CHAPTER 4 David and Lilly Fernandez have determined their tax liability on their joint tax return to be $1‚740. They have made prepayments of $1‚100 and also have a child tax credit of $1‚000. What is the amount of their tax refund or taxes due? (1)Total tax$1‚740 (2)Child tax credit1‚000 (3)Prepayments1‚100 Tax refund $(360) Explanation: David and Lilly will receive a tax refund of $360 calculated as follows: Tax refund = $1‚740 − $1‚100 − $1‚000 = −$360 Prepayments are fully refundable
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• Each employee qualifies to earn overtime at a rate of 1.5 of his or her hourly rate for every hour greater than 40 hours. • Each employee will have a standard 7.65% deduction for social security • Each employee will have a standard 14.00% deduction for Federal Taxes • Each employee will have a standard 5.33% deduction for State Taxes Explain how you will structure and format your worksheet‚ including titles‚ column headings‚ and formulas to calculate payroll variables for each employee
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Article 1. Nature of the tax The income tax on individuals is a personal‚ direct tax levied according to the principles of equality‚ universality and progressivity‚ the income of individuals according to their nature and their personal and family circumstances. Article 2. Object of the tax The object of the taxpayer’s income tax‚ understood as the entirety of their income‚ capital investments and losses and income allocations established by law‚ regardless of where they may have occurred and
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of the current year and earlier years- Losses should be set off according to the provisions of sections 70 to 80. The income after adjustment of losses is gross total income. Step 3 – deduction from gross total income- from the gross total income‚ the following deductions are available— Section | Nature of deduction | 80C80CCC80CCD80D80DD80DDB80E80G80GG80GGA80GGC80-IA80-IAB80-IB80-IC80-JJA80QQB80RRB80U | Payment of insurance premium‚ contribution to provident fund etc.Contribution to certain pension
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Research and the Sciences There has long been an ongoing argument: Is social science scientific? Which approach is better in conducting natural sciences and social sciences? It is believed that ’hypothetico-deductive’ approach may be applicable to the natural sciences while it does not relate well to the social sciences. By analyzing research from different levels‚ this essay presents a judgment that social sciences are sciences. First of all‚ the concept of research and science are given. Secondly
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does not qualify for the child tax credit. Spouse B’s mother does not qualify as a dependant because she does not meet the minimum requirement of having half of her support come from the family. The family would be able to take a higher amount of deductions and therefore pay less in taxes if they choose Married Filing Jointly. By filing jointly the couple is able to take advantages of such credits as the child tax credit‚ the Lifetime Learning Credit & the hope credit. They are also able to save more
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estates‚ and trusts. 4. What is a tax audit? What are some different types of audits? A tax audit is an examination of your tax return by the IRS to verify that your income and deductions are accurate. A tax audit is when the IRS decides to examine your tax return a little more closely and verify that your income and deductions are accurate. 5. What are two ways that a person’s wealth may be taxed? Describe these taxes. Estate taxes are taxes levied on a person’s estate when that person dies. To do
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income to your brother? Do you get a deduction? (2 pts) No‚ this is not taxable income for my brother… The first $13‚000 that my brother receives is considered a tax free gift‚ but any amount after that is taxable. So in this case I guess it would depend on just how much I paid in rent for my brother…was it just a onetime “gift” or if more than onetime‚ how much does it total in rent paid on his behalf. Do I get any deductions? No‚ I do not get a deduction; “gifts” are never deductible. A gift
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taxable income. b. Transaction will not affect Arnold’s and Barbara’s taxable income. c. Barbara will report the $9‚000 she receives in alimony as gross income for the 2011 tax year. Arnold will report the $9‚000 he paid in alimony to Barbara as a deduction for the 2011 tax year. 5-26 Fluent‚ an investor in stocks and bonds wanted to increase his portfolio but wanted to minimize his tax liability on the income from the bonds. He is presented with the following alternative investments: U.S. Series
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Question 1 Ans: Mr. Chan Salaries tax Year of assessment 2010/11 Basic period: year ended 31 March 2010 $ $ Salary ($100‚000*12) 1‚200‚000 Education benefits 150‚000 Reimbursement of tuition fees 100‚000 Reimbursement of utilities 50‚000
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