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Test: Final Examination F2024 Question 4 of 8 This test: 100 point(s) possible This question: 10 point(s) possible Submit test For the three years 2022, 2023, and 2024, Mr. Gunther Greene provides the information shown on his combined federal and provincial/territorial income tax payable along with information on withholdings by his employer. View the information provided. In January 2024, you are asked to provide income tax advice to Mr. Greene. He has asked you whether it will be necessary for him to pay instalments in 2024, and, if so, what the minimum amounts that should be paid are O along with the dates on which these amounts are due. Assume that Mr. Greene wishes to preserve as much cash as possible. Read the requirements. O Calculate Mr. Greene net tax owing for the three relevant years. O Year Income tax payable Tax withheld = Net tax owing 2022 2023 O 2024 (Estimated) Determine whether instalments are required during 2024. O O A. Instalments are required because the net tax owing exceeds $3,000 in the current year as well as both of the previous two years. O B. Instalments are not required because the net tax owing exceeds $3,000 in the current year but only one of the two preceding years. C. Instalments are not required because the net tax owing does not exceed $10,000 in the current year. D. Instalments are required because the net tax owing exceeds $3,000 in the current year and one of the two preceding years. O Calculate the quarterly instalments if they are based on the estimated tax payable for the current taxation year. (If no instalments are required, enter "0" as the instalment amount, and leave taxes payable and number of instalments empty.) Net tax owing Number of instalments = Instalment amount O Time Remaining: 02:49:39 Next DII DD F12 20 2 F10 F11 Fa ES EA esc F1 O 5 6 2 OMr. Gunther Greene provides the informal jol oldings by his employer. { tl the information shown on his combined federal and provincial/territorial income tax payable along with information on withhold by hi t For the three years 2022, 2023, and 2024, View the information provided. me tax advice to Mr. Greene. He has asked yo! In Janugry 2024, you are asked to provide inco along with the dates on which these amounts are due. Assume that Mr. Greene wishes to preserve as much cash as possible Read the requirements. u whether it will be necessary for him i to pay instalments in 2024, and, if ; , if so, what the minimum amounts th: at should be paid are e quired because the net tax owing exceeds $3,000 in the current year and one of the two preceding years. (O D. Instaiments are re as the instalment amount, and leave taxes payable and number of s if they are based on the estimated tax payable for the current taxation year. (If no instalments are required, enter "0" Calculate the quarterly instalment instalments empty.) 4 Net tax owing Number of instalments Instalment amount |+ | | \\f no instalments are required, enter 0" as the instalment amount, and leave taxes payable and number: hey are based on the tax payable for the immediately preceding taxation year. ( Calculate the quarterly instalments if t of instalments empty.) Net tax owing Number of instalments = Instalment amount | 1 L t two instalments if they are based on the second preceding year. (if no instalments are required, enter 0" as the instalment amount, and leave taxes payable and number of Calculate the instalment amount for the firs instalments empty.) Net tax owing Number of instalments = Instalment amount T e y |+ | '\\ R | o are based on the second preceding year. (If no instalments are required, enter Q" as the instalment amount, and leave taxes payable and two instalments when the first tw Calculate the instalment amount for the last ) number of instaiments empty.) Time Remaining: 02:49:29 m View the information provided. For the three years 2022, 2023, and 2024, Mr. Gunther Greene provides the information shown on his combined federal and provincial/territorial income tax payable along with information on withholdings by his employer. In January 2024, you are asked to provide income tax advice to Mr. Greene. He has asked you whether it will be necessary for him to pay instalments in 2024, and, if so, what the minimum amounts that should be paid are along with the dates on which these amounts are due. Assume that Mr. Greene wishes to preserve as much cash as possible. Read the requirements. Net tax owing Number of instalments = Instalment amount = Calculate the instalment amount for the first two instalments if they are based on the second preceding year. (If no instalments are required, enter "0" as the instalment amount, and leave taxes payable and number of instalments empty.) Net tax owing + Number of instalments = Instalment amount Calculate the instalment amount for the last two instalments when the first two are based on the second preceding year. (If no instalments are required, enter "0" as the instalment amount, and leave taxes payable and number of instalments empty. Net tax Previous instalment