Question

Taxation

Min-ju Yang is employed as a salesperson and earns both a salary and commission income. In 2020, Min-ju's commissions totaled $5,500. Min-ju is required to pay for numerous employment expenses each year which are identified on the annual T2200. Min-ju paid $6,200 for advertising and promotion during the year. Min-ju uses a personal vehicle for work purposes, and in 2020, the total capital cost allowance for the car was $12,000, and $320 of interest was paid per month on a loan for the car. Min-ju drove the car a total of 20,000 kilometres in 2020. 8,000 of these were for work purposes. How much is Min-ju's total salesperson deduction for 2020?

Multiple Choice

  • $21,850

  • $11,760

  • $12,460

  • $0


TEX Co. was incorporated in 2020. Incorporation costs were $3,500. How much CCA is allowed in 2020 and how much operating expense is allowed in the year? (Round answers to 0 decimal places.)

Multiple Choice

  • $225, $500

  • $25, $3,000

  • $175, $0

  • $38, $3,000

Employers can deduct unpaid remuneration for tax purposes

Multiple Choice

if paid within 60 days of the taxation year.

if paid within 365 days of the taxation year.

if paid within 180 days of the taxation year.

if paid within two years of the taxation year.

0 0
Add a comment Improve this question Transcribed image text
Answer #1

Min-ju Yang's total sales deduction for 2020 is $12,460. In the above statement, the salesperson can deduct the corresponding amount here.

answered by: kuala
Add a comment
Know the answer?
Add Answer to:
Taxation
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • I want the solution ASAP 28 Introduction to Federal Income Taxation in Caneda Question8(18 minutes) [Chapter...

    I want the solution ASAP 28 Introduction to Federal Income Taxation in Caneda Question8(18 minutes) [Chapter 3] Robert is a salesperson cmployed by Candy-Land Limited, He receives commission based on sales. During 2016, Robert received total commission income of S15,000. He is having trouble determining what expenditures will be deductible by him in computing his 2016 income from employment for tax purposes. He provides you wish the folilowing list of expenditures incured by him during 2016. All of these expenditures...

  • 22. 24. and 25 25 please CCH Federal Taxation-Comprehensive Topics PROBLEMS 22. For the current year,...

    22. 24. and 25 25 please CCH Federal Taxation-Comprehensive Topics PROBLEMS 22. For the current year, Al Johnson used his personal car for both business and personal purposes. He drove 18,000 miles in the car during the year: 10,000 miles were for business-related purposes and 8.000 miles were for personal purposes. He incurred the following car expenses during the year: Expense Amount $7900 900 Maintenance Repairs and depreciation Car washes Total $10 200 Based on this information, what part of...

  • Bcom Taxation 301

    Question 1During the 2020 year of assessment Harley Davidson (married out of community of property), a resident of the Republic, made the following donations ( assume that all legal formalities were complied with at the date of each donation): 1.    On 1 March 2019 he gave his wife, Pearl, a pair of diamond earrings valued at R 25 000.2.    On 25 April 2019, he gave his youngest son, Carl, the lifetime usufruct on this date was R 1 356 000.3.    On...

  • Taxation

    James and Kate Sawyer were married on New Year’s Eve of 2019. Before their marriage, Kate lived in New York and worked as a hair stylist for one of the city’s top salons. James lives in Atlanta, where he works for a public accounting firm earning an annual salary of $105,000. After their marriage, Kate left her job in New York and moved into the couple’s newly purchased, 3,200-square-foot home in Atlanta. Kate incurred $2,700 of moving expenses. The couple...

  • Taxation

    James and Kate Sawyer were married on New Year’s Eve of 2019. Before their marriage, Kate lived in New York and worked as a hair stylist for one of the city’s top salons. James lives in Atlanta, where he works for a public accounting firm earning an annual salary of $105,000. After their marriage, Kate left her job in New York and moved into the couple’s newly purchased, 3,200-square-foot home in Atlanta. Kate incurred $2,700 of moving expenses. The couple...

  • Documenti - Word (Product Activation Failed) References Mailings Review View Question 2 (Marks: 30) Mr. Khumalo...

    Documenti - Word (Product Activation Failed) References Mailings Review View Question 2 (Marks: 30) Mr. Khumalo is the financial manager of Hello Group Ltd. He started working at the company on 1 April 2020, after being retrenched six months earlier. He is currently 42 years old and unmarried. The following information relates to his income and expenditure for the year of assessment ended 28 February 2021: 1. Mr Khumalo received a monthly basic salary of R23 500 and a monthly...

  • Documenti - Word (Product Activation Failed) References Mailings Review View Question 2 (Marks: 30) Mr. Khumalo...

    Documenti - Word (Product Activation Failed) References Mailings Review View Question 2 (Marks: 30) Mr. Khumalo is the financial manager of Hello Group Ltd. He started working at the company on 1 April 2020, after being retrenched six months earlier. He is currently 42 years old and unmarried. The following information relates to his income and expenditure for the year of assessment ended 28 February 2021: 1. Mr Khumalo received a monthly basic salary of R23 500 and a monthly...

  • Accountants at the firm Michael​ Vest, Chartered​ Accountants, believed that several traveling executives were submitting unusually...

    Accountants at the firm Michael​ Vest, Chartered​ Accountants, believed that several traveling executives were submitting unusually high travel vouchers when they returned from business trips.​ First, they took a sample of 200 vouchers submitted from the past year. Then they developed the following​ multiple-regression equation relating expected travel cost to number of days on the road ​(x 1​) and distance travelled ​(x 2​) in​ kilometres: ModifyingAbove y with caretequals​$85.00plus​$46.50x 1plus​$0.45x 2. The coefficient of correlation computed was 0.68. ​a) If...

  • Required: Calculate Nandi’s net tax payable to / refundable by SARS FOR THE YEAR OF ASSESSMNET ENDED 29 Feb 2020. Assume remuneration of R936 700 for the purposes of calculating Nandi’s pension fund deduction. Round off to the nearest Rand. (30 marks)

    Nandi Majola (aged 35) is a resident of the Republic. Nandi is currently employed as an audit manager at Ernest & old (pty) Ltd. The following information relates to Nandi for the year of assessment ended 29 Feb 2020:1.       Nandi earned a gross salary of R60 000 per month for the 2020 year assessment. On 15 Dec 2019, she received a gross bonus of R80 000. 2.       During the 2020 year of assessment, Nandi contributed a total of R57 600 towards...

  • Taxation

    Michael owns a pizza restaurant. He has several employees working in the kitchen and delivering pizzas. He also owns various assets, including a rental property. During the year ended 30 June 2019 Michael received $915,000 in cash from the sale of pizzas and other related products.Eric is Michael’s head chef and he is provided with the use of a motor car as well as his salary of $100,000 per year. The car was purchased by Michael on 1 April 2018...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT