Interest from City of Bloomington Bonds 500 1,500 Interest received on the U.S. Government bonds Interest received on corporate (GE company) bonds 350 Lottery winnings 500 Life insurance proceed after her grandmother died 150,000
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- Compute taxoble income under the head Income from other sources of Mrs. X from the following data: Porticulars Amount Private tuitlon fee recelved Winning from lottery Award from KBC (a TV show) [Gross] Pension from employer of deceased husband 10,000 2,000 3.20,000 25,000 25.000 Interest on bank deposit Directors fee (Gross) 5,000 25,000 Letting out of vacant land Remuneration for checking the examiniation copy of employer's school 10,000 10,000 Remuneration for checking the examinatlon copy of CA 5,000 Income tax refund 100 Interest on income tax refund 10,000 Composite rent (related expenditures are t 5,000) 20,000 Rent on sub-letting of house property (rent paid to original owner 12,000) 2,000 Income tax paid 18,000 Payment made for personal expenses 2,000 Payment made to LIC as premlum1. The imputed interest rules apply to which of the following type of loan? a.Coercion-related loans b.Loans from one employee to another c.Shareholder-corporation loans made from a shareholder to a corporation d.Gift loans made out of love or affection e.Loans made between two objective parties at the market rate of interest 2. In December 2022, Bellamy collected the December 2022 and January 2023 rent from a tenant. Bellamy is a cash basis taxpayer. The amount collected in December 2022 for the 2023 rent should be included in the 2023 gross income. True FalseIndicate whether the following income sources must be included or may be excluded from gross income and why? Interest on all savings deposits Child support Interest on Series HH bonds Receipt of alimony by divorced husband - divorce agreement executed in 2018 Income produced from property acquired by gift Gifts and inheritances Scholarship grants for tuition Compensation for injuries or sickness Interest income on bonds issued by State of Ohio Life insurance proceeds from a group plan
- Jerry and Ann paid the following amounts during the current year: Interest on automobile loan $1,500 Interest on bank loan (proceeds were used to purchase municipal bonds) $5,000 Qualified home mortgage interest $3,150 What is the maximum amount they can use as interest expense in calculating itemized deductions for the current year? a.$6,500 b.$3,150 c.$8,150 d.$4,650 e.None of these choices are correct.Julio has $10 withheld from every paycheck to be used as a donation to a local charity. When his employer pays these withheld amounts to the charity, what type of account is debited? Answer: A. Asset B. Liability C. Revenue D. ExpenseIsla runs a bicycle shop in Wellington. During the tax year ending 30 June 2021, her records indicate: Receipts: 135,000 Bicycle Sales 35,000 Spare parts and accessory sales 15,000 Compensation receipt (see note A) 250,000 Proceeds for sale of land (see note B) 1,000 Net interest received from an overseas interest-bearing term deposit (see note C) 5,000 Exempt Income 6,000 Cash dividend income (see note D) 25,000 Net salary and wages (see note E) Payments: 55,000 Purchases of bicycles, spare parts and accessories (see note F) 12,000 Materials (see note G) 39,000 Utilities and rent for the business premises 3,000 Repairs to storage room 1,000 Donation to Oxfam (Deductible gift recipient) ADDITIONAL INFORMATION: (A) - Compensation for damaged trading stock after a storage room was broken into (B) - Isla sold some land purchased in 1984 for $85,000. In 2002 Isla spent $15,000 building new fences for 85% of the boundary after a fire damaged the…
- YOU, single, Filipino citizen, and a resident of N. Reyes St., Sampaloc, Manila, borrowed money from Vic Canilao Gudani. BIR RDO No. 032 - Manila assigned YOU Taxpayer Identification No. 123-456-789-0000 while Vic, a CPA by profession was assigned TIN 987-654-321-0000. Terms of the loan agreement are hereunder given: Total amount loaned - Php 100,000.00 Payable in five years Loan agreement notarized on October 1, 2020 what is the DST payable?Enrique Requiestas, resident citizen, widower, with a dependent minor brother, had the following data on income and expenses. Gross business income P 500,000Business expenses 200,000 Interest from savings deposit, BPI-Makati, Philippines 50,000 Prize in a literary contest he joined 100,000 Prize received for achievement in literature (did not join the contest) 10,000 Gain from sale of bonds (maturity is 6 years) 5,000 Cash he inherited from his uncle 300,000 Winnings from illegal gambling 20,000 Compute the total final tax from certain income. A. P34,000 B. 36,000 C. P32,000 D. P108,000Hello. I am a sr citizen with a brain injury. I am having trouble figuring something out, if you could help, please. Rental deposit was $3900. Party J paid $2900, Party N paid $500, and Party S paid $100. Parties will receive a partial deposit refund due to: $1,528.95 in unpaid rent/late fees (Party J received Party N's portion and Party S's portion of $600 total) Shared expenses for cleaning, etc. to be split evenly by all three parties totalling $1,305. QUESTION: How much of the returned deposit of $1067.05 does each party receive? I really would appreciate assistance. I've been working on this for three days now :/ Shelly
- Ashley had the following transactions during 2022: Salary Interest income on bonds- Issued by City of Nashville Issued by Chevron Corporation Alimony received (divorce finalized in 2015) Child support received (divorce finalized in 2015) City and state income taxes paid Bank loan obtained to pay for car purchase What is Ashley's AGI for 2022? $4,000 5,000 $90,000 9,000 5,000 20,000 (5,000) 15,000Which of the following items would be included in the gross income of the recipient? Insurance payments for medical care of a dependent child Insurance payments for loss of the taxpayer's sight Season tickets worth $2,000 given to a son by his father Payments to a student for working at the student union food court Lodging provided to a worker on a remote oil rigLinda is an employee of JRH Corporation. Which of the following would be included in Lindas gross income? a. Premiums paid by JRH Corporation for a group term life insurance policy for 50,000 of coverage for Linda. b. 1,000 of tuition paid by JRH Corporation to State University for Lindas masters degree program. c. A 2,000 trip given to Linda by JRH Corporation for meeting sales goals. d. 1,200 paid by JRH Corporation for an annual parking pass for Linda.