John gives you the following information for the 2020 income tax year. Receipts: $63,000 salary Expenses:
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Question:
John gives you the following information for the 2020 income tax year.
Receipts:
• $63,000 salary
Expenses:
• $800 work related expenses.
John also advised that he made a net capital loss of $5,000 when he sold some shares during the 2020 income tax year. He has also advised that he had $8,000 tax withheld by his employer in the 2020 income tax year.
Based on the information provided, calculate John’s total amount payable or refundable for the 2020 income tax year
Related Book For
Intermediate Accounting
ISBN: 978-0324592375
17th Edition
Authors: James D. Stice, Earl K. Stice, Fred Skousen
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