Ju Sanchez made a permanent move to Canada on 8/31/20, from Japan, where he owned the...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Ju Sanchez made a permanent move to Canada on 8/31/20, from Japan, where he owned the following (in Canadian Dollars): ACB 1/1/20 FMV 6/30/20 FMV 8/31/20 FMV 12/31/20 FMV Dwelling $185,000 $210,000 $205,000 $204,000 $208,000 Shares in Japanese Co.'s * $122,000 $125,000 $126,000 $120,000 $110,000 * The shares provide monthly dividends of $450, net of Japanese Taxes of $50. Asset For the period 9/1/20 to 12/31/20, Mr. Sanchez earned Net Salary of $21,630 after deduction of $1,585 for CPP, $585 for EI and $6,200 for Taxes. He also earned $98 in interest on cash in Canadian bank accounts. Assuming Mr. Sanchez continued to own the Japanese assets as of 12/31/20, calculate his Canadian federal taxes payable/refundable for 2020. Ju Sanchez made a permanent move to Canada on 8/31/20, from Japan, where he owned the following (in Canadian Dollars): ACB 1/1/20 FMV 6/30/20 FMV 8/31/20 FMV 12/31/20 FMV Dwelling $185,000 $210,000 $205,000 $204,000 $208,000 Shares in Japanese Co.'s * $122,000 $125,000 $126,000 $120,000 $110,000 * The shares provide monthly dividends of $450, net of Japanese Taxes of $50. Asset For the period 9/1/20 to 12/31/20, Mr. Sanchez earned Net Salary of $21,630 after deduction of $1,585 for CPP, $585 for EI and $6,200 for Taxes. He also earned $98 in interest on cash in Canadian bank accounts. Assuming Mr. Sanchez continued to own the Japanese assets as of 12/31/20, calculate his Canadian federal taxes payable/refundable for 2020. Ju Sanchez made a permanent move to Canada on 8/31/20, from Japan, where he owned the following (in Canadian Dollars): ACB 1/1/20 FMV 6/30/20 FMV 8/31/20 FMV 12/31/20 FMV Dwelling $185,000 $210,000 $205,000 $204,000 $208,000 Shares in Japanese Co.'s * $122,000 $125,000 $126,000 $120,000 $110,000 * The shares provide monthly dividends of $450, net of Japanese Taxes of $50. Asset For the period 9/1/20 to 12/31/20, Mr. Sanchez earned Net Salary of $21,630 after deduction of $1,585 for CPP, $585 for EI and $6,200 for Taxes. He also earned $98 in interest on cash in Canadian bank accounts. Assuming Mr. Sanchez continued to own the Japanese assets as of 12/31/20, calculate his Canadian federal taxes payable/refundable for 2020. Ju Sanchez made a permanent move to Canada on 8/31/20, from Japan, where he owned the following (in Canadian Dollars): ACB 1/1/20 FMV 6/30/20 FMV 8/31/20 FMV 12/31/20 FMV Dwelling $185,000 $210,000 $205,000 $204,000 $208,000 Shares in Japanese Co.'s * $122,000 $125,000 $126,000 $120,000 $110,000 * The shares provide monthly dividends of $450, net of Japanese Taxes of $50. Asset For the period 9/1/20 to 12/31/20, Mr. Sanchez earned Net Salary of $21,630 after deduction of $1,585 for CPP, $585 for EI and $6,200 for Taxes. He also earned $98 in interest on cash in Canadian bank accounts. Assuming Mr. Sanchez continued to own the Japanese assets as of 12/31/20, calculate his Canadian federal taxes payable/refundable for 2020.
Expert Answer:
Answer rating: 100% (QA)
Mr Sanchezs taxable income for the period 9120 to 123120 ... View the full answer
Posted Date:
Students also viewed these accounting questions
-
Computation of selected ratios. The following data is given: December 31, 2015 2014 Cash$ 66,000 $50,000 Accounts receivable (net) 90,000 60,000 Inventories 90,000 110,000 Plant assets (net) 383,000...
-
Question 3 Find the equation of the plane containing the point P(0, 2, 5) and the line r(t) =(2, 1, 5) + t(2, -3, -2). [Hint: First find two vectors parallel to the plane (that is, find two vectors...
-
After you informed Brad of his negative monthly net cash flow, Brad indicated that he may delay paying his credit card bills for a couple of months to reduce his cash outflows. What is your response...
-
Bill and Mary are married. Mega Corporation employs them both. In 2018, Mary earned $70,000 and Bill earned $135,000, in both cases W-2 wages. How much FICA tax were they required to pay for 2018?
-
Discuss the three challenges logistics faces as it manages on a process, rather than a functional basis. Describe each challenge and give an example of how it may be overcome.
-
The Beta II computers electronic processing unit contains 50 components in series. The average reliability of each component is 99.0%. Using figure 17.2, determine the overall reliability of the...
-
What is an advantage of calculating all three measures of central tendency?
-
What is interim financial information, and why is interim financial information required to be reviewed? What professional standards provide guidance on the conduct of reviews of interim financial...
-
1: Write a program that performs the following operations in order after declaring these variables: a=5 b=10 c=7 Set b equal to 2 plus a Set a equal to b times 4 Set b equal to a divided by 3.14 Set...
-
Open the Orders Solution.sln file contained in the VB2017\Chap03\Orders Solution folder. The interface provides a button for adding the number ordered to the total ordered, and a button for...
-
Tim's gross pay for this month is $8,950. His gross year-to-date pay, prior to this month, totaled $111,500. What is the amount of FICA tax withheld from Tim's pay for this month? (Assume an OASDI...
-
Find an analytic function whope real part is u=e" cosy.
-
Sethuraman Inc has the following periods of high and low costs and units produced during the period. Sethuraman Costs and Units Produced Month of Activity Units Produced Total Cost August 40,000...
-
An inquiry-based learning strategy is a way to encourage inquiry during the learning process of the student. One important way to promote inquiry learning in a classroom is to design activities,...
-
6. The quadratic equation is y = 2x+4x-1. (a) Determine the direction of its opening and whether it is a maximum or minimum point. Explain your answer. (b) Find the vertex. (c) Find the x-intercept...
-
Find an analytic stuxction whose reas parte. SinLy Coshly- COS2x.
-
A Discussion on Options Strategies The Situation You are a portfolio manager and you manage several fund that make extensive use of options in combination with equities.The portfolios have different...
-
Perform the operation by first converting the numerator and denominator to scientific notation. Write the answer in scientific notation. 7,200,00/0.000009
-
Identify the four components of a use case and how they affect each other.
-
Explain the difference between a. Actors and stakeholders. b. Primary and supporting actors.
-
Explain the steps for the discovery of use cases.
Study smarter with the SolutionInn App