health and works in the sales department of a large publicly traded company. Ms. Tanja Umstead...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
health and works in the sales department of a large publicly traded company. Ms. Tanja Umstead is 46 years old and lives in Richmond, British Columbia. She is in good Tanja's Personal Information Tahe is divorced from her husband and has custody of her 11 year old daughter, Cynthia. The daughter is sufficiently disabled that she qualifies for the disability tax credit. The daughter has 2018 Net Income For Tax Purposes of $6,425, largely made up of interest on bonds purchased from an inheritance. 2. Tanja's 68 year old mother lives with her and provides care for Cynthia on a full time basis. She is active and healthy. As she receives no compensation for this work, Tanja has no child care costs during 2018. The mother's 2018 Net Income For Tax Purposes is $13,460. 3. Because of a 2018 decrease in Cynthia's mobility, Tanja has had to install access ramps in several locations in her home. The cost of these ramps was $14,600. 4. During 2018, Tanja worked nearly 300 hours as a volunteer search and rescue volunteer She received $200 in compensation for this work. 5. Tanja's 2018 medical expenses are as follows: Various Prescription Drugs Including Medical Marijuana (Tanja And Cynthia) Various Medical Specialist Treatments For Cynthia Prescription Sunglasses For Tanja And Cynthia Liposuction For Tanja To Reduce Fat On Her Thighs Dentist Fees For Tanja's Mother Dentures For Tanja's Mother $ 3,465 10,490 875 2,463 3,300 1,325 Assignment Problems charity. Employment Information and her employer each contribute $4,150 to the plan. In addition, her employer withhel maximum El contributions of $858 and maximum CPP contributions of $2,594. year-end bonus of $12,000, all of which is payable in January 2019. 3. Her employer offers to pay the tuition for employees taking foreign language courses Tanja is taking an intensive course in spoken Chinese at a British Columbia university, The tuition fee for the course is $3,600, all of which is paid for by her employer. The tuition payment is to be included in her employment income as a taxable benefit. The duration of the course is 8 months and Tanja must purchase her own textbooks for $150. 4. Tanja is provided with disability insurance by an employer sponsored plan. During 2018, as a consequence of an automobile accident, she was unable to go to work for one month and receives benefits of $6,500. Starting in 2016, Tanja has been contributing $340 per year for the plan's coverage. Her employer makes a matching contribution in each year. 5. Tanja's employer provides her with an automobile that was purchased several years ago at a cost of $39,500. During 2018, the car is driven 41,000 kilometers, 34,000 of which were for employment related travel. Tanja is required to pay her own operating costs, which for 2018 totaled $7,240. Except for the one month that she was off from work, the car was available to Tanja throughout the year. During the one month that she was off, the car was left in her employer's garage. 6. Tanja's employer provides all of its employees with financial counseling services. The cost to the company of the services provided to Tanja was $450. 7. As a result of winning a sales contest, Tanja received a one week trip to Las Vegas. The value of this trip in Canadian dollars was $5,620. 8. Several years ago, Tanja received options to acquire 250 shares of her employer's common stock at a price of $25 per share. When the options were granted, the shares were trading at $25 per share. During 2018, Tanja exercises all of these options. On the exercise date, the shares are trading at $32 per share. Tanja is still holding the shares at the end of the year. Required: Calculate, for the 2018 taxation year, Tanja's minimum Taxable Income and federal Tax Payable. Ignore GST and PST considerations. health and works in the sales department of a large publicly traded company. Ms. Tanja Umstead is 46 years old and lives in Richmond, British Columbia. She is in good Tanja's Personal Information Tahe is divorced from her husband and has custody of her 11 year old daughter, Cynthia. The daughter is sufficiently disabled that she qualifies for the disability tax credit. The daughter has 2018 Net Income For Tax Purposes of $6,425, largely made up of interest on bonds purchased from an inheritance. 2. Tanja's 68 year old mother lives with her and provides care for Cynthia on a full time basis. She is active and healthy. As she receives no compensation for this work, Tanja has no child care costs during 2018. The mother's 2018 Net Income For Tax Purposes is $13,460. 3. Because of a 2018 decrease in Cynthia's mobility, Tanja has had to install access ramps in several locations in her home. The cost of these ramps was $14,600. 4. During 2018, Tanja worked nearly 300 hours as a volunteer search and rescue volunteer She received $200 in compensation for this work. 5. Tanja's 2018 medical expenses are as follows: Various Prescription Drugs Including Medical Marijuana (Tanja And Cynthia) Various Medical Specialist Treatments For Cynthia Prescription Sunglasses For Tanja And Cynthia Liposuction For Tanja To Reduce Fat On Her Thighs Dentist Fees For Tanja's Mother Dentures For Tanja's Mother $ 3,465 10,490 875 2,463 3,300 1,325 Assignment Problems charity. Employment Information and her employer each contribute $4,150 to the plan. In addition, her employer withhel maximum El contributions of $858 and maximum CPP contributions of $2,594. year-end bonus of $12,000, all of which is payable in January 2019. 3. Her employer offers to pay the tuition for employees taking foreign language courses Tanja is taking an intensive course in spoken Chinese at a British Columbia university, The tuition fee for the course is $3,600, all of which is paid for by her employer. The tuition payment is to be included in her employment income as a taxable benefit. The duration of the course is 8 months and Tanja must purchase her own textbooks for $150. 4. Tanja is provided with disability insurance by an employer sponsored plan. During 2018, as a consequence of an automobile accident, she was unable to go to work for one month and receives benefits of $6,500. Starting in 2016, Tanja has been contributing $340 per year for the plan's coverage. Her employer makes a matching contribution in each year. 5. Tanja's employer provides her with an automobile that was purchased several years ago at a cost of $39,500. During 2018, the car is driven 41,000 kilometers, 34,000 of which were for employment related travel. Tanja is required to pay her own operating costs, which for 2018 totaled $7,240. Except for the one month that she was off from work, the car was available to Tanja throughout the year. During the one month that she was off, the car was left in her employer's garage. 6. Tanja's employer provides all of its employees with financial counseling services. The cost to the company of the services provided to Tanja was $450. 7. As a result of winning a sales contest, Tanja received a one week trip to Las Vegas. The value of this trip in Canadian dollars was $5,620. 8. Several years ago, Tanja received options to acquire 250 shares of her employer's common stock at a price of $25 per share. When the options were granted, the shares were trading at $25 per share. During 2018, Tanja exercises all of these options. On the exercise date, the shares are trading at $32 per share. Tanja is still holding the shares at the end of the year. Required: Calculate, for the 2018 taxation year, Tanja's minimum Taxable Income and federal Tax Payable. Ignore GST and PST considerations.
Expert Answer:
Answer rating: 100% (QA)
The calculation for the 2018 taxation year Tanjas minimum Taxable Income and federal Tax Payable Ms Tanja Umstead COMPUTATION OF TOTAL INCOME visvis T... View the full answer
Related Book For
Principles of Cost Accounting
ISBN: 978-1305087408
17th edition
Authors: Edward J. Vanderbeck, Maria Mitchell
Posted Date:
Students also viewed these accounting questions
-
The norm of a linear transformation TA: Rn Rn can be defined by where the maximum is taken over all nonzero x in Rn. (The subscript indicates that the norm of the linear transformation on the left is...
-
Suppose that f: Rn R and g: Rn Rn are differentiable on Rn and that there exist r > 0 and a Rn such that Dg(x) is the identity matrix, I, for all x Br(a). Prove that there is a function h: Br(a) {a}...
-
Let 5: Rn Rn and T: Rn Rn be linear transformations with matrices A and B respectively. [Theorem 3.] (a) Show that B2 = B if and only if T2 = 7 (where T2 means T o T). (b) Show that B2 = 1 if and...
