User Account

All Pages

Why is it that rosa may be entitled to a tax deduction

Assignment Help Taxation
Reference no: EM13834630

Case Study: The Carlos and Rosa Alesi case study - Superannuation contributions

Question 1

Carlos and Rosa appear confused concerning the tax deductibility of superannuation contributions. They ask,

‘Why is it that Rosa may be entitled to a tax deduction for her contributions to superannuation but Carlos is not, considering they are both employees?'

Question 2

Carlos asks,

‘As Rosa's income from employment is $5600 what do I need to do to claim the spouse contributions tax offset?'

Question 3

Rosa comments that as Carlos is the main salary earner they should consider using Carlos's income to make contributions and asks,

‘How does Carlos make tax-effective contributions to superannuation from his income if he cannot claim the contributions as a tax deduction?'

Question 4

Rosa asks,

‘If we can each make a contribution from our own money how is it possible for Carlos to split his contribution to my superannuation?'

Question 5

Carlos is concerned about the excess funds they received from the inheritance and asks why would they contribute this if it is to be taxed at the highest marginal tax rate?

Question 6

Carlos asks,

‘What would be the outcome if I salary sacrifice an amount equivalent to our excess income?'

Attachment:- The Carlos and Rosa Alesi case study.docx

Reference no: EM13834630

Questions Cloud

What steps can this company take to diversify its portfolio : What steps can this company take to diversify its portfolio? Define diversification and its necessity in risk management.Discuss at least 5 steps to diversify the card business. Please give at least 6 suggestions of how and where funds can be allocat..
Write a paper on an ethical dilemma that you experienced : write a paper on an ethical dilemma that you experienced recently
Key principles of ethics for health care professionals : Summarize the key principles of ethics for health care professionals. Provide at least one example for each of these principles, explaining why it is so important in health care today
How can we use past and current trends to predict the future : How can we use past and current trends to predict the future? How can we use trends to improve corrections operations? What improvements may be necessary and why
Why is it that rosa may be entitled to a tax deduction : ‘Why is it that Rosa may be entitled to a tax deduction for her contributions to superannuation but Carlos is not, considering they are both employees?
Determine whether cats prefer yogurt or sour cream : Continue to add sour cream or yogurt to your toes until kitty stops eating. Measure the amount that kitty has eaten.
What is the national drug control strategy in united states : What is the national drug control strategy in the United States? What is your community doing to address drug problems? What are some indicators of drug abuse
How much would you save lose if you decided to refinance : The total fee to refinance your loan is $15,000, when you include all the various costs of refinancing. Should you refinance the remaining balance for the remaining 20 years? How much would you save/lose if you decided to refinance?
Problem regarding the regression analysis : When analyzing the costs of a business, certain costs may include both fixed and variable components. This type of cost is known as a "mixed" cost.

Reviews

Write a Review

Taxation Questions & Answers

  Establish the allowance for doubtful debts account

The following day, Mira rings you to tell you that she received a cheque for $18 700, as payment in full for one of the accounts that had been written off as uncollectable. Record the journal entries to record the transaction. Narrations are no..

  What are the u.s. tax consequences of liquidation

What are the U.S. tax consequences of liquidation for Winco and what is the maximum amount of income that Acme can allocate to its IC-DISC? (Assume combined taxable income equals the $400 of net income from qualifi ed export receipts.)

  How could a senator initiate a tax bill

Revenue raising bills (such as tax bills) are supposed to originate in the House of Representatives. How could a Senator initiate a tax bill?

  What is her standard deduction

Cheryl is claimed as a dependent on her parents' tax return. She had a part-time job during 2012 and earned $4,900 during the year, which was her only income. What is her standard deduction?

  Explain how the business should account

Explain how the business should account for the $5,000 expenditure under the cash basis and the accrual basis.

  Prepare a form for abc partnership

Prepare a form 1065 for ABC Partnership, including the Schedule K-1 for the partners and all other required schedules - information is missing make reasonable assumptions and attach a listing of those assumptions

  Sternberg''s triarchic theory of intelligence

Intelligent behavior is a function of how well people draw on their cognitively process and prior experiences information in order to adapt to their particular environmental situation.

  Compute janice morgan federal income tax payable

Janice did not keep a record of the sales tax she paid. The amount from the sales tax table is $437 and compute Janice Morgan=s 2011 Federal income tax payable

  Do you agree or disagree on given statement

Consider the following statement: "A taxpayer should not have to report income when debt is forgiven because the taxpayer receives nothing." Do you agree or disagree? Explain.

  Prepare the journal entry to record the issuance of the bond

On May 1, 2011, Newby Corp. issued $600,000, 9%, 5-year bonds at face value. The bonds were dated May 1, 2011, and pay interest semiannually on May 1 and November 1. Financial statements are prepared annually on December 31.

  How much taxable gain does the home sale generate

This year, Leron and Sheena sold their home for $750,000 after all selling costs. Under the following scenarios, how much taxable gain does the home sale generate for Leron and Sheena?

  How does additional payment impact tungsten e and p

Tungsten paid an additional $1,000 in Federal income taxes. How does the additional payment of $1,000 impact Tungsten's E & P?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd