please help me Arinder Smith is a junior accountant in Toronto. He has requested your help with
Fantastic news! We've Found the answer you've been seeking!
Question:
please help me
Transcribed Image Text:
Arinder Smith is a junior accountant in Toronto. He has requested your help with completing his personal tax return (T1) for 2021. During 2021, his employer provided him with the following: Paid him a salary of $70,000. A fantastic job performance review. His boss has told him to expect a bonus payout of $5,000 in February 2022 and a salary increase of 10% in March 2022. A contribution to the company RPP of $6,000. Group term life insurance coverage of $100,000; the premium for the coverage is $400. Group sickness or accident insurance coverage; the premium paid is $550. A private health services plan that provides Arinder with dental, vision, prescription drugs, and private- hospital room coverage; the premium is $800. Mental health counselling for Arinder's daughter; the psychologist's fee is $1,500. Fitness club membership for Arinder's personal enjoyment; the membership dues are $900. Public transit pass for city bus; the annual cost is $800. He paid membership dues of $1,200 to the Canadian Association of Public Accountants His employer was so happy with his work that he also awarded Arinder and his family with an all expenses paid trip to Club Med for one week. The value of the trip is $3,000. His employer required him to take some courses to maintain his designation which were also required for his job. The cost of the courses was $1,500 Some basic facts to know about Arinder. He is married and has one child (a daughter, Maria). His wife does not work. His daughter is 12 years old attending public school He is eligible to take all deductions To complete: Q1. Determine the amount to be included in Arinder's employment income for tax purposes for 2021. Q2. Complete the TD1ON, TD1FED Q3. Mockup a T4 for Arinder using the PDOC tables. Q4. Complete a basic T1 for Arinder for 2021 Arinder Smith is a junior accountant in Toronto. He has requested your help with completing his personal tax return (T1) for 2021. During 2021, his employer provided him with the following: Paid him a salary of $70,000. A fantastic job performance review. His boss has told him to expect a bonus payout of $5,000 in February 2022 and a salary increase of 10% in March 2022. A contribution to the company RPP of $6,000. Group term life insurance coverage of $100,000; the premium for the coverage is $400. Group sickness or accident insurance coverage; the premium paid is $550. A private health services plan that provides Arinder with dental, vision, prescription drugs, and private- hospital room coverage; the premium is $800. Mental health counselling for Arinder's daughter; the psychologist's fee is $1,500. Fitness club membership for Arinder's personal enjoyment; the membership dues are $900. Public transit pass for city bus; the annual cost is $800. He paid membership dues of $1,200 to the Canadian Association of Public Accountants His employer was so happy with his work that he also awarded Arinder and his family with an all expenses paid trip to Club Med for one week. The value of the trip is $3,000. His employer required him to take some courses to maintain his designation which were also required for his job. The cost of the courses was $1,500 Some basic facts to know about Arinder. He is married and has one child (a daughter, Maria). His wife does not work. His daughter is 12 years old attending public school He is eligible to take all deductions To complete: Q1. Determine the amount to be included in Arinder's employment income for tax purposes for 2021. Q2. Complete the TD1ON, TD1FED Q3. Mockup a T4 for Arinder using the PDOC tables. Q4. Complete a basic T1 for Arinder for 2021
Expert Answer:
Answer rating: 100% (QA)
ANSWER Q1 To determine the amount to be included in Arinders employment income for tax purposes for ... View the full answer
Related Book For
Taxation Of Individuals And Business Entities 2015
ISBN: 9780077862367
6th Edition
Authors: Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver
Posted Date:
Students also viewed these law questions
-
Mike Bernards employer has a generous benefit program. During 2022, his employer provides him with the following benefits: A contribution to the company RPP of $6,000 Group term life insurance...
-
Mikes employer has a generous benefit program. During the current year his employer provided him with the following benefits: A contribution to the company RPP of $6,000. Group term life insurance...
-
Craig's Bowling Inc. operates several bowling centres (for games and equipment sales). The following transactions occurred in November 2017. For each of the following transactions, complete the...
-
Tang Corporation, which follows IFRS and chooses to classify dividends paid as financing activities and interest paid as operating activities on the statement of cash flows, had the following...
-
A summary of changes in Pen Corporation's Investment in Sam account from January 1, 2011, to December 31, 2013, follows (in thousands): ADDITIONAL INFORMATION 1. Pen acquired its 80 percent interest...
-
Explain the nature of the first six types of Braitenberg vehicles. Discuss how these vehicles can help us to understand the nature of intelligence.
-
Consider the unadjusted trial balance of WOW, Inc., at July 31, 2014, and the related month-end adjustment data. Adjustment data at July 31, 2014: a. Accrued service revenue at July 31, $3,950. b....
-
On 1 / 1 / 2 0 1 8 , XYZ Inc. purchased 1 0 % of Rail Corp. ' s outstanding shares. During 2 0 1 8 , Rail Corp. reported an income of $ 5 0 , 0 0 0 and paid dividends of $ 1 0 , 0 0 0 . The market...
-
[1] The following cost data were taken from the records of a manufacturing company: Depreciation on factory equipment $ 2,000 Depreciation on sales office 500 Advertising 7,000 Freight-out (shipping)...
-
Jet Airways borrowed $1,000,000 for one year to improve its liquidity. Jet Airways paid back the principal and interest of $1,060,000 at the end of the year. What is the dollar amount of interest and...
-
The deal reads: $5,000 guarantee vs. 90% GBOR, whichever is greater Other information: NBOR = $2,000 Additional Show Expenses = $1500 What is the amount of the Artist's Payment?
-
Marc and Mikkel are married and file a joint tax return. Marc and Mikkel earned salaries this year of $ 6 6 , 2 0 0 and $ 2 5 , 2 0 0 , respectively. In addition to their salaries, they received...
-
A piece of land in Ottawa with an area of 0.5 square kilometers is priced at 5200 Canadian dollars. If there are 0.9955 Canadian dollars per (U.S.) dollar, then what is the price in dollars per...
-
Problem 5. Wages of manual workers in a large industry have a bell-shaped distribution with a mean value of 1,500 dirhams per week with a standard deviation of 150 dirhams. a. (1.5 points) What...
-
1. On January 1, 2016. Bustle Company purchased as a long-term investment $5,000,000 face value of Rezin Company 8% bonds for $4,620,921. The bonds were purchased to yield 10% interest with the...
-
Apply Jacobis method to the given system. Take the zero vector as the initial approximation and work with four-significant-digit accuracy until two successive iterates agree within 0.001 in each...
-
What is an installment sale? How do the tax laws ensure that taxpayers recognize all the gain they realize on an installment sale? How is depreciation recapture treated in an installment sale?...
-
All else being equal, would a taxpayer with passive losses rather have wage income or passive income?
-
What issue precipitated the return of capital principle? Explain.
-
What are the two key financial objectives in the management of a company? How can a focus on these objectives create ethical dilemmas?
-
Briefly explain the difference between accounting, finance, and engineering economics. Try to put the concepts in your own (or your team's) words and compare the concepts where appropriate.
-
Among your colleagues in class, identify a term or phrase italicized in this chapter that you think is the most significant from your reading. Absent team consensus, then just provide your...
Study smarter with the SolutionInn App