1. Jerry provides you with his income tax information for 2021: Employment Income:$200,000 CPP Deduction from his...
Question:
1. Jerry provides you with his income tax information for 2021:
- Employment Income:$200,000
- CPP Deduction from his Payroll T4 slip: $0 (80 years old)
- EI Deduction from his Payroll T4 slip: $890
- Capital Gains: $20,000 (hint: calculate taxable capital gains)
- Union Dues Deduction:$2,000
- RPP Deduction:$10,000 (based on previous years earned incomes, assume allowed amount for this year)
- Interest Income: $5,000
- Employment Expense Deduction: $10,000
- Non-Capital (Business Loss from 2018) Loss Carry Forward: $20,000
- Net Capital (netted at 50%) Loss Carry Forward: $10,000
What willJerry insert into his Line 26000, Taxable Income , 2021?
4. Jerry provides you with his income tax information for 2021:
- Employment Income:$200,000
- CPP Deduction from his Payroll T4 slip: $0 (80 years old)
- EI Deduction from his Payroll T4 slip: $890
- Capital Gains: $20,000 (hint: calculate taxable capital gains)
- Medical Expenses: $2,000
- Union Dues Deduction:$0
- RPP Deduction:$10,000 (based on previous years earned incomes, assume allowed amount for this year)
- Interest Income: $5,000
- Charitable Donations: $10,000
- Employment Expense Deduction: $10,000
- Non-Capital (Business Loss from 2018) Loss Carry Forward: $20,000
- Net Capital (netted at 50%) Loss Carry Forward: $10,000
What will Jerry insert into his Line 26000, Taxable Income , 2021?
6. Fred's Pizza business provides you the followingAccountingGAAPfinancial information for this year's business incometax return:
Income Statement:
- Revenue: $100,000
- Meals and Entertainment: $10,000
- Supply Expenses: $2,000
- Depreciation Expenses: $5,000
Assets Furniture (Class 8, 20%); UCC was $10,000; Purchase this year was $10,000 anddisposed of furniture for proceeds of$10,000 and had an original cost of $5,000.
Building (Class 1, 4%); UCC was $100,000
The Accounting Profit (not income tax profit) is?
12. 2021, Bob, an employee, for the past 10 years, was disabled and was paid $100,000 in disability insurance benefits by the insurance company.
For the past 10 years,Bob paid a total for $20,000 of the disability insurance premiums His employer paid the remaining balance of the premiums for the past 10 years.
2021, Bob is required to report to CRA this amount as a taxable employment benefit:
Accounting Principles Volume 1
ISBN: 978-1119502425
8th Canadian Edition
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak