Paul is an Australian resident adult individual with a taxable income of $157520 for the income year. Worked out without any rounding, his basic income tax liability is: $29928.80 $43349.40 $47256.00 $51194.00 $58282.40 $None of the above.
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Paul is an Australian resident adult individual with a taxable income of $157520 for the income year.
Worked out without any rounding, his basic income tax liability is:
$29928.80 $43349.40 $47256.00 $51194.00 $58282.40 $None of the above.
True or false:Tax planning is an arrangement that complies with the tax law generally, but one that attracts the operation of an anti-avoidance provision, whether specific or the general anti-avoidance provisions in Part IVA.
True False
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- A taxpayer with which of the following incomes is eligible to claim the Foreign Tax Credit? 1. Foreign taxable income. 2. Refundable foreign taxable income. 3. U.S. income tax on U.S.-source income. 4. U.S. income tax on foreign-source income imposed on another taxpayer. Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.48-Ahmed is an employee of a UK company and willing to minimize the amount of income tax owed by him by claiming deductions allowable as per UK income tax law. Which one of the following represents the above statement? O a. Tax planning O b. Tax evasion O c. None of the options O d. Tax adjustmentWhich of the following would not be considered to be tax planning. An arrangement that: Reduces or defers assessable income Maximises or accelerate deductions Utilise different tax rules Maximises tax offsets Splits or diverts income Does not disclose income Kenny is an Australian resident adult individual who’s professional footballer and employee of an Australian football league club. During the income year, he received and derived the following amounts: $200,000 Match fees for his work in playing football games for his club in the league. $20,000 Prize awarded for being best and fairest player in the league. $10,000 Appearance fees for his services in appearing on a television show. $5000 Car expenses reimbursed by an employer based on distance travelled. During the income year. he incurred the following deductible outgoings: $10,000 marriage fees Kenny’s total accessable income for the income year is: $245000 $235000 $230000 $225000 $220000 $215000 $210000 $205000 $200000
- Which of the following taxpayers is ineligible to claim the American Opportuniy Tax Credit? A taxpayer who: 1) is enrolled at a Military Academy. 2) is 26 years old. 3) has AGI of $55,000. 4) Uses the single filing status.Jenna paid foreign income tax of $4,961 on foreign income of $24,806. Her worldwide taxable income was $162,800, and her U.S. tax liability was $40,000. Required: What is the amount of the foreign tax credit (FTC) allowed? What would be the allowed FTC if Jenna had paid foreign income tax of $10,900 instead?Which of the following is FALSE of the progressive tax system in the U.S. for couples filing a joint tax return who earn more than $100,000 of income? The marginal tax rate starts out low (for low levels of income) and ends up high (for high levels of income. Total tax paid divided by total income earned is equal to the average tax rate These couples will pay more in taxes compared to couples who make $50,000 of income The average tax rate will be greater than the highest marginal tax rate. Income is separated into brackets, and the higher income amounts get taxed at a higher rate compared to lower income amounts
- Which of the following statements relating to the tax treatment of an employee is FALSE? (i) Christina, an Australian, is engaged to work in Singapore from 18 November 2020 to 31 December 2020. During the same period, she derived interest income from a loan given to a company in Singapore. All of her income sourced in Singapore will be tax exempt in YA 2021 since she exercised employment in Singapore for not more than 60 days in year 2020.(ii) Amy, a Singaporean, was seconded to work with a subsidiary company in Malaysia for 1 year, starting from 1 January 2020. For the Year of Assessment 2021, she will still be considered as tax resident in Singapore since her absence from Singapore is temporary.(iii) Xiao Ping, from China, commenced her employment with a Singapore company on 1 August 2020 and her contract will end on 30 January 2021. She is not required to travel outside of Singapore for work purposes. She arrived in Singapore on 15 July 2020 to settle in as well as to do some…It is worth noting that the lottery winnings of $5,000 are not considered taxable income in Australia, so they do not need to be included in the calculation of Kim's final tax. So still including $5000?Which of the following statements relating to the tax treatment of an employee is FALSE? (i) Christina, an Australian, is engaged to work in Singapore from 18 November 2020 to 31 December 2020. During the same period, she derived interest income from a loan given to a company in Singapore. All of her income sourced in Singapore will be tax exempt in YA 2021 since she exercised employment in Singapore for not more than 60 days in year 2020.(ii) Amy, a Singaporean, was seconded to work with a subsidiary company in Malaysia for 1 year, starting from 1 January 2020. For the Year of Assessment 2021, she will still be considered as tax resident in Singapore since her absence from Singapore is temporary.(iii) Xiao Ping, from China, commenced her employment with a Singapore company on 1 August 2020 and her contract will end on 30 January 2021. She is not required to travel outside of Singapore for work purposes. She arrived in Singapore on 15 July 2020 to settle in as well as to do some…
- Which of the following statements relating to the tax treatment of an employee is FALSE? (i) Mary, an American, is engaged to work in Singapore from 10 October 2019 to 30 November 2019 and paid a total salary of $10,000. During the same period, she derived rental income from a property in Singapore. All of her income sourced in Singapore will be tax exempt in YA 2020 since she exercised employment in Singapore for not more than 60 days in year 2019.(ii) All Singaporeans, regardless of where they reside in the world, will be subject to tax as a tax resident while all foreigners working in Singapore will be subject to tax as a non-resident for Singapore tax purpose. (iii) Susan, from China, resides in Shanghai and she is director in a Singapore company. She travelled to Singapore to attend the Board of Directors Meeting from 1 May to 6 May 2019. She received director fees of $10,000 for the year 2019. The director fees will be tax exempt in YA 2020 since she was in Singapore for not…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…1. Which of the following is required to file an income tax return? A. An employee covered by the substituted filing system. B. A taxpayer deriving purely passive income subject to final tax. C. A special alien with respect to his compensation income. D. A non-resident citizen who derives his entire income form sources outside the Philippines. 2. The taxable income of a mixed income earner is the : A. Net income from business less personal exemption B. Net income from business C. Taxable compensation income D. Taxable compensation income plus net income from business.