What is Mr. Jones' minimum federal tax payable for the year (rounded to the nearest dollar)? Mr.
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What is Mr. Jones' minimum federal tax payable for the year (rounded to the nearest dollar)? |
Mr. Jones, married, 66 | spouse's NIFTP (earned) | $ 4,000 | |||
spouse's age | 55 | ||||
2022 | |||||
Gross salary | $ 100,000 | ||||
CPP contributions | $ 3,500 | ||||
EI premiums | $ 953 | ||||
Employee RPP contributions | $ 1,900 | ||||
Employer RPP contributions | $ 1,600 | ||||
Cost of basic monthly cell phone charge: | $ 500 | paid by Mr. Jones | |||
Cost of business long-distance calls on cell: | $ 790 | paid by the employer | |||
Car, used for work, owned by: | Employer | ||||
The employer pays all operating costs: | $ 3,450 | cost for year | |||
Biz km | 20,000 | ||||
Personal km | 12,000 | ||||
2022 | |||||
Cost of car | $ 40,000 | ||||
Days not holding keys, required return | - | ||||
Eligible dividends received | $ 17,000 | ||||
Non-eligible dividends received | $ 20,000 | ||||
Children: | Age at end of year | Daycare cost | |||
Son | 2 | $ 4,000 | |||
Daughter | 4 | $ 5,000 | |||
Weeks wife in hospital: | 37 | ||||
Weeks Mr Jones in jail: | 0 | ||||
Political contribution | $ 890 | ||||
The following information relates to the RRSP: | |||||
2021 | 2022 | ||||
Unused RRSP Room, beg of year | $ 7,000 | ||||
undeducted contributions, beg of year | $ - | ||||
Pension adjustment | $ - | $ 5,500 | |||
Past service pension adjustment | $ - | $ 1,250 | |||
Contribution | $ 4,900 | ||||
Earned income | $ 110,000 | ||||
Pension adjustment reversal | $ 1,100 | $ 1,500 |
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date: