During the year, Simon made the following payments, · $16,000 to a qualified political party · $30,000 to a local hospital for his mother's recent operation · $15,000 to his favorite qualified charity What is the gross amount that Simon must report on his gift tax return (Form 709)?a.$35,000b.$30,000c.$50,000d.Simon does not have to file a gift tax return for the year

Alberta, who had not given taxable gifts in any prior year. Current year she gave her 3 children following gifts. Determine the amount if any of taxable gift (after annual exclusion) given by the herCar to Richard $18,000Tuition fee directly paid to Lisa's University $25,000Stock to Jane $12,000a.$2,000b.$32,000c.$12,000d.$30,000

P’s employer provided her with the following gifts and awards: Wedding gift (cutlery) − $400; Holiday season gift (art) − $300; Excellence award (gift certificate) − $250; First long service award for 10 years of service (golf clubs) − $1,200. What amount is included in P’s employment income for tax purposes?

Charlie made $40,000 in taxable income last year.Suppose the income tax rate is 15% for the first $9000 plus 17% for the amount over $9000.How much must Charlie pay in income tax for last year?

Sarah  receives R20 000 per month from Allen in terms of a divorce order. The receipts will constitute gross income for Sarah.Question 11Select one:TrueFalse

Financial information is presented below:Operating expenses             $ 90,000Sales returns and allowances     26,000Sales discount                           12,000Sales revenue                         300,000Costs of sales                          154,000The amount of gross profit on the income statement would be:Group of answer choices$146,000.$152,000.$108,000.$120,000.