Ms. D. Diesel (DD) had several events which occurred in 2021. This included a relationship breakdown...
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Ms. D. Diesel (DD) had several events which occurred in 2021. This included a relationship breakdown early in the year, quitting her job and moving to a resort in another town to take up a waitress job. She had the following items correctly calculated and classified as either inclusions, deductions, or the correctly calculated tax credits for the purpose of determining her taxable income and federal tax. Inclusions $ Benefits received from Employment Insurance Board and Lodging provided by employer Bonus from resort employer Salary from previous employer 600 8,000 500 6,000 Gratuities as a waitress 2,000 Interest on Canada Savings Bonds Salary as a waitress at resort Taxable capital gains Retiring Allowance from previous employer 775 12,000 3,750 800 Deductions, Losses, and Tax Credits Allowable capital losses Charitable gifts tax credit Childcare expenses Canada Pension Plan tax credit contributions on employment income 4,500 26 1,800 215 Canada Pension Plan enhanced contribution deduction 145 Medical expenses tax credit Expenses of objection to tax assessment 65 Moving expenses Non-capital losses from previous year Basic personal tax credit Employment Insurance premiums tax credit 1,700 600 1,984 77 Union dues 100 Canada employment tax credit 189 Required: Determine the net income (Div. B), taxable income (Div. C), and basic federal tax payable (Div. E) based on the above correct information using the ordering rules in ITA Sections 3, 111, and 118. Articulate carry forward amounts remaining after 2021, if any. Ms. D. Diesel (DD) had several events which occurred in 2021. This included a relationship breakdown early in the year, quitting her job and moving to a resort in another town to take up a waitress job. She had the following items correctly calculated and classified as either inclusions, deductions, or the correctly calculated tax credits for the purpose of determining her taxable income and federal tax. Inclusions $ Benefits received from Employment Insurance Board and Lodging provided by employer Bonus from resort employer Salary from previous employer 600 8,000 500 6,000 Gratuities as a waitress 2,000 Interest on Canada Savings Bonds Salary as a waitress at resort Taxable capital gains Retiring Allowance from previous employer 775 12,000 3,750 800 Deductions, Losses, and Tax Credits Allowable capital losses Charitable gifts tax credit Childcare expenses Canada Pension Plan tax credit contributions on employment income 4,500 26 1,800 215 Canada Pension Plan enhanced contribution deduction 145 Medical expenses tax credit Expenses of objection to tax assessment 65 Moving expenses Non-capital losses from previous year Basic personal tax credit Employment Insurance premiums tax credit 1,700 600 1,984 77 Union dues 100 Canada employment tax credit 189 Required: Determine the net income (Div. B), taxable income (Div. C), and basic federal tax payable (Div. E) based on the above correct information using the ordering rules in ITA Sections 3, 111, and 118. Articulate carry forward amounts remaining after 2021, if any.
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Related Book For
College Physics
ISBN: 978-0495113690
7th Edition
Authors: Raymond A. Serway, Jerry S. Faughn, Chris Vuille, Charles A. Bennett
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