Mary's income for tax year 2017-18 consists of business profits of 26,920, dividends received of 124,460 and
Question:
Mary's income for tax year 2017-18 consists of business profits of £26,920, dividends received of £124,460 and rents received of £3,750.
Her personal allowance for the yearis £nil. Calculate Mary's income tax liability for 2017-18, assuming that the rents received are not within the "rent-a-room" scheme.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 100% (1 review)
To calculate Marys income tax liability for the tax year of 201718 we first need to know the tax rat...View the full answer
Answered By
Nyron Beeput
I am an active educator and professional tutor with substantial experience in Biology and General Science. The past two years I have been tutoring online intensively with high school and college students. I have been teaching for four years and this experience has helped me to hone skills such as patience, dedication and flexibility. I work at the pace of my students and ensure that they understand.
My method of using real life examples that my students can relate to has helped them grasp concepts more readily. I also help students learn how to apply their knowledge and they appreciate that very much.
4.00+
1+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-5. Ivan's grandfather died and left a portfolio of municipal bonds. In 2012, they pay Ivan...
-
Carol Harris, Ph.D, CPA, is a single taxpayer and she lives at 674 Yankee Street, Durham, NC 27409. Her Social Security number is 793-52-4335. Carol is an Associate Professor of Accounting at a local...
-
Managing Scope Changes Case Study Scope changes on a project can occur regardless of how well the project is planned or executed. Scope changes can be the result of something that was omitted during...
-
If a quantity is measured to be Q and its exact value is A, then the relative error in Q is If the exact value is A = 35 and you want the relative error in Q to be less than or equal to 0.02 (or 2%),...
-
An amusement park ride consists of a rotating circular platform 8.00 m in diameter from which 10.0-kg seats are suspended at the end of 2.50-m mass less chains (Fig. P6.63). When the system rotates,...
-
Describe the goal of a portfolio owner in terms of risk and return. How does he or she evaluate the risk characteristics of stocks being considered for addition to the portfolio?
-
Theoretically, four-stroke engine should develop power as compared to two-stroke engine is: (a) Half (b) Same (c) Double (d) Four times
-
Anita Vasquez received $160,000 from her mothers estate. She placed the funds into the hands of a broker, who purchased the following securities on Anitas behalf: a. Common stock was purchased at a...
-
Briefly describe any FOUR advantages of using comments in a program.
-
Ben (who is not a Scottish taxpayer) has business profits of 110,520 in 2017-18. He has no other income and makes no Gift Aid donations or pension contributions . Calculate the amount of his 2017-18...
-
Ivan's income for the tax year 2017-18 is as follows: Part-time salary 15,985 Net interest on gilt-edged securities 1,360 Premium bond prize 50 Dividends 18,560 His personal allowance for 2017 -18 is...
-
Following are selected statement of financial position accounts of Sander Bros. Corp. at December 31, 2022 and 2021, and the increases or decreases in each account from 2021 to 2022. Also presented...
-
Ben has the following debt expenses and income figures: Debt Mortgage = $950 Minimum credit card payments = $235 Car loan = $355 Income Monthly gross income = $3,500 Child support = $500 Calculate...
-
discuss the intricacies of immune tolerance mechanisms, including central and peripheral tolerance induction, and their roles in preventing autoimmune reactions while preserving immune responsiveness...
-
Suppose that a non-dividend paying firm issues a zero-coupon bond maturing in three years. The bond's face value is $100, the current value of the assets is $200, the risk-free rate (cc) is 6%, and...
-
3. [7 points; 3, 1, 1, 2 points respectively] In the last couple of years Wells Fargo, one of the largest banks in the U.S., has been accused of bank scandals. [Hint: Internet research is...
-
If a particular company's stock is viewed by the financial markets as a great income stock that is expected to pay steady, equal, perpetual dividends. The firm presently has constant annual earnings...
-
Tims Bargain Basement sells used goods at very low prices. Tim has developed the following business objectives: 1. To buy only the inventory that sells 2. To have repeat customers 3. To be profitable...
-
Find the equation of the plane passing through the points P 5,4,3 ,Q 4,3,1 and R 1,5,4
-
Elite Leisure is a private limited liability company that operates a single cruise ship. The ship was acquired on 1 October 2011. Details of the cost of the ship's components and their estimated...
-
H Ltd began trading on 1 January 2016, preparing financial statements to 31 December each year. During 2019, the company decided to change its accounting policy with regard to one of its operating...
-
Chilwell Ltd prepares financial statements to 31 October each year. The company's trial balance at 31 October 2019 is as follows: The following information is also available: 1. Land is...
-
The Relational Model and Logical Design (a) In the context of the relational data model, describe the following terms: (i) relation (ii) primary key (iii) foreign key (iv) null ...
-
The relational model representation of an EERD relationship with a cardinality of (M,M) must be represented with a relationship table. Explain why this is true.
-
Select multiple Hadoop, NoSQL, and NewSQL products and conduct a detailed comparison of the similarities and differences between the tools that you select. For NoSQL products, include key-value pair...
Study smarter with the SolutionInn App