1 answer

Income Contribution Sheet Puerto Rico law Luis, married, with three dependents and a resident of Puerto...

Question:

Income Contribution Sheet Puerto Rico law Luis, married, with three dependents and a resident of Puerto Rico, earned an incom
Income Contribution Sheet Puerto Rico law Luis, married, with three dependents and a resident of Puerto Rico, earned an income from his job as a department manager of $150,000 during the current contributory year. The retained contribution was $34,049. His wife earned an income of $3,049 and the withheld contribution was $211. In addition, they earned revenue from a $28,250 professional services business and related expenses were $4,360 (see breakdown table). Another important information is that two of the dependents are non-college and the other is in their second year of college. Mortgage interest was $9,142. Medical expenses were $3544 and they made donations in the amount of $1,000 in total. Luis Díaz Benitez Date of Birth May 10, 1964 Social Security Number 500-01-0512 Teresa Estrella Dominguez Date of Birth August 4, 1966 Social Security Number 550-02-1234 Address: Urbanization Los Millonarios, H 13 Calle 12, Cabo Rojo, PR 00623 Phone: 787-881-1523 Email: [email protected] Water/Light/Phone Services Materials Entertainment Expenses $660 $3000 $700 Dependent: 1. Juan Luis Benitez Star January 4, 1997 SS 555-50-1234 2. Luis Jose Benitez Star May 20, 2001 SS 444-51-4321 3. Teresita Benitez Estrella 25 August 2005 SS 333-52-0404

Answers

Answer :

Income Contribution sheet as per Puerto Reco Law : for a year :

Sr. No. Income Contribution sheet   Amount (in $)
                1 Income  
Income from Job (Salary)            1,50,000
Income Earned by Wife                  3,049
Revenue from Professional Service business                28,250
Total            1,81,299
Less :
                2 Expenses
expenses related to Professional business                    4,360
Mortgage Interest                    9,142
Medical Expenses                  3,544
Donation                    1,000
Water                        660
Light                    3,000
Phone Service                        700
Total                22,406
                3 Retained contribution                  34,049
Retained contribution from wife                      211
Total                34,260
Total Income Contribution              1,24,633
.

Similar Solved Questions

1 answer
In your opinion, is it possible to perform a truly and totally pure structured interview? For example, how can you nego...
In your opinion, is it possible to perform a truly and totally pure structured interview? For example, how can you negotiate a participant that tends to add more than the question requires? Explain....
1 answer
Problem 3.13 A planet of mass 3 x 104 kg is at location <6 x 101,...
Problem 3.13 A planet of mass 3 x 104 kg is at location <6 x 101, s 101, 0 m. A star of mass 9 x 100 kg is at location <3 x 1011 8 x 10, 0> m. wil be useful to draw a diagram of the situation, including the relevant vectors (a) What is the relative position vector 7 pointing from the planet...
1 answer
Question 7 1.67 pts Jake remains in college for his senior year instead of joining a...
Question 7 1.67 pts Jake remains in college for his senior year instead of joining a professional sports team. Jake's opportunity cost of remaining in college is the amount paid for tuition, books, food, and housing during the year. the amount he would have earned on the professional sports team...
1 answer
Nment Score: Resources [ Give Up? Hint Check Answer on 25 of 26 > Attempt 4...
nment Score: Resources [ Give Up? Hint Check Answer on 25 of 26 > Attempt 4 Identify the compounds as organic or inorganic Organic compounds Inorganic compounds CH,CH.CH CH, -0 A Bank...
1 answer
Can you please provide the explanation for the answer if possible? Thank you! 13. You believe...
Can you please provide the explanation for the answer if possible? Thank you! 13. You believe that small market-cap companies that are lightly held by institutions deliver much higher risk adjusted returns than the rest of the market. Which of the following would be the best test of this proposit...
1 answer
Recording Entries for Equity Investment: Equity Method On January 1, 2020, Allen Corporation purchased 30% of...
Recording Entries for Equity Investment: Equity Method On January 1, 2020, Allen Corporation purchased 30% of the 24,000 outstanding common shares of Towne Corporation at $15 per share as a long-term investment. On the date of purchase, the book value and the fair value of the net assets of Towne Co...
1 answer
How would you communicate to administration that the new supply they have chosen is causing staff...
How would you communicate to administration that the new supply they have chosen is causing staff to react adversely and claim that the new product is of poor quality? What would be your approach and what reaction would you expect from administration when the new supply reduces costs of operation si...
1 answer
OM LIS Next Problem Results for this submission Entered Answer Preview 0.1765 Result 0.1765 incorrect 0.9997...
OM LIS Next Problem Results for this submission Entered Answer Preview 0.1765 Result 0.1765 incorrect 0.9997 0.9997 correct 0.9408 0.9408 0.9408 incorrect At least one of the answers above is NOT correct. (1 point) In the United States, voters who are neither Democrat nor Republican are called Indep...
1 answer
How should government grants be treated for GST purposes? 30–50 words
How should government grants be treated for GST purposes? 30–50 words...
1 answer
Depreciation by two methods A Kubota tractor acquired on January 8 at a cost of $97,000...
Depreciation by two methods A Kubota tractor acquired on January 8 at a cost of $97,000 has an estimated useful life of 10 years. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below...
1 answer
***Please answer ALL questions to receive great ratings*** Question 1 Question 2 Question 3 Question Help...
***Please answer ALL questions to receive great ratings*** Question 1 Question 2 Question 3 Question Help * P 8-28 (similar to) You are choosing between two projects. The cash flows for the projects are given in the following table ($ million): Year 0 -$48 -$99 Year 1 $25 S20 Year 2 $20 $42 Ye...
1 answer
A chemistry graduate student is given 100 mL of a 0.60 M trimethylamine ((CH), N solution....
A chemistry graduate student is given 100 mL of a 0.60 M trimethylamine ((CH), N solution. Trimethylamine is a weak base with K - 7.410 mass of (CH), NHCI should the student dissolve in the (CH), N solution to turn it into a buffer with pH - 11.067 . What You may assume that the volume of the soluti...
1 answer
Which of the following statements is/are TRUE in respect of the demand for money? 1. The...
Which of the following statements is/are TRUE in respect of the demand for money? 1. The speculative demand for money is a function of the interest rate. 2. The transactions demand for money is a function of the interest rate. 3. The precautionary demand for money is a function of national income. a...
1 answer
5. [-/2 Points] DETAILS SCALCLS1 10.2.025. Solve the initial value problem dx/dt = Ax with x(0)...
5. [-/2 Points] DETAILS SCALCLS1 10.2.025. Solve the initial value problem dx/dt = Ax with x(0) = Xo. A-[3] [2] x(t)...
1 answer
How do you find the derivative of #cos^2(x^3)#?
How do you find the derivative of #cos^2(x^3)#?...
1 answer
That is the order it is on the homework assignment. Required information The following information applies...
That is the order it is on the homework assignment. Required information The following information applies to the questions displayed below.) Lina purchased a new car for use in her business during 2019. The auto was the only business asset she purchased during the year and her business was extremel...