User Account

All Pages

How much is her taxable income

Assignment Help Accounting Basics
Reference no: EM133022870

Question - Mrs A, a single mum with two children, would like you to assist her to prepare her tax return for the 30 June 2021 tax year.

She has presented you with the following list of items.

Payment summary from Company B - 87560

Payment Summary for casual work from Company C - 48179

Payment for attending a casual work conference - 7536

Reimbursement for expenses at the casual work conference - 2000

State lottery winnings - 1000

Net capital gain on shares sold during the year - 7446

Dividends received - 6811

Compensation for loss of wages due to an injury at her casual job - 1000

Interest from a bank term deposit - 1000

Money from selling eggs that her chickens laid to her friends - 500

General work deductions - 10000

Deductions that are not allowed for tax purposes - 5000

She had private insurance from 1 January 2021 and a HELP debt of $20,000.

How much is her taxable income?

Reference no: EM133022870

Questions Cloud

What is the most you would pay for the stock now : You expect an annual rate of return of 22.0% on this investment. If you plan to hold the stock indefinitely, what is the most you would pay for the stock now
What is your? company market? debt-equity ratio : Your company has enterprise value of ?$700 ?million, excess cash of ?$36 ?million, 17 million shares? outstanding, What is your? company's market? debt-equity r
What are the primary benchmarking approaches : What are the primary benchmarking approaches? How can productivity be measured if an industry standard cannot be found
What is the present value of the contract : A contract requires lease payments of $700 at the beginning of every month for 6 years. What is the present value of the contract
How much is her taxable income : She had private insurance from 1 January 2021 and a HELP debt of $20,000. How much is her taxable income
At what amount would John record its initial investment : Victor contributed assets with a fair value of $2,000,000 (including $200,000 in cash) for its 70% stake in Jinxtor. At what amount would John record investment
What change in NWC occurs at the end of year one : The tax rate is 21 percent and the required return on the project is 10 percent. What change in NWC occurs at the end of year 1
What will the cash flows for this project be : If your cost of capital is 10 percent and your firm faces a 21 percent tax rate, what will the cash flows for this project be
Determine what rate of return must be earned : Determine what rate of return must be earned on the proceeds to the corporation so there will be a 10 percent increase in earnings per share during the year

Reviews

Write a Review

Accounting Basics Questions & Answers

  Make a journal and multiple step income statement

Renner Hardware Store completed the following merchandising transactions in the month of May. Make a journal and multiple step income statement

  Provide the journal entries dates january

Provide the journal entries dates January 1, 20x1, December 31, 20x1 and January 1, 20x2.On January 1, 20x1, lessee enters into a 4_year lease term

  State which of the production levels described

State which of the production levels described in the paragraph titled "Denominator activity levels" represents practical capacity

  What does the debt to equity ratio represent

Trap Adventures, Inc. is looking for an accountant. In your own words, explain to Trap's hiring team the role of accountant and accounting within business.

  Capitalized cost of the ten-ton draw press

INstallation costs totaled $12,000, which included $4,000 for taking out a section of a wall and rebuilding it because the press was too large for the doorway. The capitalized cost of the ten-ton draw press is:

  Record the transactions and events in the journal entry

During 2018, Thomson Inc. had several transactions relating to common stock. Record the transactions and events in the journal entry

  How might lenders mitigate the agency costs

Suppose your company raises funds from outside lenders. What type of agency costs might occur? How might lenders mitigate the agency costs?

  Prepare a Schedule of Cost of Goods Manufactured

Cure Company Ltd. manufactures products for pet stores and bird owners. Prepare a Schedule of Cost of Goods Manufactured as at September 30, 2020

  Which accounting basis that records revenues

Which accounting basis that records revenues when goods or services are provided to customers and expenses with related revenues is referred to as

  Record transactions in the pension trust fund accounts

Pirate Cove maintains a Pension Trust Fund for its city employees. Record these transactions in the Pension Trust Fund accounts

  What is relationship between interest rates and bond values

Describe the various types of annuities and how they are calculated. What's the relationship between interest rates and bond values.

  What is the cost per equivalent unit

All material is added at start of the process and all finished products are transferred out. What is cost per equivalent unit for under weighted average costing

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd