For the three taxation years ending December 31, 2019, 2020, and 2021 assume that Bronson James had the following actual and estimated amounts of federal and provincial Tax Payable withheld by his employer:

2019 $8,946

2020 9,672

2021(Estimated) 10,476

In order to illustrate the calculation of required installments, consider the following 3 independent cases. In each case, Bronson's combined Federal/Provincial Tax Payable is provided.

Year Case 1 Case 2 Case 3

2019 $7,843 $8,116 $13,146

2020 12,862 13,846 12,842

2021 (Estimated) 14,327 13,542 13,676

Require: For each of the three Cases:

1. Indicate whether installments are required for the 2021 taxation year;
2. In those cases where installments are required, calculate the amount of the installments that would be required under each of the three acceptable methods;
3. In those cases where installment are required, indicate which of the three acceptable methods would be the best alternative; and
4. In those cases where installments are required, indicate the date on which the payments will be due.

Answer rating: 100% (QA)

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