Homework Answers
RRSP is a retirement plan where the deposits made into the RRSP are not taxed until withdrawn. TFSA is tax free as it's created after paying tax on the income. TFSA is created by after-tax earnings.
D's withdrawal from TFSA is tax free. His spouse's contribution to the RRSP is $12,000($2,000 x 6) in the past 6 years. This year's contribution is due.
The amount included in D's income for tax purposes is $14,000.
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In the current year D withdrew $18,000 from his spousal RRSP and $7000 from his TFSA. His wife ha...
Jimmer has contributed $15,000 to his Roth IRA and the balance in the account is $18,000....
Jimmer has contributed $15,000 to his Roth IRA and the balance in the account is $18,000. In the current year, Jimmer withdrew $17,000 from the Roth IRA to pay for a new car. If Jimmer’s marginal ordinary income tax rate is 24 percent, what amount of tax and penalty, if any, is Jimmer required to pay on the withdrawal in each of the following alternative situations? a. Jimmer opened the Roth account 44 months before he withdrew the $17,000 and...
B, an unmarried taxpayer, knows that her last dollar of income in the current year will...
B, an unmarried taxpayer, knows that her last dollar of income in the current year will be taxed at 10 percent. D, an unmarried taxpayer, knows that his last dollar of current year income will be taxed at 25 percent. Which of the following statements is not true taking into account the above assumptions? a. D's marginal tax rate is greater than B's. b. The value of a $2,000 IRA deduction to D will be less than the same amount...
B, an unmarried taxpayer, knows that her last dollar of income in the current year will...
B, an unmarried taxpayer, knows that her last dollar of income in the current year will be taxed at 10 percent. D, an unmarried taxpayer, knows that his last dollar of current year income will be taxed at 25 percent. Which of the following statements is not true taking into account the above assumptions? a. D's marginal tax rate is greater than B's. b. The value of a $2,000 IRA deduction to D will be less than the same amount...
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...
taxation questions Question 1 (3 marks) During 2019, Canadian resident Mark Forbes has calculated his Taxable...
taxation questions
Question 1 (3 marks) During 2019, Canadian resident Mark Forbes has calculated his Taxable Income to be $53,175. Calculate his 2019 federal Tax Payable before consideration of credits. Question 2 (3 marks) Canadian resident Zack Bronson has 2019 Taxable income of S102,485. Calculate his 2019 federal Tax Payable before consideration of credits. For the federal personal tax credit questions which follow, include in your response those credits which the individual would qualify and state as the gross amount...
During the current year L sold his business and received $400,000 for its related franchise. The...
During the current year L sold his business and received $400,000 for its related franchise. The franchise had an original cost of $300,000 and its UCC at the beginning of the current was $180,000. What is the total amount that is included in L’s net income for tax purposes in the current year with respect to the sale of the franchise?
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...
8. John is a 36-year-old calendar-year taxpayer whose wife died in August of 2017. His eight...
8. John is a 36-year-old calendar-year taxpayer whose wife died in August of 2017. His eight year-old son lives with him. During 2017, he had salary income of $52,000, $600 of dividend income, and received $50,000 from the life insurance policy on his wife. He made a $2,000 contribution to his regular IRA and paid $9,800 for a hospital bill and $3,000 for a doctor bill for his deceased wife. He also paid $4,000 in mortgage interest, $800 in property...
7) Sandra invested $10,000 in a Tax-Free Savings Account (TFSA) last year and it has a...
7) Sandra invested $10,000 in a Tax-Free Savings Account (TFSA) last year and it has a value of $12,000 today. She also invested $10,000 in a Registered Retirement Savings Account (RRSP) last year and it has a value of $15,000 today. With the market uncertainty today, Sandra decides to withdraw the entire amounts from both accounts. On what amounts will Sandra need to pay tax on? a) Only on the initial $20,000 invested in each account b) On the total...
Your client's wife died in the current year with a gross estate valued at $1.5 million,...
Your client's wife died in the current year with a gross estate valued at $1.5 million, which included two solely owned apartment buildings, each valued at $400,000. Debts and expenses payable by her estate are estimated at $250,000. During the past three years, she gave most of the rents from the apartment buildings directly to her son's university to pay for his graduate school tuition. She and your client owned a personal residence worth $400,000 as joint tenants with right...
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...
taxation questions
Question 1 (3 marks) During 2019, Canadian resident Mark Forbes has calculated his Taxable Income to be $53,175. Calculate his 2019 federal Tax Payable before consideration of credits. Question 2 (3 marks) Canadian resident Zack Bronson has 2019 Taxable income of S102,485. Calculate his 2019 federal Tax Payable before consideration of credits. For the federal personal tax credit questions which follow, include in your response those credits which the individual would qualify and state as the gross amount...
7) Sandra invested $10,000 in a Tax-Free Savings Account (TFSA) last year and it has a value of $12,000 today. She also invested $10,000 in a Registered Retirement Savings Account (RRSP) last year and it has a value of $15,000 today. With the market uncertainty today, Sandra decides to withdraw the entire amounts from both accounts. On what amounts will Sandra need to pay tax on? a) Only on the initial $20,000 invested in each account b) On the total...
Your client's wife died in the current year with a gross estate valued at $1.5 million, which included two solely owned apartment buildings, each valued at $400,000. Debts and expenses payable by her estate are estimated at $250,000. During the past three years, she gave most of the rents from the apartment buildings directly to her son's university to pay for his graduate school tuition. She and your client owned a personal residence worth $400,000 as joint tenants with right...
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