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- On January 1, 2019, Kunto, a cash basis taxpayer, pays 46,228 for a 24-month certificate. The certificate is priced to yield 4% (the effective interest rate) with interest compounded annually. No interest is paid until maturity, when Kunto receives 50,000. In your computations: a. Compute Kuntos gross income from the certificate for 2019. b. Compute Kuntos gross income from the certificate for 2020. Round any amounts to the nearest dollar.Marlene, a cash basis taxpayer, invests in Series EE U.S. government savings bonds and bank certificates of deposit (CDs). Determine the tax consequences of the following on her 2019 gross income: a. On September 30, 2019, she cashed in Series EE bonds for 10,000. She purchased the bonds in 2009 for 7,090. The yield to maturity on the bonds was 3.5%. b. On July 1, 2018, she purchased a CD for 10,000. The CD matures on June 30, 2020, and will pay 10,816, thus yielding a 4% annual return. c. On July 1, 2019, she purchased a CD for 10,000. The maturity date on the CD was June 30, 2020, when Marlene would receive 10,300.On January 1, 2023, Kunto, a cash basis taxpayer, pays $90,607 for a 24-month certificate of deposit. The certificate is priced to yield 4% (the effective interest rate) with interest compounded annually. No interest is paid until maturity, when Kunto receives $98,000. Round all calculations to the nearest dollar. a. Compute Kunto's gross income from the certificate for 2023. b. Compute Kunto's gross income from the certificate for 2024.
- Robin's financial records from 2020 show the following information from the forms she received: Interest income from bank CD's: $1,600 Taxable annuity payment total: $3,200 City ad valorem property on investments: $240 Investment interest expense: $5,600 Calculate Robin's net investment income and her current investment deduction. How is a deduction for any potential excess investment interest treated? Why is it treated this way?In 2021, I have an income of $49,000 from my job as a salesman. I contribute $8,000 to a traditional 401(k) and the maximum to a Roth IRA. I also earn $2,000 in ordinary dividends in a taxable account. How much will I pay in federal income taxes in 2021?In 2020, Shelly had net earnings from her business of $160,000. What is the amount of Shelly’s self-employed tax? Round answer to nearest dollar.
- 30. On July 1, 2021, Mr. Lancelot borrowed P10,000 at 6% interest from ABC Loan Company, Inc. for use in his business, due in five years. On December 1, 2021, Mr. Lancelot pays his first year's interest of P600. Mr. Lancelot is on the accrual method of accounting. How much of his interest can be deducted in his 2021 calendar year income tax returns? а. 600 b. 500 c. 300 d. 250 .OY Uses aMs. White has net tax owing for 2017 of $4,500, net tax owing for 2018 of $8,000, and estimated net tax owing for 2019 of $7,500. If she wishes to pay the minimum total amount of instalments for the 2019 taxation year, her first payment on March 15 will be for what amount? Nil. $1,125.00 $1,875.00 $2,000.00Review the following scenario. Use the information provided to answer questions about the taxpayers’ 2020 return.Chris (45) and Allison (46) Castillo are married, and they will file a joint return. During the year, they earned $82,500 in wages. They also had investment income consisting of: $200 interest income from a savings account with their local bank, reported on Form 1099-INT. $350 interest income from a certificate of deposit held with another local bank, reported on Form 1099-INT. $250 interest income from a U.S. Treasury note, reported on Form 1099-INT. $500 tax-exempt interest income from a municipal bond investment, reported on Form 1099-INT. $1,700 in ordinary dividends from a mutual fund investment, reported on Form 1099-DIV. They had no other income. Question 1: What amount will Chris and Allison report for their total income on Form 1040? You may refer to the couple's partially completed Form 1040, page 1, which is shown below, to assist you in answering this question.…
- A taxpayer filed his income tax return in October 28, 2022. The deadline for the return was April 15, 2022. If he has P40,000 net tax due, compute the penalties in the form of interest. What is the total surcharge penalty? P0 P10,000 P8,000 P20,000 ADD EXPLANATION, THANKSReview the following scenario. Use the information provided to answer questions about the taxpayers’ 2020 return.Chris (45) and Allison (46) Castillo are married, and they will file a joint return. During the year, they earned $82,500 in wages. They also had investment income consisting of: $200 interest income from a savings account with their local bank, reported on Form 1099-INT. $350 interest income from a certificate of deposit held with another local bank, reported on Form 1099-INT. $250 interest income from a U.S. Treasury note, reported on Form 1099-INT. $500 tax-exempt interest income from a municipal bond investment, reported on Form 1099-INT. $1,700 in ordinary dividends from a mutual fund investment, reported on Form 1099-DIV. They had no other income. Question 1 What amount will Chris and Allison report for taxable interest on their Form 1040? The couple's partially completed Form 1040, page 1, is shown below. You may use the form to assist you in answering this…Suppose Ryan receives a CRA instalment reminder for the first quarter of the current year in the amount of $2,700. Ryan does not make any instalment payments during the current year. Ryan will not owe interest for a late instalment Choose the correct answer. O A. if Ryan has little to no income in the current year and his estimated taxes owing is $0 O B. if his taxes owing for the current year are $6,400 and his taxes owing for the previous year were $5,400 O C. if his taxes owing for the current year are $7,400 and his taxes owing for the previous year were $8,400 O D. regardless of any other facts