Answer to Question #159449 in Economics for Navjot Kaur

Question

Problem Solving /30

for full credit, ensure to have full answers. Answers with incorrect answers but

correct reasoning will receive partial credit. Answers with correct answer but

incorrect or missing reasoning will receive no credit.

1. During the year, Emerson has a net employment income of $123,480, in-

terest income of $4622,taxable capital gain of $24246. He has allowable

capital losses of $4835. He has deductible child care costs of $9372.

Calculate the net income. (3 marks)

2. John Doe,a resident of Ontario has a net tax owing for 2014 of $3200, net

tax owing for 2015 of $1250 and the net tax owing for 2016 is expected to

be $4500. Is he required to make instalment payments? if yes? how much

and at what date(S)? (5 marks)

3. For the 3 year ending December 31,2014 through December 31, 2016. a

corporation combines a federal and provincial tax payable is as follows:in

2014 the net income tax was $153640, in 2015 it was $186540 and in

2016 its expected to be $186540.Based on this information, calculate the

amount of instalment if any is required for the following cases:

1

(a) small corporation(small CPCC)

(b) large corporation(large CPCC)

(c) small corporation assume the combined federal and provincial taxes

payable for the year ending December 31 2015 were $163420 instead

of $186540. (18 marks)

4. Mrs. Janet is provided with an auto mobile by her employer. The employer

acquired the auto mobile in 2015 for $25000 plus $1250 GST and $2000

PST. During 2016, Janet drive the auto mobile a total distance of 28000

kilometre, 16000 kilometre which were related to employment duties. the

car is available throughout the year. Calculate Janet’s minimum 2016

taxable benefit for the use of auto mobile.

Answer 1

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