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a) Discuss the terms residence and domicile as used in taxation
b) What is the importance of residence in payment of taxes?
Opening stock 16000 Sales returns 250000 Purchases 150,000 Closing stock 25000 Staff costs 45000 Profit on exchange 1500 Electricity &water 25000 Profit sale shares 1000 Insurance 10000 Dividends from a wholly Rent and rates 5000 owned subsidiary 1000 Vehicle Expenses 7000 Interest received 500 NSSF 2000 Net loss 11500 Pensions and bonuses 5000 Bank charges and interest 1500 Subscriptions and donations 50 0 Legal Expenses 1000 Postage and telephone 1500 Bad debts 4000 Depreciation 5000 Other expenses 12000 TOTAL 290,50 0 290,500 The following further information is relevant a) Bad debts include an increase in provision of 1000 shillings b) Legal fees include 500 shilling relating to a directors private transaction c) Included in the vehicle expenses is a the cost of an old van valued at ksh 2000 d) Among the pension is 1500 paid to retired staff e) Interest received was from an overseas deposit account f) Included in the donations is ksh 500 to a children’s home calculate the adjusted profit for taxation
Which of the following statements is false for a person wanting to use and file a Form 1040EZ tax return?
a. Taxable income is less than $100,000.
b. No more than 2 dependents, in addition to the taxpayer plus spouse. c. Taxable interest is not over $1,500.
d. Filing status is either single or married filing jointly only.
Sarah had been contributing $300 pre-tax per month to a retirement account that pays 2.16% interest compounded monthly. After 10 years, she needs to withdraw 25% of the money from her account. If the early withdrawal penalty is 10% of the amount withdrawn, how much will she have to pay?
a. $1,003.59 b. $40,143.57 c. $4,014.36 d. $10,035.89
Sergio plans to retire in 15 years. He would like to have $250,000 in his retirement account. If he invests in a plan that pays 4.69% interest compounded monthly, how much should he contribute monthly?
a. $138.89 b. $277.88 c. $959.77 d. $560.23
A father wants to have R16000 available for his sons education on his 18th birthday. Calculate the amount he must invest on his sons 10th birthday at 14% compounded interest?
Assume that you plan to take a housing loan with a tenor of 20 year. The loan has to be repaid in equal monthly installments. Considering that the loan amount is Rs. 50 lakhs and the interest rate on loan is 9% p.a., what would be the equated monthly installment (EMI)?
How much is to be invested now at 10% compound interest p.a. if after 5 years the investment is to reach a target sum of $30000
Assuming that the market price of the shares at 31st May 2018 is £1.40, what is the Price/Earnings figure?
A depositor planned to leave $2,000 in a
savings account paying 5% converted
semiannually for 5 years. However, at the end of
21/2 years the depositor had to withdraw
$1,000. What amount will be in the account at
the end of the original 5 year period?
How much should Mrs. Dolores invest today in a time deposit with 5.5% interest if she expects to have P175, 000 for his son’s education at the end of 5 years?
#339914 on Dec 2023