Prince Packaging has offices throughout Nova Scotia. John Frame, Social Insurance Number 222-555- 777, had worked...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Prince Packaging has offices throughout Nova Scotia. John Frame, Social Insurance Number 222-555- 777, had worked for the company in their Antigonish office from July 1982 until his employment was terminated in November of this year. When his employment was terminated, he was fully vested in the company's defined contribution registered pension plan, which he joined in 1984. Upon termination, John received a retiring allowance of $86,000.00. John had his employer transfer the entire eligible amount to a RRSP and took the non-eligible amount in cash. Calculate the eligible and non-eligible portions of John's retiring allowance as well as the income tax withheld on the amount received in cash. Include these amounts when completing John's T4 slip. The $101,356.00 income tax shown does not include the amount withheld on the retiring allowance. Prince Packaging has offices throughout Nova Scotia. John Frame, Social Insurance Number 222-555- 777, had worked for the company in their Antigonish office from July 1982 until his employment was terminated in November of this year. When his employment was terminated, he was fully vested in the company's defined contribution registered pension plan, which he joined in 1984. Upon termination, John received a retiring allowance of $86,000.00. John had his employer transfer the entire eligible amount to a RRSP and took the non-eligible amount in cash. Calculate the eligible and non-eligible portions of John's retiring allowance as well as the income tax withheld on the amount received in cash. Include these amounts when completing John's T4 slip. The $101,356.00 income tax shown does not include the amount withheld on the retiring allowance.
Expert Answer:
Answer rating: 100% (QA)
To calculate the eligible and noneligible portions of Johns retiring allowance we need to determine ... View the full answer
Related Book For
Understanding Business Ethics
ISBN: 9781506303239
3rd Edition
Authors: Peter A. Stanwick, Sarah D. Stanwick
Posted Date:
Students also viewed these finance questions
-
Groupe Alimentaires is preparing the 2018 year-end information slips for their employees. Claire had worked for the company in their Montreal, Qubec office from October 1987 until her employment was...
-
Your preparer tax identification number (PTIN) is PO0389571. Your Firm ik For) Jones and Miller's address is 230 Hollister Avenue - San Francisco, CA 94131 and its phone number is (650) 686-7777....
-
Consider the following multiplicative demand function where QD = quantity demanded, P = selling price, and I = disposable income: QD = 1.6 P -1.5 Y .2 QD = 1.6 P ^-1.5y.2 The coefficient of I...
-
Hoffman Company manufactures car seats in its Boise plant. Each car seat passes through the assembly department and the testing department. This problem focuses on the assembly department. The...
-
Billing schemes have by far the highest median costs per incident of all frauds. (True/False)
-
Search the Internet to identify three or more companies marketing die attach adhesives. For example, check 3M and Henkel.
-
On May 12, 2014, Chewco Co. purchased 2,000 shares of Jedi Inc. for $112 per share, including the brokerage commission. The Jedi investment was classified as an available-for-sale security. On...
-
Discuss the implications of Quality by Design (QbD) in bioprocessing for regulatory compliance and process robustness. How do risk assessment and design of experiments (DoE) play a role in ensuring...
-
Mazni is the new product and technology manager of HRD Berhad. In her new position, she oversaw 39 people working on multiple projects. One of the projects was worth millions of Ringgitto the company...
-
The series (arctan(n+5)arctan(n+3)) is a telescopic series. Calculate its sum. Give the exact value. Sum=
-
What is a zero-day vulnerability, and why is it a significant security concern? Discuss the common methods used to detect and mitigate these vulnerabilities in a production environment .
-
Discuss the gender wage gap. What are current estimates in the United States and what are some potential reasons for the wage gap?
-
Timekeeper Inc. manufactures clocks on a highly automated assembly line. Its costing system uses two cost categories, direct materials and conversion costs. Each product must pass through the...
-
Lily graduated from UCSD in 2015. Right now she has an excellent job with a take-home income (after taxes) of $5,000 a month. The following is her financial situation: 1. She is single and shares an...
-
On January 1, 2025, Paxton Planning Services issued $56,000 of 2% bonds that mature in five years. They were issued at face value. The bonds pay annual interest payments on December 31 of each year...
-
Gomez Company has two service departments (Personnel and Office) and two operating departments (Shoes and Clothing). Following are the direct expenses and square feet occupied by the four...
-
A Firm intends to invest some capital for a period of 15 years; the Firm's Management considers three Options, each consisting of purchasing a machinery of a specific brand, different for each...
-
In all of the accounting scandals of the past decade, where were the auditors? Explain.
-
The International Olympic Committee (IOC) started an investigation into allegations that Olympic officials from various countries offered to sell tickets for events at the London Olympic Games at...
-
Do you perceive yourself as a transformational or transactional leader? Explain your answer.
-
A \(0.40-\mathrm{m}\) wire carries a current of \(1.7 \mathrm{~A}\) and is at angle to a \(0.20-\mathrm{T}\) uniform external magnetic field. What must be the angle between the wire and the magnetic...
-
A square loop of side \(a=50 \mathrm{~cm}\) is suspended from the left arm of a scale, which is kept at equilibrium by adding weights to the right side. The lower half of the loop is in a uniform...
-
A square loop of wire has a perimeter of \(60 \mathrm{~cm}\) and is oriented such that two of its parallel sides form a \(30^{\circ}\) angle with the horizontal. A uniform horizontal magnetic field...
Study smarter with the SolutionInn App