Calculate the MCA available for 2017-18 in the following situations: Husband (a) Born 5 July 1938, income
Question:
Calculate the MCA available for 2017-18 in the following situations:
Transcribed Image Text:
Husband (a) Born 5 July 1938, income 19,100 (b) Born 3 May 1933, income 28,110 (c) Born 4 June 1934, income 39,480 (d) Born 16 November 1939, income nil Wife Born 1 March 1935, income 12,450. Born 7 September 1938, income nil. Born 8 October 1939, income 13,950. Born 9 July 1934, income 49,300. In each case, MCA is claimed and the stated income figure is the adjusted net income. All of the couples were married before 5 December 2005 and none of them have elected that MCA should be claimed by the spouse with the higher net income.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 100% (1 review)
a The husband is entitled to an MCA of 8445 because his wife was born before 6 April 1935 The MCA i...View the full answer
Answered By
Ali Khawaja
my expertise are as follows: financial accounting : - journal entries - financial statements including balance sheet, profit & loss account, cash flow statement & statement of changes in equity -consolidated statement of financial position. -ratio analysis -depreciation methods -accounting concepts -understanding and application of all international financial reporting standards (ifrs) -international accounting standards (ias) -etc business analysis : -business strategy -strategic choices -business processes -e-business -e-marketing -project management -finance -hrm financial management : -project appraisal -capital budgeting -net present value (npv) -internal rate of return (irr) -net present value(npv) -payback period -strategic position -strategic choices -information technology -project management -finance -human resource management auditing: -internal audit -external audit -substantive procedures -analytic procedures -designing and assessment of internal controls -developing the flow charts & data flow diagrams -audit reports -engagement letter -materiality economics: -micro -macro -game theory -econometric -mathematical application in economics -empirical macroeconomics -international trade -international political economy -monetary theory and policy -public economics ,business law, and all regarding commerce
4.00+
1+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
Tae-Hwan Ahn manages a Level III Trauma Center for Medical Corporation of America (MCA), a for-profit corporation that trades on the New York Stock Exchange. Ahn wants to upgrade his facility to a...
-
The facts of this case are drawn from the SEC's Accounting and Auditing Enforcement The Company Perpetrating the Fraud The case involves a fraud perpetrated by MCA Financial Corporation, which was...
-
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...
-
Suppose that a 12-inch ruler must have the correct length L to within 0.0002 inch. (a) Write an absolute value inequality for L that describes this requirement. (b) Solve this inequality and...
-
An example of the Coriolis effect supposes air resistance is negligible for a golf ball. A golfer tees off from a location precisely at i = 35.0 north latitude. He hits the ball due south, with range...
-
Caterpillar uses U.S. GAAP when preparing its consolidated financial statements. Information concerning inventories from their 2017 annual report is as follows: Inventories are stated at the lower of...
-
If a mass on a spring moving horizontally were taken to the moon, how would its frequency change? What about a mass on a spring moving vertically? A pendulum?
-
57. Comprehensive consolidation subsequent to date of acquisition, AAP computation, goodwill, upstream and downstream intercompany inventory profits, downstream intercompany depreciable asset...
-
The ionization potentials for electrons in the n=1, 2, and 3 energy levels of Pb are 1,400e-17 J, 240e-17 J, and 48e-17 J, respectively. When an electron in the n=2 level fills a vacancy in the n=1...
-
Calculate the MCA available in 2017-18 to a husband and wife (both born in August 1934) who each have an adjusted net income not exceeding 28,000 and who marry on: (a) 23 June 2017 (b) 4 April 2018
-
A husband and wife both claim the basic personal allowance in 2017 -18. The husband's total income for tax purposes is 10,4 00 and the wife's income is 30,000. None of their income is derived from...
-
How are tangible and intangible resources related to a ventures capabilities? How are capabilities linked to core competencies? What is the connection between core competencies and competitive...
-
Question: In marginal accounting, what is the primary focus when analyzing costs and revenues? A) Total accumulated costs and revenues B) Average costs and revenues C) Incremental changes in costs...
-
Suppose that you have the following information for Tigers Corp in 2 0 2 0 XX: Sales = = $ 7 0 0 , 0 0 0 7 0 0 , 0 0 0 Cost of Goods Sold = = $ 4 0 0 , 0 0 0 4 0 0 , 0 0 0 Marketing & Administrative...
-
Why does the federal government use Certified Payroll, as prescribed by the Davis - Bacon Act?
-
You observed the following data for a given month: beginning finished goods = = $ 3 0 0 , 0 0 0 3 0 0 , 0 0 0 additions ( ( total costs ) = ) = $ 5 0 0 , 0 0 0 5 0 0 , 0 0 0 COGS = = $ 2 0 0 , 0 0 0...
-
G -0:00 $800,000 and $300,000 $800,000 and $240,000 O$1,000,000 and $300,000 O $1,000,000 and $240,000 1x Knowledge Check 01 Acme Manufacturing Company prepared a fixed budget based on the expected...
-
Why are large fluctuations in the demands for particular resources undesirable? What are the costs of resource leveling? How would a PM determine the best amount of leveling?
-
How is use of the word consistent helpful in fraud reports?
-
On 1 January 2020, A Ltd bought all of the assets and liabilities of B Ltd for a price of 500,000. B Ltd then went into liquidation. The statements of financial position of the two companies just...
-
A company has purchased the following intangible assets in separate transactions: (a) A patent which expires after ten years; the company expects to make use of this patent for six years and then...
-
(a) Distinguish between research expenditure and development expenditure. (b) Explain the accounting treatment required by IAS38 in relation to each of these types of expenditure. (c) During the year...
-
Locate and complete an online questionnaire (social or behavioral science related), consisting of at least 10 questions. Provide a link to the location (and name) of the survey and a summary of the...
-
Assume analysts provide the following types of information. Assume short sales are allowed. Mean Return Standard Deviation Stock A 10% 8% B 12% 10% C 18% 16% risk free rate 5% The pairwise...
-
3. Match each function with its graph. a) f(x)=4(2) b) y=2log.x c) y=-4lnx d) f(x)=4 i) iii) ii) -2-1 7 6- 5 4 3 2- T 4 121 2 3 4 14 1- -2- -2- 3- 4- 3 4 iv) -2 2- 1 -5 + 324 4 3- 2 4 2 3. 4 -1- -2 3...
Study smarter with the SolutionInn App