Mr. Husk has the following taxes payable balances and amounts withheld for the current year and preceding
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Question:
Mr. Husk has the following taxes payable balances and amounts withheld for the current year and preceding two years:
Year Federal and Provincial Amounts Withheld Taxes Payable
2018 $28,000 $27,000
2019 21,600 15,000
2020 (est.) 34,000 26,000
Required:
a) Determine whether Mr. Husk has to make tax instalments for the year 2020.
b) If Mr. Husk must make instalments, determine what amounts he must pay using the three different methods allowed and when the payments should be made.
c) Which method would you recommend Mr. Husk use?
Expert Answer:
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