Philip is an employee of S company with annual salary of $90,000. He own his home and

Fantastic news! We've Found the answer you've been seeking!

Question:

Philip is an employee of S company with annual salary of $90,000. He own his home and lease it to his tenant at $7,000 per month. He is also a shareholder of the Tropical Island ltd (resident company) received dividend (net) of $5,000.

Compute his total tax payable.

Related Book For answer-question

Concepts In Federal Taxation

ISBN: 9780324379556

19th Edition

Authors: Kevin E. Murphy, Mark Higgins, Tonya K. Flesher

Posted Date: Sep 21, 2023 04:33 AM

See More Questions

Sienna Major is UK resident and UK domiciled. Sienna is an employee of Otto Ltd earning 41,900 pa as her salary. In addition she is provided with a number of benefits: Otto Ltd contributes 10% of...
Jack is an employee of ABC, a Canadian-controlled private corporation (CCPC). The following was provided to you by Jack regarding all his financial and non-financial transaction during 2020. He...
The Crazy Eddie fraud may appear smaller and gentler than the massive billion-dollar frauds exposed in recent times, such as Bernie Madoffs Ponzi scheme, frauds in the subprime mortgage market, the...
This case will enable you to practice conducting planning and substantive analytical procedures for accounts in the revenue cycle. When analyzing the financial data, you may assume that the 2015...
How do you feel about having your fingerprints, facial features, and perhaps more of your biometric features encoded in documents like your passport? Explain your answer.
A. T. Kearney publishes an annual study to help retailers prioritize their global development strategies by ranking the retail expansion attractiveness of emerging countries based on a particular set...
T Penketh is an accountant with a salary of 2,000 per month plus bonus, which for May 19X6 was 400. He pays superannuation contributions of 5% of gross pay, and these are allowed as reliefs against...
Polk Company manufactures basketballs. Materials are added at the beginning of the production process and conversion costs are incurred uniformly. Production and cost data for the month of July 2017...
a company using the equity method for its investment in a 30% owed invested, which earned $40,000 and paid $10,000 in dividends, made the following two entries Investment in investee 12,000 Cash...
Presented below are the financial statements of Rocastle Company. Additional data:1. Dividends of $23,000 were declared and paid.2. During the year equipment was sold for $10,000 cash. This equipment...
QA. Heavenly Chocolates manufactures and sells quality chocolate products at its plant and retail store located in Saratoga Springs, New York. Two years ago, the company developed a web site and...
Explain why engineers put metal prongs in the middle of bridges and what would happen to the bridges if they werent there
The following selected account balances were taken from Buckeye Company's general ledger at January 1 , 2 0 1 9 and December 3 1 , 2 0 2 2 : January 1 December 3 1 Accounts receivable $ 1 2 6 , 0 0 0...
Discuss the 5 rights of delegation and how a leader who is welcoming and extraverted in her leadership style will use it to delegate tasks. Identify one barrier to effective delegation and how you...
Sally BoBally is playing football and running at 4 . 4 m / s when she is tackled simultaneously by a player from the right coming at her with a speed of 4 . 0 m / s and from behind her by a player...
Some people have less common chromosome combinations, such as XYY and XXX, as a result of nondisjunction. What does nondisjunction mean?
Problem 4 : Bonds Compute the annualized return ( yield ) earned by each of the following bond investors: a ) Aren purchases a newly - issued five - year bond with a face value of $ 1 0 , 0 0 0 and...
Open Text Corporation provides a suite of business information software products. Exhibit 10-9 contains Note 10 from the companys 2013 annual report detailing long-term debt. Required: a. Open Text...
What are some advantages of the CD-ROM, commercial on-line, and Internet platforms for CATR?
Kim and Brendan, who are longtime friends, have decided to buy a golf equipment store and go into business together as equal partners. Kim reports his income by calendar year, and Brendan uses a...
Which of the following are qualified replacement properties for properties involuntarily converted? Explain. a. The city of Marble River announces plans to condemn Heimas rental apartment complex on...
On September 1, 1998, Susan Chao bought a motorcycle for $$10,000.$ She paid $$1,000$ down and financed the balance with a five-year loan at a stated annual interest rate of 9.6 percent,...
You have recently won the super jackpot in the Illinois state lottery. On reading the fine print, you discover that you have the following two options: a. You receive $$160,000$ at the beginning of...
Peter Green bought a $$15,000$ Honda Civic with 20 percent down and financed the rest with a four-year loan at 8 percent stated annual interest rate, compounded monthly. What is his monthly payment...

Philip is an employee of S company with annual salary of $90,000. He own his home and

Question:

Expert Answer:

To calculate Philips total tax payable we need to consider his annual salary rental income and divid... View the full answer

Concepts In Federal Taxation

Students also viewed these accounting questions