In 2020-21, Owen (who is not a Scottish taxpayer) makes qualifying Gift Aid donations totalling 760. He
Question:
In 2020-21, Owen (who is not a Scottish taxpayer) makes qualifying Gift Aid donations totalling £760. He has no capital gains tax liability for the year. Show his income tax computation if his only income for the year consists of business profits of:
(a) £28,825
(b) £12,715
(c) £246,590.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 100% (QA)
Business profits Less Personal allowance Taxable income Income tax a 16325 b 950 950 c 38450 112500 ...View the full answer
Answered By
Mamba Dedan
I am a computer scientist specializing in database management, OS, networking, and software development. I have a knack for database work, Operating systems, networking, and programming, I can give you the best solution on this without any hesitation. I have a knack in software development with key skills in UML diagrams, storyboarding, code development, software testing and implementation on several platforms.
4.90+
79+ Reviews
170+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
In 2017-18, Owen (who is not a Scottish taxpayer) makes qualifying Gift Aid donations totalling 360. He has no capital gains tax liability for the year. Show his income tax computation if his only...
-
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...
-
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...
-
For selection of controls for the case-control analysis, investigators decided to use a matching process. Which variables did they choose to match on when selecting controls? For selection of...
-
Let & Al represent the density of aluminum and PFe that of iron. Find the radius of a solid aluminum sphere that balances a solid iron sphere of radius r Fe on an equal-arm balance.
-
In Problem perform the indicated operations and simplify. (x + a x)(x a x)
-
According to Exhibit 5.1, there are actually a variety of strike prices available on the Swiss franc. Use the strike prices and premiums quoted in the exhibit to answer the following questions. a. If...
-
As Henry Royce which specialty fabrication supplier would you select for the newly awarded mega project?
-
Step 1. Given Information: Two official languages in Canada are English and French. When a Canadian is chosen randomly and asked about their mother tongue, the distribution of responses, combining...
-
Mabel has total income of 24,205 in 2020-21, 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...
-
In 2020-21, a taxpayer whose marginal rate of income tax is 45% (and who pays capital gains tax at 20%) gives listed shares worth 20,000 to a charity. Disposal costs are zero and the taxpayer...
-
Which of the following is correct? a. A distinct data type is a user-defined data type which specializes a standard, built-in SQL data type. b. An opaque data type is an entirely new, user-defined...
-
John Mayor is an analyst reviewing his valuation of PWS Insurance (PWS).He has the following information and assumptions regarding PWS. The current market price is R67.53. Mayor's estimate of PWS's...
-
Determine if each function is one-to-one or not. f(x)=7x-5 Select an answer 7x 5 g(x) x+6 Select an answer h(x) = 7x25 Select an answer
-
Apple is planning to incorporate new software for the price of $ 5 0 0 0 0 0 today in order to produce a new line of the iPod. The new iPod will be ready for sale in 1 year. If the new software will...
-
Thulasizwe's shares are selling for R72 today and have paid a dividend of R1.50 per share for the year 2020. The required rate of return on equity is 10.50%. What is the constant dividend growth rate...
-
The population of a city t years from now is predicted to be P(t) = 0.30t 3t + 4t + 200 thousand people. Find P(10). P(10) = Interpret your answer. In ten years, the ---Select--- Find P'(10). P'(10)...
-
Hospitals, voluntary health and welfare organizations, and other not-for-profit organizations often rely heavily on donations of volunteers time and equipment, supplies, or other assets. Required a....
-
I frequently use NY Times and CNN and am aware of Fox News but I never use it. I visit these sites, NY Times and CNN, a few times a week whenever I have to research something or see something on...
-
On 1 January 2023, Crimmock Ltd (which prepares accounts to 31 December) enters into a four-year lease of office machinery. The company is required to make four lease payments of 30,000 and these...
-
Varnay Ltd is a manufacturing company that prepares annual financial statements to 31 December. In November 2022, the company announced a plan to close down one of its manufacturing operations and to...
-
On 1 July 2022, Helvelyn Ltd enters into a lease to acquire use of a machine. The lease agreement specifies that the company will make four lease payments, each of 45,303, on 30 June 2023, 2024, 2025...
-
Radko Inc. had the following transactions related to its common and preferred shares: Transactions January 15 Issued 230,000 no par common shares for $33 per share. Issued 1,700 $20 stated value...
-
Pronghorn Ltd. and Culver Ltd. incurred the following merchandise transactions in June. June 10 11 12 19 Pronghorn sold $5,400 of merchandise to Culver, terms n/30, FOB shipping point. The...
-
Hudson Partners provides management consulting services to government and corporate clients. Hudson has two support departments administrative services (AS) and information systems (IS)and two...
Study smarter with the SolutionInn App