-
Bilboa Freightlines, S.A., of Panama, has a small truck that it uses for intracity deliveries. The truck is worn out and must be either overhauled or replaced with a new truck. The company has...
-
Complete the horizontal analysis of the following comparative income statement? Mile Wide Organic Woolens, Inc. Comparative Income Statement For Years Ending December 31, 2012 and 2013 Increase...
-
What examples are provided in this case for how Katrina Lake exhibited authentic leadership?
-
Describe how the firm decides whether to offer a safe working environment or a risky environment.
-
During 2012 and 2013, Gupta Co. completed the following transactions relating to its bond issue. The companys fiscal year ends on December 31. 2012 Mar. 1 Issued $100,000 of eight-year, 7 percent...
-
3. What is the certificate validation hierarchy? Show the validation process of a X509 certificate from the Root CA and a SubCA. (10 Points) ROOT CA SUB CA X509 Certificate 1 X509 Certificate 2
-
Name the following alcohols according to the IUPAC nomenclature system. Indicate stereochemistry (if any) and label the hydroxy groups as primary, secondary, or tertiary. OH Br OH (a) CH;CH,CHCH; (b)...
-
Peter invests cash of 260,000 and inventory with a cost of 258,000 and a current value of 436,000 in the Apostles Partnership. In addition, Peter invests land with a cost of 6,500,000 and an...
-
In the air duct system shown in the figure, air enters the main duct at A. The recommended Fan velocities in the main duct sections and branches are 10 m/s and 7 m/s, respectively. Using the velocity...
-
The management of Elite Limited is struggling to understand changes in their financial performance and the trends emerging within their accounting data. Hence, the company would like to know about...
-
On January 1 of Year 1, Innovative Lab issued a 4-year $50,000 note to a local bank with fixed interest payments based on 6%, payable annually on December 31. To hedge the risk of a fixed interest...
-
Describe the operating activities of each company noting similarities and difference between COCA COLA & PEPSICO. Identify two economy wide factors and industry wide factors that could impact on the...
-
Macy Pharmacy has a project which has the following cash flows. Year 0 -$200,000 Year 1 = $50,000 Year 2 $100,000 Year 3 $150,000 Year 4 $40,000 = Year 5 $25,000 = The cost of capital is 10%. What is...
-
1. (3.5 pts) An infinite slab of charge is parallel to the x-y plane. It has a thickness 2d and a charge density of p(z) = -Po (1 - 22), where po > 0 and z = 0 is the center of the slab. a. Find the...
-
Solve each equation or inequality. |6x8-4 = 0
-
An analysis of the payroll for the month of November for CinMar Inc. reveals the information shown: Andrews, Lomax, and Herzog are production workers, and Dimmick is the plant manager. Hendrick is in...
-
The partners of Mason and Hutton, attorneys-at-law, decide to implement an activity-based costing system for their firm. They identify the following three cost pools and budgeted amounts for each for...
-
Augusta Industries manufactures and sells two products, golf balls and tennis balls. Fixed costs are $100,000, and unit sales are 60,000 sheaths of golf balls and 40,000 cans of tennis balls. The...
-
What is the quick (acid test) ratio? A. 0.9 B. 4.8 C. 0.8 D. 0.2 E. 1.7 Using the following balance sheet and income statement Balance sheet m Property 200 Trade payables Plant and equipment 300 Tax...
-
What is the receivables holding period? A. 21.6 days. B. 8 times. C. 19.4 days. D. 4.7 times. E. 28.2 days. Using the following balance sheet and income statement Balance sheet m Property 200 Trade...
-
The most appropriate measure of profitability from the point of view of the shareholders is: A. Return on equity. B. Return on capital employed. C. Return on non-current assets. D. Profit on sales.
Study smarter with the SolutionInn App