Question: Hello, Could you please help me with this question if possible, as tax is my weakest subject. Thank you for taking the time trying /

Hello, Could you please help me with this question if possible, as tax is my weakest subject. Thank you for taking the time trying/answering.
Sadia is in an executive position working for Quality Furniture Inc. (Furniture) in Calgary, Alberta. Below is her information and she asked you to calculate how much tax will she owe in 2023.
Sadia T4:
Salary 325,000
Income tax $60,000
Group medical premiums 2,200
CPP contributions 3,754(max)
EI premiums 1,002(max)
RPP contributions 6,000
Sadia has made a charitable donation with tax receipt of 1,000
Quality has provided Sadia with a leased vehicle (Lexus) which the company pays 675 plus 5% tax a month along with insurance which is 75 a month. The vehicle price originally 55,000 plus 5% tax. Sadia has drove 42,000 KM for business and 18,000 KM for personal use. Quality has provided Sadia with a Visa to coper yearly operating cost for the car, which totaled 6,500. Sadia also receives 300 a month for car allowance expense that she cannot purchase with her card.
Quality has paid 100% of Sadia's premiums group disability insurance of 2,500 as well as personal life insurance of 1,500.
Quality has a company condo in Cancun that executives can take their family to for one week. It cost 5,000 to rent the luxury condo for non employees.
Quality paid for a leadership course that Sadia took during 2023.
Sadia made an RRSP deduction of 10,000, along with noticing that there is 2,000 of RRSP that was uneducated from previous year.
Sadia got her investment information for the year, which included
Sadia has incurred 2,500 loss from her investment this year, which is the first she ever had a lost since her investment portfolio started.
Sadia had coin collection which costed 4,000, which she sold for 10,000.
Sadia made a political contribution of 1,000.
Sadia was nervous that she will be taxed a lot, so she made an installment of 5000 during in 2023.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!