Question: I am working on this assignment and i need help with adding income on Profile 2020 software. Family: Martin Dorne, SIN 499499499 Address: 150 Humber

 I am working on this assignment and i need help with

adding income on Profile 2020 software. Family: Martin Dorne, SIN 499499499 Address:

I am working on this assignment and i need help with adding income on Profile 2020 software.

Family: Martin Dorne, SIN 499499499 Address: 150 Humber College Blvd, Etobicoke Ontario M1M1M1 Phone number 416-675-6622 He has no foreign income He has not sold a principal residence during the year Brian Lassiter, SIN 994994994 Same address and phone number Martin Dorne born on Jan 15,1966 and is employed in construction work by a large public company. His annual salary is $98,500 in 2019, none of which involves commissions. As the company was very successful during 2019, Martin has been provided with a $15,000 bonus. This bonus was paid $7,000 in December 2019, and the rest in February 2020. Martin's employer withheld maximum El premiums and CPP contributions, along with $18,000 in federal income taxes. Other amounts withheld by his employer are as follows: CPP/El max RPP Contributions $4,300 Union Dues 450 Martin's common-law partner is Brian Lassiter. Brian was born on Feb 5, 1970 and is legally blind. Brian has 2019 income from investments of $500. Martin and Brian adopted three orphaned brothers from a war torn country 8 years ago. Information on these brothers is as follows: David Dorne, Birth date Mar 3, 2004, in good health, and has income from part time jobs of $10,500. Devon Dorne Birth date Apr 8, 1999 and has serious breathing problems that prevent him from working on a full time basis. He has got a doctor's letter attesting that his condition is serious but he does not have a "marked" restriction of daily activities. He lives with Martin and Brian and has income from part time jobs of $5,150. Derek Dorne Birthdate May 15, 1997 and attends university on a full time basis for 8 months of the year. Martin pays his tuition fees of $14,300, along with textbook costs of $1,200. He lives with Martin and Brian and is in good health. He has self-employed income of $13,500. Assume he pays no CPP contributions on this income. He would like to transfer his tuition credit to Martin. contributions on this income. He would like to transfer his tuition credit to Martin. Other Information: 1. During 2019, Martin spent $12,300 on employment related meals and entertainment with clients of his employer. His employer reimbursed $7,300 of these costs. 2. During 2019, Martin makes his regular annual contribution of $2,000 to a registered charity, The Shepherds Of No Hope. (Martin is a very pessimistic individual.) 3. The family's 2019 medical expenses, all of which were paid by Martin, were as follows: Martin and Brian David Devon Derek $ 2,200 1,700 10,600 4,500 4. Martin received options to purchase 500 shares of his employer's stock at a price of $45 per share 2 years ago. At the time the options were granted, the market price of the shares was $50 per share. During July, 2019, when the shares are trading at $70 per share, Martin exercises all of these options. He is still holding these shares on December 31, 2019. 5. Martin is provided with an automobile by his employer. The automobile was purchased at a cost of $45,200, including HST at 13 percent. During 2019, the automobile is driven 48,000 kilometers, of which 37,000 were employment related. The automobile was used by Martin for 11 months during 2019. He was required to return the automobile to his employer's garage during the month that he did not use it. Family: Martin Dorne, SIN 499499499 Address: 150 Humber College Blvd, Etobicoke Ontario M1M1M1 Phone number 416-675-6622 He has no foreign income He has not sold a principal residence during the year Brian Lassiter, SIN 994994994 Same address and phone number Martin Dorne born on Jan 15,1966 and is employed in construction work by a large public company. His annual salary is $98,500 in 2019, none of which involves commissions. As the company was very successful during 2019, Martin has been provided with a $15,000 bonus. This bonus was paid $7,000 in December 2019, and the rest in February 2020. Martin's employer withheld maximum El premiums and CPP contributions, along with $18,000 in federal income taxes. Other amounts withheld by his employer are as follows: CPP/El max RPP Contributions $4,300 Union Dues 450 Martin's common-law partner is Brian Lassiter. Brian was born on Feb 5, 1970 and is legally blind. Brian has 2019 income from investments of $500. Martin and Brian adopted three orphaned brothers from a war torn country 8 years ago. Information on these brothers is as follows: David Dorne, Birth date Mar 3, 2004, in good health, and has income from part time jobs of $10,500. Devon Dorne Birth date Apr 8, 1999 and has serious breathing problems that prevent him from working on a full time basis. He has got a doctor's letter attesting that his condition is serious but he does not have a "marked" restriction of daily activities. He lives with Martin and Brian and has income from part time jobs of $5,150. Derek Dorne Birthdate May 15, 1997 and attends university on a full time basis for 8 months of the year. Martin pays his tuition fees of $14,300, along with textbook costs of $1,200. He lives with Martin and Brian and is in good health. He has self-employed income of $13,500. Assume he pays no CPP contributions on this income. He would like to transfer his tuition credit to Martin. contributions on this income. He would like to transfer his tuition credit to Martin. Other Information: 1. During 2019, Martin spent $12,300 on employment related meals and entertainment with clients of his employer. His employer reimbursed $7,300 of these costs. 2. During 2019, Martin makes his regular annual contribution of $2,000 to a registered charity, The Shepherds Of No Hope. (Martin is a very pessimistic individual.) 3. The family's 2019 medical expenses, all of which were paid by Martin, were as follows: Martin and Brian David Devon Derek $ 2,200 1,700 10,600 4,500 4. Martin received options to purchase 500 shares of his employer's stock at a price of $45 per share 2 years ago. At the time the options were granted, the market price of the shares was $50 per share. During July, 2019, when the shares are trading at $70 per share, Martin exercises all of these options. He is still holding these shares on December 31, 2019. 5. Martin is provided with an automobile by his employer. The automobile was purchased at a cost of $45,200, including HST at 13 percent. During 2019, the automobile is driven 48,000 kilometers, of which 37,000 were employment related. The automobile was used by Martin for 11 months during 2019. He was required to return the automobile to his employer's garage during the month that he did not use it

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 Finance Questions!