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1 YORK UNIVERSITY FALL 2022 MIDTERM EXAM AP/ADMS 4561 TAXATION OF PERSONAL INCOME IN CANADA
Number of Questions: 4 Number of Pages: 10 (please ensure you have all pages before you start) Time allowed: 2.5 hours (80 marks) ______________________________________________________________ Instructions (Please read before you start the test): 1. Time allotments are provided for each question as a guide to ensure that you spend the appropriate amount of time on each question. You do not need to cite sections of the Income Tax Act. 2. The exam must be prepared in ink and “whiteout” not used for the exam to be considered for remarking. 3. Questions 1, 2 and 3 are to be answered in your solution booklet. ONLY ONE SOLUTION BOOKLET IS ALLOWED. Use both sides of the pages if necessary. If you feel you require more information in a fact situation, outline the exact nature of the information CLEARLY and specify how it would affect your decision, but do not contradict facts or assume the abnormal. 4. Question 4 is to be answered on this question paper. You must hand in the
question paper inside the solution booklet.
Do not take it apart. 5. You may use a non-programmable calculator and the Exam Information Sheet included with this exam. You cannot
use a dictionary or any other aids. 6. This exam contains confidential and proprietary information and York University wishes to ensure that the said information is treated in strictest confidence. The undersigned shall not disclose, release or communicate in whole or in part any of the said information to any third party at any time. Any such disclosure, release or communication shall be considered a breach of this agreement and will be considered academic dishonesty resulting in a final course grade of F. By writing your name below, you acknowledge your understanding of this
. _______________ _______________ _____________ __________ LAST NAME FIRST NAME STUDENT # SECTION # YOU MUST HAND IN THIS QUESTION PAPER - DO NOT TAKE IT APART
2 Question 1 (30 marks; suggested time 56 minutes) Melissa Kain is the sole shareholder of DanceCo., a known dance studio in Etobicoke offering dance lessons in a variety of styles, ballet, jazz, tap and acro to students of all ages. DanceCo.’s roster of teachers are accomplished and very well respected amongst the dance community. Melissa grew up dancing and inherited the studio from her mother, Kate Kain. DanceCo. owns 100% of MerchCo., a corporation that sells dance merchandise such as footwear, apparel and hair accessories. MerchCo. primarily sells its merchandise to students of DanceCo., however, it also sells merchandise wholesale to a number of dance studios in Ontario. The business is very profitable, so any cash surplus is usually invested by MerchCo. in an investment portfolio. Both DanceCo. and MerchCo. are Canadian controlled private corporations (“CCPC”) with a December 31
st
fiscal year-end. The small business limit is always 100% allocated to DanceCo. For the 2022 year, MerchCo. earned the following types of income, all of which are correctly computed for tax purposes: •
Active business income carried on in Canada $ 650,000 •
Capital gain on the sale of investments $ 65,000 •
Eligible dividend income from Canadian public corporations $ 15,000 As at January 1, 2022, DanceCo. and MerchCo. have the following tax attribute balances and carry-forward amounts: DanceCo. MerchCo. Eligible refundable dividend tax on hand (“ERDTOH”) $5,000 $4,000 Non-eligible refundable dividend tax on hand (“NERDTOH”) $6,000 $6,000 General rate income pool (“GRIP”) Nil $360,000 Capital dividend account (“CDA”) Nil DanceCo. never earned any capital gains, however a capital loss of $20,000 was triggered in 2015. $12,000 Net capital loss carry-
forward Nil $10,000 …Continued on next page
3 In 2021, MerchCo. paid a non-eligible dividend of $40,000, which triggered a dividend refund of $10,000 of which $6,000 came from the NERDTOH and the remaining from ERDTOH. A decision was made in 2021 to not designate the $40,000 dividend as an eligible dividend in order to recover the NERDTOH. In 2022, MerchCo. paid a capital dividend in the amount of $40,000 and an eligible dividend of $120,000 instead of reinvesting the cash in the investment portfolio. DanceCo. did not pay any dividends in 2021 or 2022. All of DanceCo.’s income for the 2022 year was active business income, with the exception of the dividend income received from MerchCo. REQUIRED: (a) Compute and provide detailed calculations of the following for MerchCo. for the year-ended/as at December 31, 2022: 1. Net income for tax purposes 2. Taxable income 3. Part I and Part IV taxes payable 4. Refundable Part I tax 5. ERDTOH 6. NERDTOH 7. GRIP (b) Compute and provide detailed calculations of the following for DanceCo. for the year-ended/as at December 31, 2022: 8. CDA 9. ERDTOH
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KMH Industries is a monthly schedule depositor of payroll taxes. For the month of August 2021, the payroll taxes (employee and
employer share combined) were as follows:
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Social Security tax: $5,056.78
Medicare tax: $1,182.63
Employee Federal income tax: $3,960.00
Required:
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entry required" in the first account field. Round your answers to 2 decimal places.)
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General Accounting I 2020-2021 Fall Term Final Exam (page 18 of 25)-Google Chrome
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MSKÜ-LMS
1807 ŞB: 1 ÖRGÜN General Accounting I İktisadi ve Idari Bilimler Fakültesi İktisa
8
A credit sale of $3,600 is made on July 15, terms 2/10, n/30, on which a return of $200 is granted on July 18. What amount is received as payment in full on July 247
Tanmadi
O a. $3.332
izerinden
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oruyu
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OC $3.528
O d. $3,400
Önceki sayfa
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b. As of December 31, year 1, what income taxes has Wharton paid on the increase in value of these investments?
c. Prepare a journal entry at January 4, year 2, to record the cash sale of these investments at $220,000.
d. What effect will the sale recorded in part c have on Wharton's tax obligation for year 2?
Required D
Wharton, Inc., pays income taxes on capital gains (including gains on marketable securities) at a rate of 30 percent. At December
31, year 1, the company owns marketable securities that cost $180,000 but have a current market value of $220,000.
Required B
Prev
‒‒‒‒‒‒‒‒‒‒‒
As of December 31, year 1, what income taxes has Wharton paid on the increase in value of these investments?
Income taxes paid on the increase in the…
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Knowledge Check 01
Lopez Company has a single employee, who earns a salary of $192,000 per year. That employee is paid on the 15th and last
day of each month. On January 15, Lopez is subject to the following payroll taxes: FICA-Social Security Taxes (at 6.2% of the
first $118,500 each employee earns in the calendar year), FICA-Medicare Taxes (at 1.45%), FUTA (at 0.6% of the first $7,000
each employee earns in the calendar year), and SUTA (at 5.4% of the first $7,000 each employee earns in the calendar year).
The journal entry to record the employer's payroll tax expense and related liabilities would include a debit to:
O Payroll Taxes Expense for $1,108.
O FICA-Social Security Taxes Payable for $496.
O Payroll Taxes Expense for $1,032.
O FICA-Medicare Taxes Payable for $116.
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US Weygandt, Accounting Principles, 13th Edition, Custom WileyPLUS Course for Bronx Community College
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Exercise 9-12 a-b (Part Levei SubmiSSion)
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Oriole Supply Co. has the following transactions related to notes receivable during the last 2 months of 2020. The company does not make entries to accrue interest excer
ES-
December 31.
Nov. 1 Loaned $23,500 cash to Manny Lopez on a 12-month, 12% note.
t
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16
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31
Accrued interest revenue on all notes receivable.
(a)
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The Chungs are married with one dependent child. They report the following information for 2023:
Schedule C net profit
Interest income from certificate of deposit (CD)
Self-employment tax on Schedule C net profit
Dividend eligible for 15% rate
Lila Chung's salary from Brants Company
Dependent care credit
Itemized deductions
Required:
$ 66,650
2,100
9,418
12,000
75,000
500
31,000
Compute AGI, taxable income, and total tax liability (including self-employment tax). Assume that Schedule C net profit is qualified
business income (non-service income) under Section 199A. Assume the taxable year is 2023. Use Individual Tax Rate Schedules and 17
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Answer is complete but not entirely correct.
