Deprcn 3132018 closing book value 15 prepare the

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Deprcn. 31.3.2018 Closing Book Value
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1.5 Prepare the rental income statement Description Amount income 9,000.00 300*30weeks expenses: 13,771.67 depreciation 1,666.67 100000*2%*10/12 legal fees 1,000.00 rates 1,250.00 advertising 215.00 insurance 700.00 300+400 repairs & maintenance 4,600.00 4000+600 travel cost 160.00 interest 4,180.00 rental profit/loss - 4,771.67 Loss Statement of rental Income for Kevin Tapp for the year 31 March 2018
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Question 2 Employer's Tax Responsibilities 2.1 Prepare the wage records for May 2019 Week ended Hours worked 8th May 2019 40 800 122.27 40 24 613.73 15th May 2019 40 800 122.27 40 24 613.73 22th May 2019 40 800 122.27 40 24 613.73 29th May 2019 40 800 122.27 40 24 613.73 Total 160 3200 489.08 160 96 2454.92 (1) Gross pay =40*20 =800 (2) from PAYE tables IR340 (3) 800*3%=24 (4) 800-122.27-40-24 (5) Tax Code is ME Gross Pay (1) PAYE (2) Child support KS Employee (3) Net Pay(4) ESTC=24*17.5% =4.2 Employer contribution =24-4.2
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19.8 19.8 19.8 19.8 79.2 KS Employer (5)
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2.3 Week ended 8th May 2019 15 375 123.75 0 0 251.25 0 15th May 2019 15 375 123.75 0 0 251.25 0 22th May 2019 15 375 123.75 0 0 251.25 0 29th May 2019 15 375 123.75 0 0 251.25 0 Total 60 1500 495 0 0 1005 0 (1) Gross pay =15*25 =375 (2) 375*33% Tax Code is SL Hours worked Gross Pay (1) PAYE (2) Child support KS Employee (3) Net Pay(4) KS Employer (5)
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2.4 New employees, or contractors receiving schedular payments should fill out a tax code declaration form(IR330) provided by the employer. Employers are obliged to deduct PAYE or withholding tax at the no-notification rate. The no-notification rate is : 1. PAYE of 45% in the dollar( excluding earners' levied) for employees; 2, 15% in the dollar on top of the usual rate of wihtholding tax for those persons receiving schedular payments; in this case, he didn't have IRD NO. which means he had pay 45% rate.
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2.5 1. Due dates for payment : ①for first 15 days, must file by 20th of month; ② for rest of month, must file by 5th of next month 2. I think this wasn't necessary for Tony, Because send forms to Inland Revenue twice a month is suitable for large employers which annual PAYE is higher than 500,000. However, Tony just operates a small building business.
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Question 3 Working for Families Tax Credits 3.1 In-work Tax Credit (IWTC), Family Tax Credit (FTC) and Parental Tax Credit (PTC) 3.2 Calculate the Maximum annual entitlements(2018) applicable to the family ③ FTC= 24016.29 Child Date of Birth Amount Gary 9-Feb-01 17 years 5,303.00 Bruce 15-Aug-03 14 years 3,822.00 Debbie 19-Nov-05 12 years 3,351.00 Katrina 5-Apr-07 10 years 3,351.00 Kim 16-Jul-09 8 years 3,351.00 Sarah 8-Sep-11 6 years 3,351.00 Carl 20-Oct-17 162 days 1,487.29 3351*162/365 Total 24,016.29 3.3 3.4 ② Work and Income generally pay your Working for Families Tax Credits. You can still choose to receive your entitlement from us instead of Work and Income. ① IWTC =3,770+[780*(6-3)]+780*23/52 =6,455 ② PTC = 2,200* per new baby *eligible days (not more than 70)/70 = 2,200 Age as of 31/03/18 (Completed year/days) Maximum annual entitlements = 6455+2200+24016.29 = 32617.29 Family plan income refers to the amount stated in MB 1 (calculated adjustment of family plan income), adjusted according to the individual's net income, and adjusted according to the adjustment of the sub-part MB (family plan net income adjustment), among which And the tax credit under the family plan • family tax credit - this is a credit of tax paid for each dependent child
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  • Fall '19
  • Test, Taxation in the United States, Taxation in the United Kingdom

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