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- (resident citizen from philippines) Question: How much is the taxable income?Taxpayer Q has net taxable income of $30,000 from Country Y which imposes a 40 percent income tax. In addition to the income from Country Y, taxpayer Q has net taxable income from US sources of $120,000, and US tax liability, before the foreign tax credit, of $30,290. What is the amount of Q's foreign tax credit? a.$30,290 b.$12,000 c.$6,058 d.$8,350 e.None of these choices are correct.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
- aa.6 Scot and Vidia, married taxpayers, earn $184,000 in taxable income and $5,000 in interest from an investment in City of Tampa bonds. (Use the U.S. tax rate schedule). a If Scot and Vidia earn an additional $81,250 of taxable income, what is their marginal tax rate on this income? b. How would your answer differ if they, instead, had $81,250 of additional deductions?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.D. Tax credit for income tax paid or incurred to a foreign country 1. Assume that a resident citizen has the following taxable income from sources in the Philippines and in Dallas, Texas, USA, for year 2022: Taxable income, Philippines Taxable income, Dallas, Texas, USA Income tax paid in Dallas, Texas, USA P 5,495,000 2,355,000 824,250 Required: Compute income tax still due or payable after tax credit.
- US Tax System 1.) Vincent has income from taxable wages totaling $150,000. How much Social Security tax does he pay?User During the 2023 income year, Lance McGuinness (a non-resident taxpayer) received the following income: Salary from employer for work performed in Australia $ 45,000 Salary from employer for work performed outside of Australia $105,000 Rent received from property in Hong Kong $ 20,000 Calculate Lance's Australian taxable income for 2023 Question 7Select one: A. $170,000 B. $65,000 C. $45,000 D. $ 150,000US Tax System 1.) Darius' net income from self-employment reported on Schedule C is $25,000. Calculate his self-employment tax.
- Subject : Taxation Theory, Practice and Law 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/Y received the following items of income during the taxable year: If Y is a resident citizen, how much is the total income subject to Philippine income tax? (Within means earned within the Philippines, without means earned outside of the Philippines). Within Without Business Income 400,000.00 200,000.00 Professional Fees 200,000.00 100,000.00 Rent income 600,000.00 200,000.00 Interest income 60,000.00 40,000.00 O P1,800,000 O P1,740,000 O P1,700,000 O P1,200,000Zandro has the following items of income earned during the taxable year: Income earned in the Philippines- 1,000,000 Income earned in the USA - Income earned in Japan - 500,000 300,000 Compute for the taxable income and tax due if; 1. Zandro is resident citizen; 2. Zandro is non-resident citizen; 3. Zandro is resident alien; 4. Zandro is non-resident alien. Show your solution and/or explanation. Use graduated income tax table.