Amount
$ 151,041
AGI
Taxable income
$ 107,653
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$ 16,068
10
11
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13
14
15
16
Taxable Income
107653
Capital Gain
12000
18…
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The December 31, 2024, adjusted trial balance for Fightin' Blue Hens Corporation is presented below.
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Cash
Accounts
Accounts Receivable
Prepaid Rent
Supplies
Land
Accounts Payable
Salaries Payable
Interest Payable
Notes Payable (due in two years)
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6,000
30,000
265,000
$12,000
11,000
5,000
40,000
300,000
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$928,000
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Take-home pay
$621.00
Less: Exempt amount (from Figure 6.3).
396.16
Federal tax levy
$224.84
Figure 6.32019 Table for Amount Exempt for Tax Levy (Single Person)
Filing Status: Single
PayPeriod
Number of Exemptions Claimed on Statement
0
1
2
3
4
5
More Than 5
Daily
46.92
63.07
79.22
95.37
111.52
127.67
46.92 plus 16.15 foreach dependent
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234.62
315.39
396.16
476.93
557.70
638.47
234.62 plus 80.77 foreach dependent
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469.23
630.77
792.31
953.85
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469.23 plus 161.54 foreach dependent
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508.33
683.33
858.33
1033.33
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1016.67
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Question Content Area
Highridge Homes has the following payroll information for the week ended February 21:
Name
Earnings at End of Previous Week
Daily Time
Pay Rate
Federal Income Tax
S
M
T
W
T
F
S
Arthur, P.
7,800.00
8
8
8
8
8
45.00
226.78
Bills, D.
2,060.00
8
8
8
8
8
12.50
26.00
Carney, W.
2,085.00
8
8
8
8
8
12.95
27.00
Dorn, J.
748.00
8
8
22.00
11.00
Edgar, L.
2,687.00
8
8
8
8
8
15.00
37.00
Fitzwilson, G.
4,150.00
8
8
8
8
8
8
23.00
125.00
Taxable earnings for Social Security are based on the first $118,500. Taxable earnings for Medicare are based on all earnings. Taxable earnings for federal and state unemployment are based on the first $7,000. Employees are paid time-and-a-half for work in excess of 40 hours per week.
Prepare a general journal entry to record the payroll. The firm's general ledger contains a Wages Expense account and a Wages Payable account. Then assuming that the firm has…
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DTAA
QUESTION-1
Mr. A is a resident of country X, went on 3 months assignment to Country Y
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Compute tax liability of Mr. A considering full credit method and ordinary credit method.
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Wages $300 before any deductions
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FICA 6.2%
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SUTA 5.4%
Required
1. Provide journal entry
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Spring 2021 Final Exam(2) Saved to this PC -
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6-Dyson Manufacturing Company had the following financial statement results for last year. Net
sales were $1.2 million with net income of $90,000. Total assets at year-end amounted to
$900,000.
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b. What is Dyson's rate of return on assets.
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Bond A: 10 years to maturity, 0 percent coupon, market interest rate is 10 percent.
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3-Michael Cool's employer offers its workers an optional two-month unpaid vacation after 7
years of service to the firm, who just started working for the firm, plans to spend his vacation
touring Europe at an estimated cost of $24,000. To finance his trip, Robert plans to make an
annual deposit of $2,500 into a savings account at the end of the next seven years (first deposit
will occur one year from today. The account pays 8% annual interest rate,
a. Will Michael's account balance in seven years be enough to pay for his trip?
b. Suppose Michael increases his annual deposit to S2,700. How large will his account
balance be in seven years?
4- The Robinson Company has the following current assets and current liabilities for these two
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EXHIBIT 8-10 2023 Earned Income Credit Table
Qualifying
Children
0
1
2
34
0
1
2
3+
(1)
Maximum Earned
Income Eligible
for Credit
$7,840
11,750
16,510
16,510
(2)
Credit %
7.65%
34
40
45
(3)
Maximum
Credit
(1) x (2)
Married taxpayers filing joint returns
$16,370
28,120
28,120
28,120
(4)
Credit Phase-Out for
AGI (or earned income
if greater) over This
Amount
$ 600
3,995
6,604
7,430
7.65%
34
40
45
$7,840
11,750
3,995
16,510
6,604
16,510
7,430
Source: Internal Revenue Code. "Rev. Proc. 2022-38." www.irs.gov
All taxpayers except married taxpayers filing joint returns
$ 600
(5)
Phase-Out
Percentage
$9,800
21,560
21,560
21,560
7.65%
15.98
21.06
21.06
7.65%
15.98
21.06
21.06
No Credit When AGI
(or earned income if
greater) Equals or
Exceeds This Amount
(4) + [(3)/(5)]
$24,210
53,120
59,478
63,398
$17,640
46,560
52,918
$56,838
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INVOICE issued date 05/05/2020 as below:
You have received an invoice from one of our suppliers and you are required to prepare:
(i) Double entry for the invoice you have received base on the account and supplier number provided. (ii) Base on tax point of view, specify each item whether it is Capital or Revenue expenditure.
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- ◄ Photos 12:50 PM Sat Dec 3 AA www.walmart.com/c... Acellus admin251.acellus.com B My Math Solver | bar... X A Acellus - The Scienc... A certain state uses the following progressive tax rate for calculating individual income tax: Income Range ($) Progressive Tax Rate 0 - 10,000 3% 10,001 - 50,000 5% 50,001 100,000 5.5% Calculate the state income tax owed on a $60,000 per year salary. tax = $[?] Round your answer to the nearest whole dollar amount. Enter Copyright © 2003 - 2022 International Academy of Science. All Rights Reserved. Ć 66% +88 G certain state uses th... 7 Help Resourcesarrow_forwardents & Tests - FINA222 Sign In in Connect MHE Reader A https://player-ui.mheducation.com/#/epub/sn_7cac#epubcfi(%2F6%2F158%5Bda who paid taxes of $4,584 on a taxable income of $41,670? 6. Determining a Refund or Taxes Owed. Based on the following data, would Ann and Carl Wilton receive a refund or owe additional taxes? Adjusted gross income: $42,686 Standard deduction: $24,000 Child care tax credit: $100 Federal income tax withheld: $1,490 Tax rate on taxable income: 10 percentarrow_forwardS eBook Ask Print eferences Mc Graw Hill :: -WKCTC_....txt FI 2 W S KMH Industries is a monthly schedule depositor of payroll taxes. For the month of August 2021, the payroll taxes (employee and employer share combined) were as follows: X Social Security tax: $5,056.78 Medicare tax: $1,182.63 Employee Federal income tax: $3,960.00 Required: Create the General Journal entry for the remittance of the taxes. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your answers to 2 decimal places.) View transaction list A Journal entry worksheet 4² Record the remittance of August payroll taxes. Note: Enter debits before credits. # 3 1 E D Data C 8.0 F3 $ 4 JUL 22 R F a F4 V General Inurnal % 5 T F5 G 8 DII FB M 1 ( 9 K ران DD F9 O ) O A F10 L P Ⓡ command C F11 - 9 F12 optionarrow_forward
- General Accounting I 2020-2021 Fall Term Final Exam (page 18 of 25)-Google Chrome a.tr/mod/quiz/attempt.php?attempt=361811&cmid=180187&page=17 MSKÜ-LMS 1807 ŞB: 1 ÖRGÜN General Accounting I İktisadi ve Idari Bilimler Fakültesi İktisa 8 A credit sale of $3,600 is made on July 15, terms 2/10, n/30, on which a return of $200 is granted on July 18. What amount is received as payment in full on July 247 Tanmadi O a. $3.332 izerinden tlenmiş O b. $3,600 oruyu etle OC $3.528 O d. $3,400 Önceki sayfaarrow_forwardeducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewcon... It sec Question 2 - Ch 7 h/w - mkt sec - Connect Required B Complete this question by entering your answers in the tabs below. Required C Saved b. As of December 31, year 1, what income taxes has Wharton paid on the increase in value of these investments? c. Prepare a journal entry at January 4, year 2, to record the cash sale of these investments at $220,000. d. What effect will the sale recorded in part c have on Wharton's tax obligation for year 2? Required D Wharton, Inc., pays income taxes on capital gains (including gains on marketable securities) at a rate of 30 percent. At December 31, year 1, the company owns marketable securities that cost $180,000 but have a current market value of $220,000. Required B Prev ‒‒‒‒‒‒‒‒‒‒‒ As of December 31, year 1, what income taxes has Wharton paid on the increase in value of these investments? Income taxes paid on the increase in the…arrow_forward9 Quiz: Accounting for Current Liabi... G Help Save & Exit Submi- Saved Check my work i Required information Knowledge Check 01 Lopez Company has a single employee, who earns a salary of $192,000 per year. That employee is paid on the 15th and last day of each month. On January 15, Lopez is subject to the following payroll taxes: FICA-Social Security Taxes (at 6.2% of the first $118,500 each employee earns in the calendar year), FICA-Medicare Taxes (at 1.45%), FUTA (at 0.6% of the first $7,000 each employee earns in the calendar year), and SUTA (at 5.4% of the first $7,000 each employee earns in the calendar year). The journal entry to record the employer's payroll tax expense and related liabilities would include a debit to: O Payroll Taxes Expense for $1,108. O FICA-Social Security Taxes Payable for $496. O Payroll Taxes Expense for $1,032. O FICA-Medicare Taxes Payable for $116. II へ F3 F5 F4 F7 F8 F10 F12 Finder LL 1AA $4 3. 0.arrow_forward
- Return to Blackboard US Weygandt, Accounting Principles, 13th Edition, Custom WileyPLUS Course for Bronx Community College Help | System Announcements Exercise 9-12 a-b (Part Levei SubmiSSion) CES CALCULATOR PRINTER VERSION 4 ВАCK Oriole Supply Co. has the following transactions related to notes receivable during the last 2 months of 2020. The company does not make entries to accrue interest excer ES- December 31. Nov. 1 Loaned $23,500 cash to Manny Lopez on a 12-month, 12% note. t Sold goods to Ralph Kremer, Inc., receiving a $61,200, 90-day, 10% note. Dec. 11 16 Received a $97,200, 180 day, 8% note in exchange for Joe Fernetti's outstanding accounts receivable. 31 Accrued interest revenue on all notes receivable. (a) Your answer is correct. Journalize the transactions for Oriole Supply Co. (Ignore entries for cost of goods sold.) (Credit account titles are automatically indented when amount is ente indent manually. Use 360 days for calculation. Round answers to 0 decimal places, e.g.…arrow_forwardCan you please help me solve thisarrow_forwardProofing Accessibilit E29 X✓ fx B The Chungs are married with one dependent child. They report the following information for 2023: Schedule C net profit Interest income from certificate of deposit (CD) Self-employment tax on Schedule C net profit Dividend eligible for 15% rate Lila Chung's salary from Brants Company Dependent care credit Itemized deductions Required: $ 66,650 2,100 9,418 12,000 75,000 500 31,000 Compute AGI, taxable income, and total tax liability (including self-employment tax). Assume that Schedule C net profit is qualified business income (non-service income) under Section 199A. Assume the taxable year is 2023. Use Individual Tax Rate Schedules and 17 Standard Deduction Table. Note: Do not round intermediate computations. Round your final answers to the nearest whole dollar amount. Answer is complete but not entirely correct. Amount $ 151,041 AGI Taxable income $ 107,653 Total tax liability $ 16,068 10 11 12 13 14 15 16 Taxable Income 107653 Capital Gain 12000 18…arrow_forward
- rd / My courses/ BAMA1101 / Worksheets Home PraiWotkst äö pio Moving Forward An invoice for OMR 600 dated March 10th with the terms 5/15 EOM is recerved. The bill is paid on April Sth. Find the net payment. ut of Select one: O a. 570 O b. 30 Oc 510 O d. 90 Clear my choice inus nane Type here to searcharrow_forwardPlease send me the question in 20 minutes it's very urgent plzarrow_forwardH-1arrow_forward
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