Opie Ltd. earned $600,000 of active business income during the year. Taxable income was also $600,000....
Opie Ltd. earned $600,000 of active business income during the year. Taxable income was also $600,000. The company is associated with QRS Ltd., and QRS will use $200,000 of the business limit for the year. What is the small business deduction (SBD) for the year for Opie?
a) $54,000
b) $72,000
c) $90,000
d) $108,000
Homework Answers
Since we are not provided with tax rate applicable for small business deduction. if we assume tax rate to be 15% if the income is less than 500000 and if it is greater than 500000 then tax rate will be 28% so using above mentioned tax rate, small business deduction will be 108000.
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Opie Ltd. earned $600,000 of active business income during the
year. Taxable income was also $600,000....
Problem C Given the following problem, answer questions 20 to 21 A company operates in Ottawa...
Problem C Given the following problem, answer questions 20 to 21 A company operates in Ottawa (Ontario) and last year they had a gross revenue of $2,300,000. They paid $1,150,000 for salaries and benefits and spent $550,00 for other business-related expenses. They use an especial piece of equipment with the UCC of $200,000. The CCA rate for this equipment is 30 % . 20. What is the taxable income of the company? a) $1,150,000 c) $570,000 b) $600,000 d) $540,000...
Need answer for number 21. Answer to 20 is d) $540000. Problem C. Given the following...
Need answer for number 21. Answer to 20 is d)
$540000.
Problem C. Given the following problem, answer questions 20 to 21 A company operates in Ottawa (Ontario) and last year they had a gross revenue of $2,300,000. They paid $1,150,000 for salaries and benefits and spent $550,00 for other business-related expenses. They use an especial piece of equipment with the UCC of $200,000. The CCA rate for this equipment is 30%. 20. What is the taxable income of the...
Jocelyn earned $275,000 of qualified business income this year from her sole proprietorship and has taxable...
Jocelyn earned $275,000 of qualified business income this year from her sole proprietorship and has taxable income, before any QBI deduction, of $250,000. Janice is permitted a QBI deduction of O $35,000 $55,000 $50,000 $0 Violet, Inc. has a warehouse completely destroyed by a tornado. The FMV of the warehouse was $650,000 and it had an adjusted basis of $375,00. The insurance company paid $800,000 for the loss and Violet used $750,00 of the proceeds to replace the warehouse. What...
MACCO is a CCPC It has Net Income for tax of 55,000 It has active income...
MACCO is a CCPC It has Net Income for tax of 55,000 It has active income of 20,000 and 30,000 of dividends from Canadian Companies 12,000 of the active income is manufacturing income And has a taxable capital gain of 5000. The company makes donations of 5,000 and has a non capital loss carry forward of 2000 which it plans to use. ABL for the small business deduction is 10,000 Calcualte PART 1 Tax
What is the taxable income liability? Jeremy earned $101,900 in salary and $7,900 in interest income...
What is the taxable income liability?
Jeremy earned $101,900 in salary and $7,900 in interest income during the year. Jeremy's employer withheld $11,200 of federal income taxes from Jeremy's paychecks during the year. Jeremy has one qualifying dependent child who lives with him. Jeremy qualifies to file as head of household and has $31,700 in itemized deductions, (Use the tax rate schedules.) Problem 4-28 Part-b b. Assume that in addition to the original facts, Jeremy has a long-term capital gain...
What is the taxable income liability? Jeremy earned $101,900 in salary and $7,900 in interest income...
What is the taxable income liability?
Jeremy earned $101,900 in salary and $7,900 in interest income during the year. Jeremy's employer withheld $11,200 of federal income taxes from Jeremy's paychecks during the year. Jeremy has one qualifying dependent child who lives with him. Jeremy qualifies to file as head of household and has $31,700 in itemized deductions, (Use the tax rate schedules.) Problem 4-28 Part-b b. Assume that in addition to the original facts, Jeremy has a long-term capital gain...
canadian taxation work During the current taxation year, KT Ltd., a Canadian-controlled private corporation located in...
canadian taxation
work During the current taxation year, KT Ltd., a Canadian-controlled private corporation located in Nova Scotia, earned $160,000 of active business income. In addition, the Alberta branch had been inc PROBLEM TWO company made the following capital transactions: Gain on sale of shares of a public corporation Loss on shares of a public corporation $48,000 (20,000) At the end of the previous taxation year, the following unused losses were available for carry-forward: Net capital losses $29,000 Non-capital losses...
Jeremy earned $100,000 in salary and $6,000 in interest income during the year. Jeremy’s employer withheld...
Jeremy earned $100,000 in salary and $6,000 in interest income
during the year. Jeremy’s employer withheld $11,200 of federal
income taxes from Jeremy’s paychecks during the year. Jeremy has
one qualifying dependent child who lives with him. Jeremy qualifies
to file as head of household and has $23,000 in itemized
deductions.
a. Determine Jeremy’s tax refund or taxes
due.
Description Amount (1) Gross income (2) For AGI deductions (3) Adjusted gross income Standard deduction (5) Itemized deductions (6) Taxable income...
Q1) Jenna is a single taxpayer. During 2018, she earned wages of $108,000. She doesn't itemize...
