During the 2023 ince
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- User During the 2023 income year, Lance McGuinness (a non-resident taxpayer) received the following income: Salary from employer for work performed in Australia $ 45,000 Salary from employer for work performed outside of Australia $105,000 Rent received from property in Hong Kong $ 20,000 Calculate Lance's Australian taxable income for 2023 Question 7Select one: A. $170,000 B. $65,000 C. $45,000 D. $ 150,000Accounting Gary wants you to calculate his personal income tax liability. He is a tax resident of Australia. During the year ended 30 June 2022 he received the following: Gross salary and wages of $138,000. His employer deducted from his salary PAYGW tax of $22,523. Interest income of $678 from the ANZ Bank Interest of $32 from the BNZ Bank in New Zealand. The $32 is after the New Zealnd Tax Authorities deducted withholding tax of $5.2O. A dividend of $156 from Rio Tinto. He also spent $250 on text books for his work as an IT engineer. He does not have private hospital cover. Required: Calculate his taxable income and his total tax payable for the year ended 30 June 2022.Taxpayer Q has net taxable income of $30,000 from Country Y which imposes a 40 percent income tax. In addition to the income from Country Y, taxpayer Q has net taxable income from US sources of $120,000, and US tax liability, before the foreign tax credit, of $30,290. What is the amount of Q's foreign tax credit? a.$30,290 b.$12,000 c.$6,058 d.$8,350 e.None of these choices are correct.
- Following are the income details of Mr. Albert is in UK for the tax year 2019-2020 Other income Savings income Total income Net Income 16,300 1100 17400 The tax liability of Mr. Albert on Savings income will be: a. £20 b. £0 c. £220 d. £5000Taxpayer Q has net taxable income of $30,000 from Country Y which imposes a 40 percent income tax. Inaddition to the income from Country Y, taxpayer Q has net taxable income from US sources of $120,000, and UStax liability, before the foreign tax credit, of $30,290. What is the amount of Q's foreign tax credit?a. $6,058b. $8,350c. $12,000d. $30,290e. None of the aboveMr. Alex Magambo works partially in Kenya and partially` in canada . His family is based in Kenya . During the year ended 31st December 2021, Mr Magambo earned an equivalent of Ksh3,500,000 from his employment in Canada. He paid an equivalent of Ksh.480,000 as tax on the income. He also earned Ksh.1,800,000 as consultancy fee in Kenya in addition to employment of Ksh. 1,200,000 (PAYE KSh. 400,000). His employer in Kenya provided his family with accommodation. The monthly rent on the accommodation was Ksh. 60,000per month which was paid by the employer . Required: His tax liability for the year ended 31st December 2021
- Numeric Entry Carol is 70 years of age and has been an Australian resident her whole life. She is single and has no dependent children. Carol has received the following income during the year. Calculation Space Taxable Income = 37,720+3,769 = 41,489 Adjusted RFBA = 15,990 X 0.53 =8,475 Super Annuation = 10,000 Rebate Income = 59,964 Gross payments (income statement) $37,720 RFBA (exempt employer) $15,990 Interest $3,769 Carol has made a personal superannuation contribution of $10,000 for which she is entitled to claim a tax deduction. She has not claimed any other tax deductions. Calculate the SAPTO Carol will be entitled to.Marc, a single taxpayer, he earns $60,000 in taxable income and $5,000 in interest from an investment in city of Birmingham bonds. U.S. tax rate schedule , what would be his effective tax rate? Round your final answer to two decimal places. 2023 Tax Rate Schedules IndividualsSchedule X-Single If taxable income is over: But not over: The tax is: $ 0 $ 11,000 10% of taxable income $ 11,000 $ 44,725 $1,100 plus 12% of the excess over $11,000 $ 44,725 $ 95,375 $5,147 plus 22% of the excess over $44,725 $ 95,375 $ 182,100 $16,290 plus 24% of the excess over $95,375 $ 182,100 $ 231,250 $37,104 plus 32% of the excess over $182,100 $ 231,250 $ 578,125 $52,832 plus 35% of the excess over $231,250 $ 578,125 — $174,238.25 plus 37% of the excess over $578,125 Schedule Z-Head of Household If taxable income is over: But not over: The tax is: $ 0 $ 15,700 10% of taxable income $ 15,700…X, a non-resident citizen arrives in the Philippines on July 31, 2022 to reside here permanently after many years of living abroad. He had the following data in 2022:Gross income, foreign sources, January 1 to July 31, P500,000Gross income, Philippine sources, August 1 to December 31, P300,000Gross income, foreign sources, August 1 to December 31, P200,000How much of his gross income is subject to Philippine Income Tax?
- During the year ended 30 Jun 2020, Ms Ria,, a resident of Australia, has received rents of $41879 and salary of $42278. Her allowable deductions for the year are $2817. Required: Calculate her taxable income. Enter your answer as numerals only eg 999999 Answer:How much should be the income tax withheld on compensation income? Mr. B, married, is a citizen and resident of the Philippines. He had the following data on income and expenses: Salaries, net of P7,000 SSS, Philhealth, Pagibig contributions, and labor union dues Thirteen month pay Allowances Gain on sale of asset P88,000 8,000 16,000 10,000The executor of Niel, a Filipino citizen based in Canada, provided details of his properties in connection with the processing and payment of his estate tax: Philippines Canada Gross estate 5,000,000 10,000,000 Allowable deductions 5,000,000 5,000,000 Net estate 0 5,000,000 Estate tax paid Php 500,000 How much is the ESTATE TAX PAYABLE