Sam Sithole is a resident of the Republic. He is 47 years old and is married in community of property.The following information relates to the 2023 year of assessment for Sam and his wife, Meg.Income from a South African source:- A salary of R550 000 from his employer, a motor manufacturing company.- He does part-time academic work for a private higher education college and earned an income of R110 000 as part of his business income for the year of assessment.- Net rentals of R90 000 was earned from a bachelor flat in Margate.- Interest of R34 000 was earned from various short-term investments.Income from a South African source for Meg:- Rent received from an out-house on their property amounted to R60 000.Sam made contributions of R6 500 per month to a medical scheme on behalf of himself, his wife and child. He paid R48 000 qualifying medical expenses for the year. His employer contributed R40 000 to the medical scheme during the year.Required:Calculate Sam Sithole’s normal tax…