File Home Insert Page Layout Formulas Data Review View Developer Help Power Pivot Lauren put her house on the market on January 5, 2021, and at the urging of the listing agent, she accepted B17 G H A If a deduction is not allowed, leave blank 68 Show the deductions as negative. Multiply the total at the end. 69 Work space related expenditures are as follows: 70 Mortgage Interest (total for 11 months) 9.471 71 Utilities (total for 11 months) 3,036 72 Home Insurance (total for 11 months) 3,300 73 Property Tax (total for 11 months) 5,880 74 Office Furniture 6,110 75 76 Total % square footage 25% 77 Total Deduction 78 79 80 81 Required: Determine Lauren's net employment income for 2021. Net employment income Please use the SUM function to show your net employment income. 82 83 84 85 36 87 88 89 90 92 93 94 195 96 97 98 100\fPower Pivot 17 X Lauren put her house on the market on January 5, 2021, and at the urging of the listing agent, she accepted an off B 12 WEL provides Lauren with a vehicle that she uses to drive her clients on tours. The vehicle was used by Lauren throughout 2021, aside form the three months she was off work. WEL required her to return the car and keys. WEL pays all operating and maintenance costs, a total of $2,300 during the year. Details of the vehicle and kilometers driven are below. Total km drive 30,100 Personal km driven 12,040 Cost of car (including GST and PST) 43,800 Standby charge (reduced, if applicable) plus Operating cost benefit, which is the lesser of: 1/2 of reduced standby charge: Or $0.27/km x personal km Other - Indicate in column G 13 Lauren has renovated in order to have a separate area in her townhouse to be used exclusively to signing the contracts and meeting with clients. WEL will provide her with a signed form T2200 stating that she is required to pay for certain employment expenses without reimbursement and use a portion of her home for work. She used this work space between February 1 and December 31, 2021. If a deduction is not allowed, leave blank Work space related expenditures are as follows: Show the deductions as negative. Multiply the total at the end. Mortgage Interest (total for 11 months) 9,471 Utilities (total for 11 months) 3,036 Home Insurance (total for 11 months) 3,300 Property Tax (total for 11 months) 5,880 Office Furniture 6,110 Total acroll Lock B W\fFile Home Insert Page Layout Formulas Data Review View Developer Help Power Pivot B17 X Lauren put her house on the market on January 5, 2021, and at the urging of the listing agent, she accepted an o D 41 G H WEL provides life insurance coverage to all of its employees. The premiums paid 42 by WEL on Lauren's behalf cost $500 for the year. 43 Lauren was granted options to buy 60 of the company's shares at $10 per share when she joined the staff of WEL. At that time, the shares had an assessed fair market value of $13 per share. On May 10, 2021, the shares are trading at $16 per share. She acquires 60 shares on that date and is still holding these shares on December 31. 44 45 10 Lauren is a part of the Canadian Mountaineers Association, and paid 46 professional dues of $880 for 2021. 47 18 11 Due to a dog sledding accident Lauren breaks her collar bone and was off work for three months 49 during 2021. She received a total of $6,100 in payments from the disability insurance company 50 during this period. The premiums are $1000/year and were withheld from Laura's pay. 51 52 Show the disability benefit, and premiums separately (if applicable). 53 54 For the auto benefit enter each calculation separately into column F. Leave a row blank if not required. 12 WEL provides Lauren with a vehicle that she uses to drive her clients on tours. The vehicle was used by Lauren throughout 2021, aside form the three months she was off work. WEL required her to return the car and keys. WEL pays all operating and maintenance costs, a total of $2,300 during the year. Details of the vehicle and kilometers driven are below. 55 56 Total km drive 30,100 57 Personal km driven 12,040 58 Cost of car (including GST and PST)| 43,800 59 60 QB Q4 05 Ready Scroll Lock\fAutoSave File Home Insert Page Layout Formulas Data Review View Developer A2 x y fx For the three taxation years ended December 31, 2019, 20 E Question 3 For the three taxation years ended December 31, 2019, 2020 and 2021, assume that Sherman Sage had the following net tax owing. Net tax owing 2019 2,649 2020 3,069 2021 (Estimated) 3,165 8 Required: 9 Explain why instalments are required for the 2021 taxation year (1 mark) When the income tax payable of any taxpayer exceeds $ 3000 or for income from employment exceeds the total withheld by $ 3000 or more then the tax payer will be required to [ income 0 tax instalments for the next calendar year. 2 Calculate the amount of the instalments that would be required under each of the three acceptable methods 3 4 Alternative 1 (quarterly instalment) 1.50 5 Alternative 2 (quarterly instalment) 1.50 6 Alternative 3 (first two instalments) 0.50 7 Alternative 3 (second two instalments) 0.50 8 Alternative chosen Indicate the dates on which the payments will be due. (1 mark) 01 02 Q3 04 05 Ready Scroll Lock 56 Type here to search