Number of previous Number of remaining Instalment owing amount instalments instalments = amount Determine the instalment option that results in the lowest total instalment amount. O A. The lowest total instalment amount uses both the second and the first preceding years' net tax owing. O B. All of the instalment options result in the same total payment. O C. The lowest total instalment amount uses the current year estimate of net tax owing. Time Remaining: 02:49:19 Next A DII G 30 Fa F6 F1 F2 BSC O 5 6 4 2 O U R T Y W EView the information provided. In January 2024, you are asked to provide income tax advice to Mr. Greene. He has asked you whether it will be necessary for him to pay instalments in 2024, and, if so, what the minimum amounts that along with the dates on which these amounts are due. Assume that Mr. Greene wishes to preserve as much cash as possible. quirements. number Of Instaiments empty.) Net tax Previous instalment Number of previous Number of remaining Instalment owing amount instalments instalments amount Determine the instalment option that results in the lowest total instalment amount. A. The lowest total instalment amount uses both the second and the first preceding years' net tax owing. O B. All of the instalment options result in the same total payment. O C. The lowest total instalment amount uses the current year estimate of net tax owing. O D. The lowest total instalment amount uses the first preceding year net tax owing On what dates are the instalment payments due? A. Instalment payments are due on January 15, April 15, July 15, and October 15, 2024. B. Instalment payments are due on March 15, June 15, September 15, and December 15, 2024. C. Instalment payments are due on January 31, April 30, July 31, and October 31, 2024. D. Instalment payments are due on March 31, June 30, September 30, and December 31, 2024. Time Remaining: 02:4 A DII 30 F3 FA F5 F6 F7 F1 F2 A 5 6 7This test: 100 point( Question 4 of 8 This question: 10 pc nal Examination F2024 three years 2022, 2023, and 2024, Mr. Gunther Greene provides the information shown on his combined federal and provincial/territorial income tax payable along e information provided. uary 2024, you are asked to provide income tax advice to Mr. Greene. He has asked you whether it will be necessary for him to pay instalments in 2024, and, if so, with the dates on which these amounts are due. Assume that Mr. Greene wishes to preserve as much cash as possible. he requirements. X Information provided r Of Instaiments empty.) let tax Previous instalment Number insta wing amount Year Income Tax Payable Tax Withheld 2022 $ 31,600 $ 29,700 mine the instalment option that results in the lowest tota 2023 14,900 5,800 2024 (Estimated) 27,200 23,800 The lowest total instalment amount uses both the sed All of the instalment options result in the same total p The lowest total instalment amount uses the current The lowest total instalment amount uses the first pred Print Done at dates are the instalment payments due? Instalment payments are due on January 15, April 15, July 15, and October 15, 2024. Instalment payments are due on March 15, June 15, September 15, and December 15, 2024. Instalment payments are due on January 31, April 30, July 31, and October 31, 2024. Instalment payments are due on March 31, June 30, September 30, and December 31, 2024. .O 20 O DII F3 CA E7 F10 @ N 4 5 6 7 O O Q W E R T Y U O S D F G H J K X C V B N MQuestion 4 This Test: Final Examination F2024 For the three years 2022, 2023, and 2024, Mr. Gunther Greene provides the information shown on his combined federal and provincial/territorial income tax payak View the information provided. In January 2024, you are asked to provide income tax advice to Mr. Greene. He has asked you whether it will be necessary for him to pay instalments in 2024, an along with the dates on which these amounts are due. Assume that Mr. Greene wishes to preserve as much cash as possible. Read the requirements. . X number Of Instaiments empty.) Required Number of Net tax Previous instalment owing amount instalm Provide the information requested by Mr. Greene. Be sure to show all required calculations. Assume that the estimated net tax Determine the instalment option that results in the lowest total in owing for 2024 is equal to the actual net tax owing for 2024. O O A. The lowest total instalment amount uses both the secon O B. All of the instalment options result in the same total payn O O C. The lowest total instalment amount uses the current yea Print Done D. The lowest total instalment amount uses the first preced O On what dates are the instalment payments due? A. Instalment payments are due on January 15, April 15, July 15, and October 15, 2024. O O B. Instalment payments are due on March 15, June 15, September 15, and December 15, 2024. C. Instalment payments are due on January 31, April 30, July 31, and October 31, 2024. O O D. Instalment payments are due on March 31, June 30, September 30, and December 31, 2024. 20 O esc C1 2 CA DIL DD F7 @ 2 3 A 5 6 O Q W E R T Y U O A S D F G H J K Z X C V B N M