1. Ellie is a self-employed hairdresser. Which of the following dates are correct for the...

80.2K

Verified Solution

Question

Accounting

1. Ellie is a self-employed hairdresser. Which of the following dates are correct for the date by which her tax return (for a year) must be filed (1st item) and her tax owing must be paid (2nd item)?

A. April 30, April 30.

B. June 15, April 30.

C. April 30, June 15. D. June 15, June 15.

E. June 30, June 30.

F. June 30, February 28.

2. All of the following people will have to pay tax by instalments this year, except:

A. Rhoda Camel, who received a one-time bonus of $60,000 last year and, because her employer had not deducted enough tax, found herself with net tax owing of $8,200. Rhoda will not receive a bonus this year.

B. Shirley U. Care, who has started to earn investment income, which resulted in net tax owing of $3,100 last year. Her investment income is expected to be even greater this year.

C. Lorne Mowers, who established a sole proprietorship two years ago. Lorne had a very successful first year and, as result, he had net tax owing that year of $85,000. Business dropped in his second year, resulting in net tax owing of only $1,500. This year, business has picked up again and he expects to have net tax owing of $53,000.

D. Marius Quick, who has had net taxable capital gains on real estate in excess of $40,000 in each of the last two years, and who expects to have similar gains this year.

E. Rex Cars, who received spousal support payments of $20,000 (per year) this year, in the preceding tax year, and in the second preceding tax year.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students