Determine the Taxes Owing/Refund for the following taxpayer:Taxation Year:2021Name of Taxpayer:Mr. JoeAge:60Years OldMarital Status:DivorcedChildren:4Year Old Jessy (Sole Custody)No IncomeEmployment Income:$70,000.00CPP Deducted:El Deducted:3,166.45 ($290.50 Deduction, Remainder Credit)889.54Income Tax Withheld:12,000.00Union Dues:1,050.00Cash Dividend Rec'd:$1,000.00 (Eligible Dividend)Medical Expenses:$3,000.00 Prescription Drugs - Mr. Joe600.00 Eye Glasses - Jessy200.00 Hair Transplant - Mr. JoeDaycare Costs:$3,500.00Donation to PoliticalParty (Federal):$100.00Assume Provincial Taxes are $3,000Note: You may use the tax forms or compute manually if you'd like

Federal Tax Brackets and Rates for 2021:15% on the first $49,02020.5% on the next $49,020 to…

Answered: Determine the Taxes Owing/Refund for…

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...

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QUESTION 1 Which of the following is a FALSE statement? A. The E-Sign Act completely prevents the use of electronic signatures for contracting on the Internet. B. If an employer wants to preserve the at-will employment status of his or her employees, the employer should insert disclaimers in its codes and handbooks that nothing therein can be construed to create an express or implied employment contract. C. A basic principle of the National Labor Relations Act is that employers cannot terminate employees in order to discourage or encourage union membership. D. “Going public” by a company offering to sell shares of stock to the public typically results in access to broader financial markets from which to obtain capital. QUESTION 2 1. The tort of assault and the tort of battery are: A. Two names for the exact same tort. B. Strict liability torts. C. Independent torts which can occur separately from one another. D. Require proof of each of the separate elements of negligence.…
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Mr. Abillar, a financial analyst employed in BDO bank, received an annual compensation in 2020 of 1.5M, which is inclusive of his 13th month and other benefits in the amount of 120k, but net of the mandatory contributions to SSS & PHIC. He also owns a computer store with gross sales of 2.4M. His cost of sales and operating expense amounted to 1M & 600k respectively. His store's non-operating income amounted to 100k. His other income for the year consisted of the following items: Interest from bank deposit 20,000.00 Sale of lot in Bulacan: Selling price 1,000,000.00 Acquisition cost 200,000.00 Required: 1 Determine the type of income 2 Determine the income tax liability of each type of income 3 Actual computation of the income tax
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Compensation; Net Present Value (see Chapter 12) Kate’s Candy Co. makes chewy chocolate candies at a plant in Winston-Salem, North Carolina. Steve Bishop, the production managerat this facility, installed a packaging machine last year at a cost of $500,000. This machine isexpected to last for 10 more years with no residual value. Operating costs for the projected levelsof production, before depreciation, are $100,000 annually.Steve has just learned of a new packaging machine that would work much more efficiently inthe production line. This machine would cost $580,000 installed, but the annual operating costswould be only $40,000 before depreciation. This machine would be depreciated over 10 yearswith no residual value. He could sell the current packaging machine this year for $250,000. Steve has worked for Kate’s Candy for 7 years. He plans to remain with the firm for about 2 moreyears, when he expects to become a vice president of operations at his father-in-law’s company.Kate’s Candy…
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Chris, the president of SGC Properties, is considering submitting a bid to purchase property that will be sold by sealed bid at a county tax foreclosure. Chris’ initial judgment is to submit a $5 million. Based on his experience, Chris estimates that a bid of $5 million will have a 0.2 probability of being the highest bid and securing the property for SGC. The current date is July 1. Sealed bids for the property must be submitted by September 15. The winning bid will be announced on October 1. If SGC submits the highest bid and obtains the property, the firm plans to build and sell a complex of luxury condominiums. However, a complicating factor is that the property is currently zoned for single-family residences only. Chris believes that a referendum cold be placed on the voting ballot in time for the November election. Passage of the referendum would change the zoning of the property and permit construction of the condominiums. The sealed-bid procedure requires the bid to…

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