Answer To: Llenar una planilla de contribuciones sobre ingresos de indviduos de Puerto Rico usando la...
Atul answered on Oct 09 2023
Step1 Calculate the total income
The total income for José R. Fernández Morales and Roselin Macias Pouza based on the information you provided:
José's W-2 Income: $96,000
Roselin's W-2 Income: $90,000
Restauran Patria Income (Sales - Expenses): [Calculate Net Income]
To calculate the net income from Restauran Patria, we need to consider the provided information for the restaurant:
Sales: $652,800
Beginning Inventory: $5,200
Ending Inventory: $11,000
Purchases: $201,900
Salaries: $185,000
Other Expenses: Sum of expenses such as unemployment, state insurance fund, municipal license, tax on personal property, insurance, light, water, rent, materials, services provided, repairs, and food and entertainment.
Federal self-employment social insurance: $9,352
Let's calculate the net income from Restauran Patria:
Net Income = Sales - Cost of Goods Sold (COGS) - Expenses
COGS = Beginning Inventory + Purchases - Ending Inventory
Expenses = Sum of all other expenses and the federal self-employment social insurance.
Using the provided data:
COGS = $5,200 + $201,900 - $11,000 = $196,100
Expenses = $185,000 (Salaries) + Sum of other expenses + $9,352 (Federal social insurance)
Now, calculate the Net Income:
Net Income = $652,800 - $196,100 - (Sum of Expenses + $9,352)
Please calculate the sum of all other expenses, including unemployment, state insurance fund, municipal license, tax on personal property, insurance, light, water, rent, materials, services provided, repairs, and food and entertainment. Add this sum to $9,352, and subtract the total from $652,800 to get the net income from Restauran Patria.
Step2 : Calculate Adjusted Gross Income
To calculate the Adjusted Gross Income (AGI) for José R. Fernández Morales and Roselin Macias Pouza, you'll start with the total income and subtract any eligible adjustments. Based on the information provided, here's how you can calculate AGI:
Total Income:
- José's W-2 Income: $96,000
- Roselin's W-2 Income: $90,000
- Net Income from Restauran Patria: $139,534 (calculated in the previous step)
Total Income = $96,000 (José's) + $90,000 (Roselin's) + $139,534 (Restauran Patria) = $325,534
Next,...