Peter is a dual citizen of US and Canada residing in Canada. He is single. In 2019 he received $20K US Social Security and $40K distribution from registered retirement plan in Canada. What is Peter's AGI on US tax return?
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Peter is a dual citizen of US and Canada residing in Canada. He is single. In 2019 he received $20K US Social Security and $40K distribution from registered retirement plan in Canada. What is Peter's AGI on US tax return?
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- 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?Calculate Total Assessable Income, Taxable Income, Tax Liability, Student loan (HECS), Medicare Levy, and Medicare Levy Surcharge if applicable, for the taxpayer (Susanne) with the information below, as per australia:• Susanne is a single and an Australian resident plans to lodge a tax return for the tax year 2020 -2021.• Her total taxable income is $90,000 (Including tax withheld).• She does not have private health insurance.• Susanne has a student loan HECS outstanding for her previous study at Sydney University of$53,000.• Her employer pays superannuation guarantee charge of 9.5% on top of her salary to her nominatedfund.• Susanne earned a passive income of $10,000 from the investments in shares in the same tax yearJack is a single and resident for tax purpose in Australia. He works as Project manager in Sydeny CBD. His assessable income was $ 150,000 and deduction $ 20,000 in Financial Year 2019-2020. He does not have a private health Insurance. Calculate his tax liability for the 2019-2020 Income Year (Basic Income Tax, Medicare & Medicare Levy) (Please show your working)
- Frank moved to Canada from Germany on February 20, 2020. Which of the following accurately describes Frank's tax status for 2020?| (a) Frank will be taxed in Canada on all his worldwide income earned in 2020 because the time he spent in Canada exceeds 183 days. (b) Frank will be taxed in Canada on all his worldwide income earned in 2020, multiplied by the number of days spent in Canada and divided by 365. (c) Frank will be taxed in Canada on all his worldwide income earned from February 20, 2020 to December 31, 2020, except for gains or losses on the sale of capital property owned prior to entering Canada. (d) Frank will be taxed in Canada on all his worldwide income earned from February 20, 2020 to December 31, 2020.Rex, a Filipino residing in Laguna, has the following income for 2021: Compute the income subject to regular income tax he has stayed abroad from March 15, 2020 to August 31, 2021.What is the Tax-deductible contribution for this new permanent resident: "I am a new permanent resident and have recently moved to Canada in August 2021. I started working remotely for the Canadian company in June 2021, when I still lived in India. My salary is $119,000. I was also lucky enough to be granted $20,000 in company RSUS, which I received in September once I moved here. That puts me in a higher tax bracket. I'm looking for ways to reduce my tax payable in my first year. I know that RRSP is a great way to reduce my taxes, and my employer offers a generous GRSP and RRSP matching benefit. l'd like to take advantage of that! If I were to contribute $20,000 into the RRSP, with some of the contributions coming from company matching, how much would that contribution reduce my overall Income? Please provide details to support your answer:
- Mr. Albert is a tax payer in UK and wants to compute his total income for the tax year 2019-2020. Which of the following statement is Correct to find out his total income? a. It will be computed after deducting personal allowances from Adjusted Net Income b. It will be computed after deducting personal allowances from Net Income c. It will be computed before deducting qualifying interest payments from Net Income d. It will be computed before deducting personal allowances from total taxable IncomeJane needs to lodge his income tax for 2020/21. Calculate her Total Assessable Income, Taxable Income, Tax Liability, Student loan (HECS), Medicare Levy, and Medicare Levy Surcharge if applicable, for the taxpayer with the information below:• Jane is a single and an Australian resident who plans to lodge tax for the tax year 2020 -2021• Her total taxable income is $100,000 (Including tax withheld)• She does not have private health insurance.• Jane has a student loan HECS outstanding for her previous study at Tasmania University of $43,000.• Her employer pays superannuation guarantee charge of 9.5% on top of her salary to her nominated fund.• Jane earned a passive income of $6,000 from the investments in shares in the same tax year. Calculate: Total Assessable incomeTotal taxable incomeUsing correct income tax rateMedicare LevyMedicare Levy SurchargeHELP repayment amount with using current threshold and rateTotal Tax LiabilityNet Tax Liability (Total Tax Liability less any applicable…Mateo Lopez is not a resident of Canada. For the current year, Mateo has a worldwide income of $120,000, including $15,000 of employment income earned in Canada and $2,000 of interest received on Canada savings bonds. The remainder of his income was from sources outside of Canada. What amount of income must be reported on Mateo’s Canadian personal income tax return for the current year? Please do fast ASAP fast
- USE CANADA TAX Required: Determine the maximum amount of 2018 personal tax credits, including transfers from a spouse or dependant, that can be applied against federal Tax Payable by the taxpayer in each of the following independent Cases. A calculation of Tax Payable is NOT required. Mr. Holm has Net Income for Tax Purposes of $55,000, all of which is investment income. He is single and provides support for his mother. His mother is a widow who resides in Latvia and has income of $1,100 per year. Mrs. Thomas has Net Income for Tax Purposes of $250,000, all of which is employment income. Her employer has withheld and remitted the required EI and CPP amounts. Mrs. Thomas was married on December 1, 2018. Her wife, a nursing student, had salary of $21,000 for the period from January 1 to November 30, 2018 and $3,200 for the month of December 2018. Mr. Jackson has Net Income for Tax Purposes of $75,000, all of which is rental income. He lives with his common-law wife and…Question: Calculate Total Assessable Income, Taxable Income, Tax Liability, Student loan (HECS), Medicare Levy, and Medicare Levy Surcharge if applicable, for the taxpayer (Susanne) with the information below: Susanne is a single and an Australian resident plans to lodge a tax return for the tax year 2020 - 2021. Her total taxable income is $90,000 (Including tax withheld). She does not have private health insurance. Susanne has a student loan HECS outstanding for her previous study at Sydney University of $53,000. Her employer pays superannuation guarantee charge of 9.5% on top of her salary to her nominated fund. Susanne earned a passive income of $10,000 from the investments in shares in the same tax year. Hint: The following website can be used to cross-check your answer, but you need to provide the detailed calculations, rates and explanations with the screenshots of rates from the ATO website. https://www.paycalculator.com.au/Matteo, a single taxpayer has taxable income of $90,000. Using the US 2020 tax rate schedule. How much federal tax will he owe? 2020 US Tax System