For the taxation year ending December 31, 2018, George Glass had combined federal and provincial Tax Payable
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Question:
For the taxation year ending December 31, 2018, George Glass had combined federal and provincial Tax Payable is $13,680. The corresponding figure for 2019 is $2,220. For the year ending December 31, 2020, it is estimated that combined federal and provincial Tax Payable will be $11,220.
Required:
George has asked you to provide the following information:
1). Indicate whether instalments are required during 2020. Provide a brief explanation of your conclusion.
2). Calculate the amount of each instalment that would be required under each of the acceptable methods available.
3). Indicate the dates on which the instalments are due.
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