Q1) Jenna is a single taxpayer. During 2018, she earned wages of
$108,000. She doesn't itemize deductions, so she will take the
standard deduction to calculate 2018 taxable income. In addition,
during the year she sold common stock that she had owned for five
years for a net profit of $4,700. How much does Jenna owe to the
IRS for taxes? Do not round intermediate calculations. Round your
answer to the nearest cent
federal taxes) is taxed as ordinary income,...
Jeremy earned $100,000 in salary and $6,000 in interest income during the year. Jeremy’s employer withheld...
Jeremy earned $100,000 in salary and $6,000 in interest income
during the year. Jeremy’s employer withheld $11,200 of federal
income taxes from Jeremy’s paychecks during the year. Jeremy has
one qualifying dependent child who lives with him. Jeremy qualifies
to file as head of household and has $23,000 in itemized
deductions.
b. Assume that in addition to the original
facts, Jeremy has a long-term capital gain of $4,000. What is
Jeremy’s tax refund or tax due including the tax on...
Problem C Given the following problem, answer questions 20 to 21 A company operates in Ottawa (Ontario) and last year they had a gross revenue of $2,300,000. They paid $1,150,000 for salaries and benefits and spent $550,00 for other business-related expenses. They use an especial piece of equipment with the UCC of $200,000. The CCA rate for this equipment is 30 % . 20. What is the taxable income of the company? a) $1,150,000 c) $570,000 b) $600,000 d) $540,000...
Need answer for number 21. Answer to 20 is d)
$540000.
Problem C. Given the following problem, answer questions 20 to 21 A company operates in Ottawa (Ontario) and last year they had a gross revenue of $2,300,000. They paid $1,150,000 for salaries and benefits and spent $550,00 for other business-related expenses. They use an especial piece of equipment with the UCC of $200,000. The CCA rate for this equipment is 30%. 20. What is the taxable income of the...
Jocelyn earned $275,000 of qualified business income this year from her sole proprietorship and has taxable income, before any QBI deduction, of $250,000. Janice is permitted a QBI deduction of O $35,000 $55,000 $50,000 $0 Violet, Inc. has a warehouse completely destroyed by a tornado. The FMV of the warehouse was $650,000 and it had an adjusted basis of $375,00. The insurance company paid $800,000 for the loss and Violet used $750,00 of the proceeds to replace the warehouse. What...
MACCO is a CCPC It has Net Income for tax of 55,000 It has active income of 20,000 and 30,000 of dividends from Canadian Companies 12,000 of the active income is manufacturing income And has a taxable capital gain of 5000. The company makes donations of 5,000 and has a non capital loss carry forward of 2000 which it plans to use. ABL for the small business deduction is 10,000 Calcualte PART 1 Tax
What is the taxable income liability?
Jeremy earned $101,900 in salary and $7,900 in interest income during the year. Jeremy's employer withheld $11,200 of federal income taxes from Jeremy's paychecks during the year. Jeremy has one qualifying dependent child who lives with him. Jeremy qualifies to file as head of household and has $31,700 in itemized deductions, (Use the tax rate schedules.) Problem 4-28 Part-b b. Assume that in addition to the original facts, Jeremy has a long-term capital gain...
What is the taxable income liability?
Jeremy earned $101,900 in salary and $7,900 in interest income during the year. Jeremy's employer withheld $11,200 of federal income taxes from Jeremy's paychecks during the year. Jeremy has one qualifying dependent child who lives with him. Jeremy qualifies to file as head of household and has $31,700 in itemized deductions, (Use the tax rate schedules.) Problem 4-28 Part-b b. Assume that in addition to the original facts, Jeremy has a long-term capital gain...
canadian taxation
work During the current taxation year, KT Ltd., a Canadian-controlled private corporation located in Nova Scotia, earned $160,000 of active business income. In addition, the Alberta branch had been inc PROBLEM TWO company made the following capital transactions: Gain on sale of shares of a public corporation Loss on shares of a public corporation $48,000 (20,000) At the end of the previous taxation year, the following unused losses were available for carry-forward: Net capital losses $29,000 Non-capital losses...
Jeremy earned $100,000 in salary and $6,000 in interest income
during the year. Jeremy’s employer withheld $11,200 of federal
income taxes from Jeremy’s paychecks during the year. Jeremy has
one qualifying dependent child who lives with him. Jeremy qualifies
to file as head of household and has $23,000 in itemized
deductions.
a. Determine Jeremy’s tax refund or taxes
due.
Description Amount (1) Gross income (2) For AGI deductions (3) Adjusted gross income Standard deduction (5) Itemized deductions (6) Taxable income...
Q1) Jenna is a single taxpayer. During 2018, she earned wages of
$108,000. She doesn't itemize deductions, so she will take the
standard deduction to calculate 2018 taxable income. In addition,
during the year she sold common stock that she had owned for five
years for a net profit of $4,700. How much does Jenna owe to the
IRS for taxes? Do not round intermediate calculations. Round your
answer to the nearest cent
federal taxes) is taxed as ordinary income,...
Jeremy earned $100,000 in salary and $6,000 in interest income
during the year. Jeremy’s employer withheld $11,200 of federal
income taxes from Jeremy’s paychecks during the year. Jeremy has
one qualifying dependent child who lives with him. Jeremy qualifies
to file as head of household and has $23,000 in itemized
deductions.
b. Assume that in addition to the original
facts, Jeremy has a long-term capital gain of $4,000. What is
Jeremy’s tax refund or tax due including the tax on...
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