Tax and Zakat Accounting Worksheet Essay Assignment
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Tax and Zakat Accounting Worksheet Essay Assignment
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)
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.
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).
RUBRIC
Excellent Quality
95-100%
Introduction 45-41 points
The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned.
Literature Support
91-84 points
The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned.
Methodology
58-53 points
Content is well-organized with headings for each slide and bulleted lists to group related material as needed. Use of font, color, graphics, effects, etc. to enhance readability and presentation content is excellent. Length requirements of 10 slides/pages or less is met.
Average Score
50-85%
40-38 points
More depth/detail for the background and significance is needed, or the research detail is not clear. No search history information is provided.
83-76 points
Review of relevant theoretical literature is evident, but there is little integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are included. Summary of information presented is included. Conclusion may not contain a biblical integration.
52-49 points
Content is somewhat organized, but no structure is apparent. The use of font, color, graphics, effects, etc. is occasionally detracting to the presentation content. Length requirements may not be met.
Poor Quality
0-45%
37-1 points
The background and/or significance are missing. No search history information is provided.
75-1 points
Review of relevant theoretical literature is evident, but there is no integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are not included in the summary of information presented. Conclusion does not contain a biblical integration.
48-1 points
There is no clear or logical organizational structure. No logical sequence is apparent. The use of font, color, graphics, effects etc. is often detracting to the presentation content. Length requirements may not be met
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Tax and Zakat Accounting Worksheet Essay Assignment