Tim wants you to draft a memo to him letting him know if personal or corporate installments
Question:
Tim wants you to draft a memo to him letting him know if personal or corporate installments are required in 2023. What amount of income tax installments, will he and DMI need to pay in 2023? Also when exactly are these installments due (i.e., day, month, and year)?
- Tim has informed you that his personal income taxes owing is as follows:
2023 2022 2021
(estimated) (actual) (actual)
Taxable income $140k $130k $120k
Income Tax Owing
(before tax withheld from pay) $45k $40k $35k
Income Tax withheld from payroll ($40k) ($36k) ($25k)
Taxes paid upon filing tax return $5k $4k $10k
Modern Advanced Accounting in Canada
ISBN: 978-1259087554
8th edition
Authors: Hilton Murray, Herauf Darrell