Accountancy
During 2019, Mr. Robert Sparks had the following amounts of income and deductions on his tax return:
Net employment income $ 85,000
Income (Loss) from business 16,000
Interest income 6,000
Taxable capital gains 7,500
Allowable capital losses (10,500)
Child care cost ( 3,000)
Support Payments Paid (15,500)
Robert is a member of a money purchase Registered Pension Plan (RPP) in which he had contributed $1,000 and his employer has contributed $1,500.
Required:
Calculate the maximum deductible contribution Robert Sparks can make to his RRSP for the 2020 tax year. Show your work including how you calculated Robert’s earned income.
Homework Answers
Request Answer!
We need at least 9 more requests to produce the answer.
1 / 10 have requested this problem solution
The more requests, the faster the answer.
Mr. Chris's 2018 income and deductions are listed below. Calculated for the following two cases, Mr....
Mr. Chris's 2018 income and deductions are listed below. Calculated for the following two cases, Mr. Chris's Net Income for tax purposes and indicate any possible loss carryovers from the current year. Case A Employment Income.............................28,000 Income(loss) from Business..................(36,000) Income from property .............................15,000 Taxable Capital Gains..............................21,000 Allowable Capital Losses ........................(27,000) Subdivision E Deductions (spousal support)....(11,000) Case B Employment Income.......................16,000 Income (loss) from Business ..........(21,000) Income from property........................22,000 Capital Gains ...................................64,000 Capital Losses ..................................(138,000) Subdivision E Deductions (spousal support) ......(5,000)
The following four Cases make different assumptions with respect to the amounts of income and deductions...
The following four Cases make different assumptions with respect to the amounts of income and deductions of Mr. John for the current year in India: Case I Case II Case III Case IV Employment Income 35,000 33,000 16,000 28,000 Income (Loss) From Business (10,000) (39,000) 22,000 15,000 Income (Loss) From Property 12,000 14,000 (21,000) (36,000) Taxable Capital Gains 42,000 36,000 32,000 21,000 Allowable Capital Losses (18,000) (42,000) (69,000) (27,000) Subdivision e Deductions (80C) (4,000) (7,000) (5,000) (11,000) a....
The following cases makes different assumptions with respect to the amounts of income and deductions of...
The following cases makes different assumptions with respect to the amounts of income and deductions of Mr. Michel Daigle for the current taxation year under the various subdivisions of Division B of the Income Tax, and the last two previous years’ taxes payable: Case 2-A Employment Income $35,000 Income (Loss) From Business (10,000) Income From Property 12,000 Taxable Capital Gains 42,000 Allowable Capital Losses (18,000) Subdivision E Deductions (Spousal Support) (4,000) Taxable Income Previous Years: 2016: $10,000 2017: nil Case...
30 pts Question 1 Jessie, age 53, is a single taxpayer. She earns a salary of...
30 pts Question 1 Jessie, age 53, is a single taxpayer. She earns a salary of $90,000. Her employer puts $5,000 into a qualified pension plan on her behalf and Jessie puts $7,000 in her pension plan. Her employer provides all employees with group-term life insurance equal to their salary ($90,000). Jessie put $2,000 in her flexible benefits plan. Her allowable deductions for AGI total $4,200 and she has $10,100 of allowable itemized deductions. In addition, Jessie received interest income...
#6) (14 Marks) Compute Net Employment Income: Mrs. Jennifer Sparvier is the Vice President of GPB...
#6) (14 Marks) Compute Net Employment Income: Mrs. Jennifer Sparvier is the Vice President of GPB Inc., a public corporation listed on the Toronto Stock Exchange. During 2017, Jennifer received the following: $85,000 Gross Salary Deductions at Source: CPP ΕΙ Income Tax Withheld RPP Employee Contributions Employee Contributions to Registered Charity Employee Reimbursement for Company Vehicle $2,564 836 20,000 6,000 1,000 500 30,900 $54,100 Net Pay GPB Inc. contributed the following amounts on behalf of Jennifer: Employer RPP Contributions to...
Paul Fenson is employed as a shipping supervisor. In the evenings and on weekends, he holds...
Paul Fenson is employed as a shipping supervisor. In the evenings and on weekends, he holds a second job as a real estate salesman for a national real estate firm. His financial information for 2020 is as follows: 1. His salary from his day job is $60.000 per annum. However, the employer deducts a number of items from his salary, and so his net take-home pay is only $40.846. The following amounts were deducted in 2020: Income tax Union dues...
Mr. Trent transferred three apartment buildings to a new corporation in exchange for all its stock. The facts pertaining to the buildings were:
48. Comprehensive Problem. Larry Johnson, 45 and single, has the following income and deductions in 2022 . He is provided health insurance by his employer. Using the tax rate schedules rather than the tax tables, compute Larry's tax owed or refund due for 2022. In addition, Larry's car (value =$15,000, cost=$20,000) was stolen during the year, and the insurance reimbursement was only $7,000. He also had $2,000 of travel expenses related to his job that were not reimbursed and $3,000 ...
For the tax year 2017-18 Alice, an Australian resident, earned a gross salary of $85,000 and...
For the tax year 2017-18 Alice, an Australian resident, earned a gross salary of $85,000 and received a franked dividend of $30,000. PAYG tax was paid on her behalf by her employer. She had allowable deductions of $2,000. Calculate her taxable income and tax payable including the Medicare levy.
For the tax year 2017-18 Alice, an Australian resident, earned a gross salary of $85,000 and...
For the tax year 2017-18 Alice, an Australian resident, earned a gross salary of $85,000 and received a franked dividend of $30,000. PAYG tax was paid on her behalf by her employer. She had allowable deductions of $2,000. Calculate her taxable income and tax payable including the Medicare levy.
Possible Options: Adjusted gross income Adjustments Capital gains tax categories Deductions Exemption Itemized deduction Standard Deduction...
Possible Options:
Adjusted gross income
Adjustments
Capital gains tax categories
Deductions
Exemption
Itemized deduction
Standard Deduction
Steps to AGI
Steps to taxable income
4. Vocabulary - Terminology for components of taxable income Components to Taxable Income Terminology Match the terms relating to the basic terminology and concepts of personal taxation on the right with the descriptions of the terms on the left. (Note: These are not necessarily complete definitions, but there is only one possible answer for each term.) Description...
30 pts Question 1 Jessie, age 53, is a single taxpayer. She earns a salary of $90,000. Her employer puts $5,000 into a qualified pension plan on her behalf and Jessie puts $7,000 in her pension plan. Her employer provides all employees with group-term life insurance equal to their salary ($90,000). Jessie put $2,000 in her flexible benefits plan. Her allowable deductions for AGI total $4,200 and she has $10,100 of allowable itemized deductions. In addition, Jessie received interest income...
#6) (14 Marks) Compute Net Employment Income: Mrs. Jennifer Sparvier is the Vice President of GPB Inc., a public corporation listed on the Toronto Stock Exchange. During 2017, Jennifer received the following: $85,000 Gross Salary Deductions at Source: CPP ΕΙ Income Tax Withheld RPP Employee Contributions Employee Contributions to Registered Charity Employee Reimbursement for Company Vehicle $2,564 836 20,000 6,000 1,000 500 30,900 $54,100 Net Pay GPB Inc. contributed the following amounts on behalf of Jennifer: Employer RPP Contributions to...
Paul Fenson is employed as a shipping supervisor. In the evenings and on weekends, he holds a second job as a real estate salesman for a national real estate firm. His financial information for 2020 is as follows: 1. His salary from his day job is $60.000 per annum. However, the employer deducts a number of items from his salary, and so his net take-home pay is only $40.846. The following amounts were deducted in 2020: Income tax Union dues...
48. Comprehensive Problem. Larry Johnson, 45 and single, has the following income and deductions in 2022 . He is provided health insurance by his employer. Using the tax rate schedules rather than the tax tables, compute Larry's tax owed or refund due for 2022. In addition, Larry's car (value =$15,000, cost=$20,000) was stolen during the year, and the insurance reimbursement was only $7,000. He also had $2,000 of travel expenses related to his job that were not reimbursed and $3,000 ...
Possible Options:
Adjusted gross income
Adjustments
Capital gains tax categories
Deductions
Exemption
Itemized deduction
Standard Deduction
Steps to AGI
Steps to taxable income
4. Vocabulary - Terminology for components of taxable income Components to Taxable Income Terminology Match the terms relating to the basic terminology and concepts of personal taxation on the right with the descriptions of the terms on the left. (Note: These are not necessarily complete definitions, but there is only one possible answer for each term.) Description...
Most questions answered within 3 hours.
-
The free energy change for the following reaction at 25 °C, when
[Sn2+] = 1.17 M...
asked 42 minutes ago -
An MNE is this kind of industry when competition in one country
is essentially independent of...
asked 2 hours ago -
. For this set of questions, determine what
proportion of a normal distribution is located betweeneach...
asked 2 hours ago -
A college student is employed as a door-to-door newspaper
salesman. Historical data suggests that the student...
asked 3 hours ago -
MATLAB HW 11 problem using Switch Case and Input commands
Write a script file that calculates...
asked 3 hours ago -
Considering gravitational time dilation, calculate the time that
passes in Earth’s surface while 1 hour passes...
asked 4 hours ago -
Minitab Problem: Take the Lake Hume June rainfall data and find
use the processes outlined in...
asked 5 hours ago -
X Company is trying to decide whether to continue using old
equipment to make Product A...
asked 5 hours ago -
IN PYTHON ONLY !! Program 2: Re-work
program #5 (WeeklyHours) from the previous assignment such that...
asked 5 hours ago -
The average length of time between arrivals at a turnpike
toll-booth is 26 seconds. What is...
asked 7 hours ago -
(a) A piston at 6.1 atm contains a gas that occupies a volume of
3.5 L....
asked 8 hours ago -
Please answer true or false. Words
cannot be changed or added in to make it true...
asked 8 hours ago