Question

Income Contribution Sheet Puerto Rico law Luis, married, with three dependents and a resident of Puerto Rico, earned an income from his job as a department manager of $150,000 during the current contributory year. The retained contribution was $34,049. His wife earned an income of $3,049 and the withheld contribution was $211. In addition, they earned revenue from a $28,250 professional services business and related expenses were $4,360 (see breakdown table). Another important information is that two of the dependents are non-college and the other is in their second year of college. Mortgage interest was $9,142. Medical expenses were $3544 and they made donations in the amount of $1,000 in total. Luis Díaz Benitez Date of Birth May 10, 1964 Social Security Number 500-01-0512 Teresa Estrella Dominguez Date of Birth August 4, 1966 Social Security Number 550-02-1234 Address: Urbanization Los Millonarios, H 13 Calle 12, Cabo Rojo, PR 00623 Phone: 787-881-1523 Email: [email protected] Water/Light/Phone Services Materials Entertainment Expenses $660 $3000 $700 Dependent: 1. Juan Luis Benitez Star January 4, 1997 SS 555-50-1234 2. Luis Jose Benitez Star May 20, 2001 SS 444-51-4321 3. Teresita Benitez Estrella 25 August 2005 SS 333-52-0404

Answer 1

Answer :

Income Contribution sheet as per Puerto Reco Law : for a year :

Sr. No.	Income Contribution sheet	Amount (in $)
1	Income
	Income from Job (Salary)	1,50,000
	Income Earned by Wife	3,049
	Revenue from Professional Service business	28,250
	Total	1,81,299
	Less :
2	Expenses
	expenses related to Professional business	4,360
	Mortgage Interest	9,142
	Medical Expenses	3,544
	Donation	1,000
	Water	660
	Light	3,000
	Phone Service	700
	Total	22,406
3	Retained contribution	34,049
	Retained contribution from wife	211
	Total	34,260
	Total Income Contribution	1,24,633