Bill was born in 1982. He is married to Hazel who was born in 1986. In 2021-22,
Question:
Bill was born in 1982. He is married to Hazel who was born in 1986. In 2021-22, Bill had business profits of £52,820 and received dividends of £2,200. Hazel received a salary of £220,570 and bank interest of £3,040.
Calculate their income tax liabilities for the year.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 100% (1 review)
To calculate their income tax liabilities you first need to understand the different tax bands in the UK for the tax year 20212022 Heres a brief rundo...View the full answer
Answered By
Saikumar Ramagiri
Financial accounting:- Journal and ledgers, preparation of trail balance and adjusted trail balance Preparation of income statement, retained earning statement and balance sheet Banks reconciliation statements Financial statement analysis Cash flow statement analysis (both direct and indirect methods) All methods of Depreciations Management Accounting:- Ratios Budgeting control Cash budget and production budget Working capital management Receivable management Costing:- Standard and variance costing Marginal costing and decision making Cost-volume-profit analysis Inventory management (LIFO, FIFO) Preparation and estimation of cost sheet Portfolio management:- Calculation of portfolio standard deviation or risk Calculation of portfolio expected returns CAPM, Beta Financial management:- Time value of money Capital budgeting Cost of capital Leverage analysis and capital structure policies Dividend policy Bond value calculations like YTM, current yield etc International finance:- Derivatives Futures and options Swaps and forwards Business problems Finance problems Education (mention all your degrees, year awarded, Institute/University, field(s) of major): Education Qualification Board/Institution/ University Month/Year of Passing % Secured OPTIONALS/ Major ICWAI(inter) ICWAI inter Pursuing Pursuing - M.com(Finance) Osmania University June 2007 65 Finance & Taxation M B A (Finance) Osmania University Dec 2004 66 Finance & Marketing. B.Com Osmania University June 2002 72 Income Tax, Cost & Mgt, Accountancy, Auditing. Intermediate (XII) Board of Intermediate May 1999 58 Mathematics, Accountancy, Economics. S S C (X) S S C Board. May 1997 74 Mathematics, Social Studies, Science. Tutoring experience: • 10 year experience in online trouble shooting problems related to finance/accountancy. • Since 6 Years working with solution inn as a tutor, I have solved thousands of questions, quick and accuracy Skills (optional): Technical Exposure: MS Office, SQL, Tally, Wings, Focus, Programming with C Financial : Portfolio/Financial Management, Ratio Analysis, Capital Budgeting Stock Valuation & Dividend Policy, Bond Valuations Individual Skills : Proactive Nature, Self Motivative, Clear thought process, Quick problem solving skills, flexible to complex situations. Achievements : 1. I have received an Award certificate from Local Area MLA for the cause of getting 100% marks in Accountancy during my Graduation. 2. I have received a GOLD MEDAL/Scholarship from Home Minister in my MBA for being the “Top Rank student “ of management institute. 3. I received numerous complements and extra pay from various students for trouble shooting their online problems. Other interests/Hobbies (optional): ? Web Surfing ? Sports ? Watching Comics, News channels ? Miniature Collection ? Exploring hidden facts ? Solving riddles and puzzles
4.80+
391+ Reviews
552+ 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...
-
Richard was born on 5 April 1935. His wife, Patricia, was born on 7 October 1938. They were married in 1968. Their income for tax year 2021-22 is as follows: Richard: Business profits Patricia:...
-
Son Ha is a Vietnamese joint stock company in the field of manufacturing and selling silver products. The company is seeking your assistance with regard to their corporate income tax (CIT) for the...
-
Discussion Post: Suppose you were considering investing in a Series I Bond. The bond will pay 5% interest. However, bond A compounds annually, and bond B compounds semiannually. Provide a detailed...
-
Using the notation introduced in Example 4.29, let Show that there is exactly one value of x such that if your envelope contains x, then you should switch. if r = 2*. Pa =(4)*. 0, otherwise.
-
Carrington Oil produces gas 1 and gas 2 from two types of crude oil: crude 1 and crude 2. Gas 1 is allowed to contain up to 4% impurities, and gas 2 is allowed to contain up to 3% impurities. Gas 1...
-
Circuit 1 and circuit 2 at right each has a Circuit 1 combination of resistors connected between points a and b. Which circuit has the greater equivalent resistance between points a and b? A. Circuit...
-
St. John Corporation is barely solvent and has been seeking an equity investor that would be interested in making a capital contribution so that the company would hopefully return to performance...
-
Overhead Variance (Over- or Underapplied), Closing to Cost of Goods Sold At the end of the year, Ilberg Company provided the following actual information: Overhead Direct labor cost $423,600 532,000...
-
Mabel has total income of 24,275 in 2021-22, none of which is derived from savings or dividends. During the year she makes a net deductible payment of 200. Show her income tax computation for the...
-
A married man (born 3 November 1934) died on 8 July 2021. He received a retirement pension of 15,000 between 6 April 2021 and the date of his death. His wife (born 12 August 1940) had no income...
-
What is the goal of XML?
-
2. Assume you are a financial planner. Mr. Biden is your customer. If Mr. Biden purchased renewable term life insurance eight years ago with convertibility option before the expiration of the term...
-
Parties A and B enter a 2-Year Fixed-for-Floating interest rate swap on a Notional Principal of $100 million. The underlying floating rate is the 6-Month LIBOR. The LIBOR term structure at initiation...
-
You have developed the technology to use gold to produce high-capacity fiber optic switches. The technology has cost $ 5 million to develop. You need $50 million of initial capital investment to...
-
A successful inn keeper who is looking to capitalize on the AirBNB model is looking to rent out a converted Assisted Living facility where he can rent out individual rooms and provide access to a...
-
Explain how the calculations were performed in SUN.SCR For example, were the numbers 93,000,000 and 186,000 represented anywhere? If not, why not?
-
Darim Company is currently manufacturing Part FEA-10, producing 15,000 units annually. The part is used in the production of several products made by Darim. The cost per unit for FEA-10 is as...
-
Explain the regulation of the secretions of the small intestine.
-
On 31 December 2019, A3 Ltd paid 550,000 to acquire 80% of the ordinary share capital of A4 Ltd. The statements of financial position of the two companies just after this transaction were as follows:...
-
The statements of financial position of CC Ltd and its two subsidiaries DD Ltd and EE Ltd as at 31 December 2019 are as follows: The following information is available: (a) CC Ltd acquired 60% of the...
-
At the start of business on 1 January 2020, the statements of financial position of A1 Ltd and A2 Ltd were as follows: On 1 January 2020, A1 Ltd acquired 100% of the share capital of A2 Ltd for...
-
During the pandemic, traveling nurses must be sent to places where infection rates are spiking. There are P different nurse practitioners, denoted by Pi, and there are H different hospitals that they...
-
To begin, you'll need to create a PPE Leadsheet that shows all of the GL account balances for GL accounts that roll up into PPE on the Balance Sheet (use the template I've provided to begin)....
-
Cost Classifications (Static) [The following information applies to the questions displayed below.] Kubin Company's relevant range of production is 18,000 to 22,000 units. When it produces and sells...
Study smarter with the SolutionInn App