Learning Goal: I’m working on a accounting multi-part question and need an explanation and answer to help me learn.
Question No. 1
Ms. X, who is 28 and single, has adjusted gross income of $110,000 and itemized deductions of $ 10,000. Insurance $5,000, welfare amount $ 20,000.(2 Marks)
Required:
In 2015, Ms. X will have taxable income of
Answer:
Question No. 2
James Charles lives alone. His support comes from the following sources: (2 Marks)
| Grand Father support | Nil |
| Grand Mother support | Nil |
| A-(his son) | $5,200 |
| B-(his brother) | 8,400 |
| C-(his daughter) | 4,600 |
| D-(a friend) | 2,000 |
| Total support | $20,200 |
Assuming a multiple support declaration exists.
Required:
Which of the individuals may claim James Charles as a dependent? Support your answer with explanation
Answer:
Question No. 3
As per the company rule, discuss the requirements for staff welfare (meals/ food) provided by employers to be excluded from their employees’ income.
Required: How is the rule distinguished from these requirements? (2 Marks)
Answer:
Question No. 4
Mohammed is a Saudi national has submitted his zakat return including the following information for 1441H (amounts in SR) (2 Marks)
a) Owns a shopping complex building at a book value of 1,200,000 and with market value of 1,800,000, the investment building produced a monthly rental value of 60,000, actual total expenses incurred of getting the income is of 120,000.
b) Invested in a car showroom at a book value of 600,000 and with market value of 900,000, the car showroom produced annual revenues of 600,000, actual total expenses incurred of getting the income is of 90,000.
Required: Calculate the receptacle of the zakat for each kind of zakat 1441 H.
Answer:
Question No. 5
In your words, discuss why some fixed assets require alms to be paid while others do not.
Give suitable example to support your answer (2 Mark).
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