Ashley and Alan separated amicably at the end of 2017 agreed that their two children age...
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Ashley and Alan separated amicably at the end of 2017 agreed that their two children age 5 and 6 would live with Alan because Ashley travels a lot for business. Alan had stayed home for a few years and went back to work part-time when they separated. As a result, Ashley agreed to pay Alan $1,500 a month in spousal support and $1,800 a month in child support. However, they drew up their own separation agreement and stipulated only that Ashley would pay Alan a total of $3,300 a month in support. Ashley's salary in 2018 is $125,000 and Alan's is $25,000. How much do the annual payments cost Ashley after-tax? How much does Alan receive after-tax? (2 marks) Paul and his wife had been married for 15 years and had been separated for 3 days when he suddenly died. He left an estate worth $600,00 after taxes. In his will, he left $300,000 to his wife Linda and the rest to be divided per capita between his three children. The family lives in Alberta and Paul had not had time to change his will before he died. How much does each child inherit? (2 marks) Maureen died intestate leaving an estate after taxes and probate of $700,000. She is survived by her husband, Jack and her two children Adam and Kelly. She is predeceased by her son Mark. All three of her children had three children each. How much does each family member get if they live in Alberta and the estate is distributed per stirpes? (4 marks) Ashley and Alan separated amicably at the end of 2017 agreed that their two children age 5 and 6 would live with Alan because Ashley travels a lot for business. Alan had stayed home for a few years and went back to work part-time when they separated. As a result, Ashley agreed to pay Alan $1,500 a month in spousal support and $1,800 a month in child support. However, they drew up their own separation agreement and stipulated only that Ashley would pay Alan a total of $3,300 a month in support. Ashley's salary in 2018 is $125,000 and Alan's is $25,000. How much do the annual payments cost Ashley after-tax? How much does Alan receive after-tax? (2 marks) Paul and his wife had been married for 15 years and had been separated for 3 days when he suddenly died. He left an estate worth $600,00 after taxes. In his will, he left $300,000 to his wife Linda and the rest to be divided per capita between his three children. The family lives in Alberta and Paul had not had time to change his will before he died. How much does each child inherit? (2 marks) Maureen died intestate leaving an estate after taxes and probate of $700,000. She is survived by her husband, Jack and her two children Adam and Kelly. She is predeceased by her son Mark. All three of her children had three children each. How much does each family member get if they live in Alberta and the estate is distributed per stirpes? (4 marks)
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Answer rating: 100% (QA)
1 To calculate the aftertax cost of the annual payments for Ashley we need to consider the applicable tax rates for spousal support and child support ... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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