Exercise 04-21 N is employed as a salesperson... N is employed as a salesperson and received...
Exercise 04-21 N is employed as a salesperson...
N is employed as a salesperson and received $70,000 in
commissions in the current year. N spends most of the time working
in her home office. N paid $1,200 including 13% HST in computer
lease payments in the current year. N estimates that the computer
is used 90% for employment purposes. What is the maximum deduction
from employment income for tax purposes available to N for the
current year?
Note: Do not place a minus sign in front of the
amount.
$ .
Please provide correct answers and show all calculations. thanks
Course- Introduction to taxation
Homework Answers
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Exercise 04-21 N is employed as a salesperson...
N is employed as a salesperson and received...
Exercise 04-08 D is provided with the use of her employer&#... D is provided with the...
Exercise 04-08 D is provided with the use of her employer&#... D is provided with the use of her employer’s car throughout the current year. The car was purchased for $40,000 (including tax). The employer also pays for the operating expenses that are $2,200 annually. D drove the car 10,000 km for employment purposes and 9,000 km for personal use. What is the minimum amount to be included in D’s employment income for tax purposes in the current year? $...
1) 2) 3) 4) 5) 6) 7) 8) Exercise 04-12 F is employed by a public...
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Exercise 04-12 F is employed by a public corporation. In ye... F is employed by a public corporation. In year 1, F was granted a stock option to acquire 3,000 shares from the treasury of her employer's corporation for $10 a share. At the time of receiving the option, the shares were valued at $12 per share. In year 4, F exercised her option and purchased 3,000 shares for $30,000. At the...
M is employed as a marketing analyst and required by his employment contract to maintain a...
M is employed as a marketing analyst and required by his employment contract to maintain a home office. His office occupies 10% of the total space in his home. He works 3 days a week in his home office and travels the remaining 2 working days. He incurs the following expenses: New desk $900, telephone landline monthly basic rate (10% of total) $180; Internet (10% of total) $400; Utilities (10% of total) $450; House insurance (10% of total) $140; Mortgage...
CANADIAN TAXATION 2019 In the current year C purchased new office equipment costing $25,000. Later in...
CANADIAN TAXATION 2019 In the current year C purchased new office equipment costing $25,000. Later in the same year he sold some office equipment for $35,000 that originally cost $100,000. At the beginning of the current year the UCC of the office equipment class was $70,000. What is the maximum CCA deduction for the office equipment class that C can claim in the current year? Note: Do not place a minus sign in front of the amount. In the current...
Tax Accounting a)Rodney works as a self-employed salesperson. His job requires that he spend most of his time outsid...
Tax Accounting
a)Rodney works as a self-employed salesperson. His job requires that he spend most of his time outside the office calling on customers. In addition, to supplement his income, he works 1 night a week and on weekends as a waiter at an exclusive seafood restaurant in the city. During 2019, he keeps the following records of his mileage: Miles Home to office 850 Office to home 425 Office to restaurant 300 Restaurant to home 1,200 Home to restaurant...
CANADIAN TAXATION 2019 During the current year, R received a salary of $80,000. She also earned...
CANADIAN TAXATION 2019 During the current year, R received a salary of $80,000. She also earned commissions of $30,000 of which $20,000 was received in the current year. The remaining commissions were paid in January of the following year. What is R's employment income for the current year? $ M is employed in the soft drink industry. In addition to his salary, he enjoyed the following benefits paid for by his employer in the current year: Contribution to company pension...
I want the solution ASAP 28 Introduction to Federal Income Taxation in Caneda Question8(18 minutes) [Chapter...
I want the solution ASAP
28 Introduction to Federal Income Taxation in Caneda Question8(18 minutes) [Chapter 3] Robert is a salesperson cmployed by Candy-Land Limited, He receives commission based on sales. During 2016, Robert received total commission income of S15,000. He is having trouble determining what expenditures will be deductible by him in computing his 2016 income from employment for tax purposes. He provides you wish the folilowing list of expenditures incured by him during 2016. All of these expenditures...
Use the information provided below to Prepare Schedule C and Form 4562 for tax year 2017....
Use the information provided below to Prepare Schedule C and
Form 4562 for tax year 2017.
Prepare Schedule C and Form 4562 for tax year 2017 using above
information and the forms below
See attached tax form links below:
https://www.irs.gov/pub/irs-pdf/f1040sc.pdf
https://www.irs.gov/pub/irs-pdf/f4562.pdf
Hints: total depreciation is $19,931 and net profit (line 31) is
$101,465. Do not worry if you are a few dollars off due to
rounding.
Also, calculate the self-employment tax on this income. The
taxpayer does not have any...
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...
Bruce also requires a calculation of taxable income for the most recent year ended December 31,...
Bruce also requires a calculation of
taxable income for the most recent year ended December 31, 2019.
The calculation should be prepared in Excel. He has also requested
that you prepare the year-end journal entry for taxes payable using
a marginal rate of 14% on income less than the small business
deduction. Bruce has provided you with the draft statement of
income and retained earnings (Appendix II) and additional
information you will need (Appendix III).
Appendix II Quality Cabinets In...
1)
2)
3)
4)
5)
6)
7)
8)
Exercise 04-12 F is employed by a public corporation. In ye... F is employed by a public corporation. In year 1, F was granted a stock option to acquire 3,000 shares from the treasury of her employer's corporation for $10 a share. At the time of receiving the option, the shares were valued at $12 per share. In year 4, F exercised her option and purchased 3,000 shares for $30,000. At the...
CANADIAN TAXATION 2019 In the current year C purchased new office equipment costing $25,000. Later in the same year he sold some office equipment for $35,000 that originally cost $100,000. At the beginning of the current year the UCC of the office equipment class was $70,000. What is the maximum CCA deduction for the office equipment class that C can claim in the current year? Note: Do not place a minus sign in front of the amount. In the current...
Tax Accounting
a)Rodney works as a self-employed salesperson. His job requires that he spend most of his time outside the office calling on customers. In addition, to supplement his income, he works 1 night a week and on weekends as a waiter at an exclusive seafood restaurant in the city. During 2019, he keeps the following records of his mileage: Miles Home to office 850 Office to home 425 Office to restaurant 300 Restaurant to home 1,200 Home to restaurant...
CANADIAN TAXATION 2019 During the current year, R received a salary of $80,000. She also earned commissions of $30,000 of which $20,000 was received in the current year. The remaining commissions were paid in January of the following year. What is R's employment income for the current year? $ M is employed in the soft drink industry. In addition to his salary, he enjoyed the following benefits paid for by his employer in the current year: Contribution to company pension...
I want the solution ASAP
28 Introduction to Federal Income Taxation in Caneda Question8(18 minutes) [Chapter 3] Robert is a salesperson cmployed by Candy-Land Limited, He receives commission based on sales. During 2016, Robert received total commission income of S15,000. He is having trouble determining what expenditures will be deductible by him in computing his 2016 income from employment for tax purposes. He provides you wish the folilowing list of expenditures incured by him during 2016. All of these expenditures...
Use the information provided below to Prepare Schedule C and
Form 4562 for tax year 2017.
Prepare Schedule C and Form 4562 for tax year 2017 using above
information and the forms below
See attached tax form links below:
https://www.irs.gov/pub/irs-pdf/f1040sc.pdf
https://www.irs.gov/pub/irs-pdf/f4562.pdf
Hints: total depreciation is $19,931 and net profit (line 31) is
$101,465. Do not worry if you are a few dollars off due to
rounding.
Also, calculate the self-employment tax on this income. The
taxpayer does not have any...
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...
Bruce also requires a calculation of
taxable income for the most recent year ended December 31, 2019.
The calculation should be prepared in Excel. He has also requested
that you prepare the year-end journal entry for taxes payable using
a marginal rate of 14% on income less than the small business
deduction. Bruce has provided you with the draft statement of
income and retained earnings (Appendix II) and additional
information you will need (Appendix III).
Appendix II Quality Cabinets In...
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