(2) (3) (5) (6) He made the following selected payments in respect of 2016: RRSP contribution...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
(2) (3) (5) (6) He made the following selected payments in respect of 2016: RRSP contribution for 2016 (Assume earned income in 2015 was the same as for 2016 and his pension adjustment for 2015 was $5,000) Legal fees: - representation in family court - appealing a tax assessment, which he lost (3) Charitable donations (consistent with prior years) Maintenance payments for wife by virtue of agreement made pursuant to a court order. Total of monthly payments for her maintenance Total of monthly payments directly to owner of her apartment $ 4,500 1,250 $ 1,250 $ 8,000 5,000 $70,000 5,750 13,000 $90,000 Mr. Leaving had net capital losses of $11,466 in 1999, which he has not used. Mr. Leaving has never had a capital gain or loss before, nor has he ever claimed any of his capital gains exemption. Mr. Leaving had the following amounts withheld from his employment wages: Canada pension plan premiums Employment insurance premiums Mr. Leaving's oldest child, Scott, attends Queen's University and paid $4,000 in tuition fees for eight months of full-time attendance during 2016. Scott earned gross employment income of $2,500 during the summer. No deductions were taken from his pay. Mr. Leaving's other children do not have any income. Required: Complete the following calculations. Show all calculations whether or not they are necessary to the final answer. Calculate the Subdivisione deductions for Mr. Leaving. Calculate his taxable income and show all deductions to arrive at his taxable income. Calculate his federal taxes payable. (2) (3) (5) (6) He made the following selected payments in respect of 2016: RRSP contribution for 2016 (Assume earned income in 2015 was the same as for 2016 and his pension adjustment for 2015 was $5,000) Legal fees: - representation in family court - appealing a tax assessment, which he lost (3) Charitable donations (consistent with prior years) Maintenance payments for wife by virtue of agreement made pursuant to a court order. Total of monthly payments for her maintenance Total of monthly payments directly to owner of her apartment $ 4,500 1,250 $ 1,250 $ 8,000 5,000 $70,000 5,750 13,000 $90,000 Mr. Leaving had net capital losses of $11,466 in 1999, which he has not used. Mr. Leaving has never had a capital gain or loss before, nor has he ever claimed any of his capital gains exemption. Mr. Leaving had the following amounts withheld from his employment wages: Canada pension plan premiums Employment insurance premiums Mr. Leaving's oldest child, Scott, attends Queen's University and paid $4,000 in tuition fees for eight months of full-time attendance during 2016. Scott earned gross employment income of $2,500 during the summer. No deductions were taken from his pay. Mr. Leaving's other children do not have any income. Required: Complete the following calculations. Show all calculations whether or not they are necessary to the final answer. Calculate the Subdivisione deductions for Mr. Leaving. Calculate his taxable income and show all deductions to arrive at his taxable income. Calculate his federal taxes payable.
Expert Answer:
Related Book For
Canadian Income Taxation Planning And Decision Making
ISBN: 9781259094330
17th Edition 2014-2015 Version
Authors: Joan Kitunen, William Buckwold
Posted Date:
Students also viewed these law questions
-
8x+9 K The function f(x) = x7, is one-to-one. X-7 1 Find an equation for f (x), the inverse function.
-
Jake Drewrey has total fixed monthly expenses of $ 1,340 and his gross monthly income is $3,875. What is his debt-to-income ratio? How does his ratio compare to the desired ratio?
-
Selected accounts from Dence's Gourmet Shop's adjusted trial balance as of March 31, 2014, the end of the current fiscal year, follow. The merchandise inventory for Dence's was $81,222 at the...
-
Determine the number of integer solutions of x1 + x2 + x3 + x4 -: 32, where (a) xi 0, 1 i 4 (b) xi > 0, 1 i 4 (c) x1, x2 5, x3, x4 7 (d) xi 8, 1 i 4 (e) xi - 2, 1 i 4 (f) x1, x2, x3 > 0,...
-
Derive the stiffness and mass matrices of the planar frame element (general beam element) shown in Fig. 12.16 in the global \(X Y\)-coordinate system. Y U U3 U Joint 1 Joint 2 U6 Us UA FIGURE 12.16 A...
-
Kelly Company issues 12% bonds with a face value of $10,000 and 600 shares of $10 par common stock in a combined sale, receiving total proceeds of $23,000. Required Record the transaction for each...
-
Can you draw a graph to show me how I would depict a change in the Monocentric City Model due to an inflow on the shape of Northwern cities due to the mass migration of African-Americans from the...
-
6. Draw the original binary tree based on following traversal results: (1) preorder: 1,2,4,7,3,5,6,8; (2) inorder: 4,7,2,1,5,3,8,6. (10 pts)
-
How does the concept of concurrency control manifest in database systems, particularly in multi-user environments? Discuss concurrency control mechanisms such as locking, optimistic concurrency...
-
Questions 1. 2. 3. 4. Describe the importance of each of the following tasks completed by supervisors and managers. Provide a specific example for each. Decision making b. Delegating tasks a. C....
-
Top managers formulate strategic goals that apply to the organization as a whole over the long term. Strategic goals include a vision statement and a mission statement. Differentiate between a vision...
-
Answer the questions that are given below. 11. From the following list of balances and adjustments for Frutte Lemon you are required to complete a Ten Column Worksheet, for the six months ended 30...
-
What aspects of an organization's culture or structure could keep managers from leading effectively? Explain.
-
During 2020, you are employed at Ace Corporation. Your salary is $45,000, you contributed $3,000 to your employers Registered Pension Plan, paid union dues of $1,000, and received a basket of food...
-
Fahrad Inc. sells all of its product on account. Fahrad has the following accounts receivable payment experience: Percent paid in the month of sale .........10 Percent paid in the month after the...
-
Jane owns all of the shares of J Ltd., a Canadian-controlled private corporation with investments in numerous Canadian public companies. Her husband, Mike, owns all of the shares of M Ltd., a...
-
Certain indirect forms of compensation are deductible by the employer but not taxable to the employee. Does this special tax treatment provide a benefit to the employee or to the employer? Explain.
-
When a business can be sold under either an asset sale or a share sale, why is it important that both the vendor and the purchaser attempt to determine the vendors tax cost from the sale under a...
-
According to the monetary approach to the balance of payments, what type of economic policies would help a country resolve a balance of trade deficit?
-
We discussed risk aversion as being descriptive of investor behavior. Can Do you think of any real-world behavior that you might consider to be evidence of the existence of risk preferrers?
-
Pick three developing countries and create a country risk index for them. Rank them ordinally in terms of factors that you can observe (exports, GDP growth, reserves, etc.) by looking at...
Study smarter with the SolutionInn App