Homework Answers
7 QUESTIONS GIVEN IN SCREENSHOT.ONLY 1st QUESTION ANSWERED HEERUNDER:
Ans-1
For individual employee tha deadline is 30th Arpil 2018 (assuming calendar year)
For pouse who is self employed deadline is 15th June 2018 (assuming calendar year)
Tax due payment last date will be 30th Arpil 2018
Add Answer to:
#1) (1 Mark) You are trying to determine when you must file your 2017 T1 Tax...
#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...
#7) (8 Marks) As a Salesperson, you are attempting to determine the maximum amount of expenses...
#7) (8 Marks) As a Salesperson, you are attempting to determine the maximum amount of expenses you are entitled to claim for the tax year. Given the following, compute the maximum total employment expenses the taxpayer may claim: Income: Salary Income for the Year Sales Commission Income for the Year $25,000 $6,000 Expenses: Motor Vehicle Operating costs (Gas, R+M, Insurance, etc.) CCA on Personal Vehicle used for work purposes Hotel Costs travelling for Work Advertising Expenses Depreciation on tables and...
1) Mr. and Mrs Smith are considered residents of Canada for tax purposes They have asked...
1) Mr. and Mrs Smith are considered residents of Canada for tax purposes They have asked you )On what date must Mr. Smith's tax obligation for 2015 tax year be paid? b) On what date must Mr. Smith fille his tax return by? c) On what date must Mrs Smith's tax obligation for 2015 tax year be paid? d) On what date must Mrs. Smith file her tax return by? Additional information is as follow Mr. Smith's Source of income...
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...
#2) (3 Marks) Given each of the following unique scenarios, comment on whether or not the...
#2) (3 Marks) Given each of the following unique scenarios, comment on whether or not the individual is a resident for taxation purposes and what Canadian taxes they are subject to. Ensure you include any time periods in your answer: a) Tom is a citizen of the US, but loves to travel and stay in Canada. His only source of income is part time work in the US. During the taxation year, he was in Canada for 175 days. b)...
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...
federal income tax question Mark for follow up Question 3 of 12. Which statement is TRUE...
federal income tax question
Mark for follow up Question 3 of 12. Which statement is TRUE regarding the redesigned 2020 Form W-4, Employee's Withholding Certificate? The Tax Cuts and Jobs Act of 2017 eliminated personal and dependency exemptions. As a result, the 2020 Form W-4 does not refer to withholding allowances. The Tax Cuts and Jobs Act of 2017 eliminated personal and dependency exemptions. As a result, a standard deduction amount is multiplied by the number of individuals (taxpayer, spouse,...
Question 1 Cody wants to pay the minimum total installments for 2017. His net tax owing...
Question 1 Cody wants to pay the minimum total installments for 2017. His net tax owing for 2015 was $4,500, net tax owing for 2016 was $8,000, and estimated net tax owing for 2017 is $7,500. As he wants to pay the minimum total installments for 2017, what would be the amount of his first payment on March 15, 2017? Ignore any possible penalty & interest if his estimate for 2017 is incorrect. Question 1 options: Nil $1,125 $1,875 $2,000...
18-20 True or false ...1 AT&T X 6:28 PM CONT 4007 ... 249% û nor ued...
18-20 True or false
...1 AT&T X 6:28 PM CONT 4007 ... 249% û nor ued to make 18 Employers with annual payroll tax liabilities of $1.000 or less withholdings to their employees 19. Employers sunt to payment of household employment mayrort thing form 1040 Schedule Hor induding the taxes of their domestic employees in their business Forms 91 and 940 20. A household employee has the right to require his employer to make withholdings for the payment of federal...
ACC502/602 Tax Return Assignment #1 Requirements: Complete the Tax Formula for 2019. MUST BE HANDWRITTEN showing...
ACC502/602 Tax Return Assignment #1 Requirements: Complete the Tax Formula for 2019. MUST BE HANDWRITTEN showing every step. Use TaxSlayer software to prepare the tax returns for 2019. Save return as pdf file and upload both the handwritten Tax Formula and tax returns on Canvas before 11:59 pm, Thursday, February 27th for full credit (11 points) Meet your clients the Dunphy's..... Use the following information to complete Phillip and Claire Dunphy's 2019 federal income tax return. If any information is...
#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...
#7) (8 Marks) As a Salesperson, you are attempting to determine the maximum amount of expenses you are entitled to claim for the tax year. Given the following, compute the maximum total employment expenses the taxpayer may claim: Income: Salary Income for the Year Sales Commission Income for the Year $25,000 $6,000 Expenses: Motor Vehicle Operating costs (Gas, R+M, Insurance, etc.) CCA on Personal Vehicle used for work purposes Hotel Costs travelling for Work Advertising Expenses Depreciation on tables and...
1) Mr. and Mrs Smith are considered residents of Canada for tax purposes They have asked you )On what date must Mr. Smith's tax obligation for 2015 tax year be paid? b) On what date must Mr. Smith fille his tax return by? c) On what date must Mrs Smith's tax obligation for 2015 tax year be paid? d) On what date must Mrs. Smith file her tax return by? Additional information is as follow Mr. Smith's Source of income...
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...
#2) (3 Marks) Given each of the following unique scenarios, comment on whether or not the individual is a resident for taxation purposes and what Canadian taxes they are subject to. Ensure you include any time periods in your answer: a) Tom is a citizen of the US, but loves to travel and stay in Canada. His only source of income is part time work in the US. During the taxation year, he was in Canada for 175 days. b)...
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...
federal income tax question
Mark for follow up Question 3 of 12. Which statement is TRUE regarding the redesigned 2020 Form W-4, Employee's Withholding Certificate? The Tax Cuts and Jobs Act of 2017 eliminated personal and dependency exemptions. As a result, the 2020 Form W-4 does not refer to withholding allowances. The Tax Cuts and Jobs Act of 2017 eliminated personal and dependency exemptions. As a result, a standard deduction amount is multiplied by the number of individuals (taxpayer, spouse,...
18-20 True or false
...1 AT&T X 6:28 PM CONT 4007 ... 249% û nor ued to make 18 Employers with annual payroll tax liabilities of $1.000 or less withholdings to their employees 19. Employers sunt to payment of household employment mayrort thing form 1040 Schedule Hor induding the taxes of their domestic employees in their business Forms 91 and 940 20. A household employee has the right to require his employer to make withholdings for the payment of federal...
ACC502/602 Tax Return Assignment #1 Requirements: Complete the Tax Formula for 2019. MUST BE HANDWRITTEN showing every step. Use TaxSlayer software to prepare the tax returns for 2019. Save return as pdf file and upload both the handwritten Tax Formula and tax returns on Canvas before 11:59 pm, Thursday, February 27th for full credit (11 points) Meet your clients the Dunphy's..... Use the following information to complete Phillip and Claire Dunphy's 2019 federal income tax return. If any information is...
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