In 2023, Mr. Sam Warren is provided with an automobile that is leased by his employer. The monthly lease payment is $791 per month which includes $91 in HST. During the year, the car was available to Mr. Warren for a total of 310 days. During this period, he drives the car a total of 40,000 kilometers, 22, 000 of which are for employment purposes and 18,000 for personal use. Calculate Mr. Warren's minimum taxable automobile benefit.
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- On January 1, 2023, Mr. Packard receives a $135,000 loan from his employer to assist him in purchasing a home. The loan requires annual interest at a rate of 3.1%, which he pays on December 31, 2023. Assume that the relevant prescribed rate is 5% during the first quarter of 2023, 6% during the second quarter, and 4%. What is the amount that Mr. Packard's is required to add to his 2023 employment income as a result of the employee loan?Dominic owns a property in Sai Kung which was let under the following terms: I. Term: 1 January 2020 to 31 December 2020. II. Rental deposit: $16,000. III. Monthly rent: $8,000. IV. Rates: $1,000 per quarter payable by the tenant. V. Management fee: $800 per month payable by the tenant. The tenant paid rent on schedule only up to June 2020, but he continued to live in the property until December 2020. Dominic repossessed the property and applied the rental deposit against the outstanding rent. The property was let again in February 2021 at a monthly rent of $3,000. What is the net assessable value of the property for the year of assessment 2020/21?Rex rents out his vacation home for 10 months and lives in his vacation home for the remainder of the year. His gross rental income for 2020 is $8,600. The expenses attributable to the vacation home for the entire year are as follows: Real estate taxes $2,500 Interest on mortgage loan 3,800 Utilities 1,000 Repairs/maintenance 800 Depreciation 3,500 What amount would Rex report as net income or loss from the rental of the vacation home?
- Hilario Hernandez is the owner of 20 units of one-bedroom residential apartments which are leased out at a monthly rental of P14,000, and 15 units of two-bedroom apartments which are leased out at a monthly of P17,000. All the said units were leased out throughout the whole calendar year 2020. How much is the VAT on the gross receipts of Mr. Hernandez for the year?Kavish loans $15,000 to his business partner on June 1st, 2020. The terms of the loan state that interest of 5% compounded annually will be paid when the loan matures on May 31st, 2022. What is the amount of interest income that Kavish must report in each year from 2020 2022? Show your calculations.Rosie Malone sold her house to D.M. Band. The contract was signed on June 1, 2023, and closing was set for June 25, 2023. Rosie had prepaid her three-year pest and termite protection policy in the amount of $1,825 on April 1, 2022, and D.M. agreed to assume it at closing. Water and sewer are paid the first of each month for the previous month. They are estimated to total $200 for June. D.M. also agrees to assume Rosie's mortgage, which will have a balance of $85, 385 on date of closing. Monthly payments are $569.23, with interest for June of $204.62, payable on the first of the month for the previous month. The seller is responsible for the day of closing. Required: How would the pest and termite protection premium be prorated? Note: Round intermediate calculations to 3 decimal places and your final answers to 2 de
- Ms. Carla Babo, a self-employed individual, rents out a five-room apartment. One of the rooms is rented to Mr. Maco Knot on March 1 of the current year, with the following terms and conditions. How much is the gross income of Ms. Babo at the end of the year? Monthly rental Security deposit for 3 months to be returned at the end of the lease contract Share on the real estate tax assumed by the lessee 15,000 45,000 2,500 152,500 182,500 197,500 227,500 None of the aboveRosie Malone sold her house to D.M. Band. The contract was signed on June 1, 2023, and closing was set for June 25, 2023. Rosie had prepaid her three-year pest and termite protection policy in the amount of $1,825 on April 1, 2022, and D.M. agreed to assume it at closing. Water and sewer are paid the first of each month for the previous month. They are estimated to total $200 for June. D.M. also agrees to assume Rosie's mortgage, which will have a balance of $85,385 on date of closing. Monthly payments are $569.23, with interest for June of $204.62, payable on the first of the month for the previous month. The seller is responsible for the day of closing. Required: How would the pest and termite protection premium be prorated? Note: Round intermediate calculations to 3 decimal places and your final answers to 2 decimal places. Seller's portion of pest and termite protection Buyer's portion of pest and termite protection $ $ Amounts 38.40 9.60Ralph is employed by Home Depot. He drives one of the company's delivery vans, delivering items to job sites for customers. As one of the job's perks, he gets to take the van home in the evenings. In 2022, Ralph drove the van 20,000 miles, of which, 2,000 were personal miles. The van has an annual lease value of $3,000. What is the personal use value that is included in Ralph's taxable wages, subject to all payroll taxes? Group of answer choices $300 $600 $200 $2,000
- Rosie Malone sold her house to D.M. Band. The contract was signed on June 1, 2023, and closing was set for June 25, 2023. Rosie had prepaid her three-year pest and termite protection policy in the amount of $1,825 on April 1, 2022, and D.M. agreed to assume it at closing. Water and sewer are paid the first of each month for the previous month. They are estimated to total $200 for June. D.M. also agrees to assume Rosie's mortgage, which will have a balance of $85,385 on date of closing. Monthly payments are $569.23, with interest for June of $204.62, payable on the first of the month for the previous month. The seller is responsible for the day of closing. Required: How will the monthly mortgage payment be prorated? Note: Round intermediate calculations to 3 decimal places and your final answers to 2 decimal places. Seller's portion of monthly mortgage payment Buyer's portion of monthly mortgage payment $ $ Amounts 619.08 X 154.77 XRosie Malone sold her house to D.M. Band. The contract was signed on June 1, 2023, and closing was set for June 25, 2023. Rosie had prepaid her three-year pest and termite protection policy in the amount of $1,825 on April 1, 2022, and D.M. agreed to assume it at closing. Water and sewer are paid the first of each month for the previous month. They are estimated to total $200 for June. D.M. also agrees to assume Rosie's mortgage, which will have a balance of $85,385 on date of closing. Monthly payments are $569.23, with interest for June of $204.62, payable on the first of the month for the previous month. The seller is responsible for the day of closing. Required: How will the monthly mortgage payment be prorated? Note: Round intermediate calculations to 3 decimal places and your final answers to 2 decimal places. Seller's portion of monthly mortgage payment Buyer's portion of monthly mortgage payment S $ GA Amounts 619.08 X 154.77 XMarcus Gravey, an Executive Manager at Bank oF America receives a salary of $6,500,000.00 per annum and his employer provides him with a 2019 Toyota RAV4 which was purchased for $7.5million. It is estimated that Mr. Gravey’s private use of the vehicle is 45%. Mr. Gravey contributes 10% of his annual salary to an approved pension scheme. For the year of assessment 2021 calculate the following for Mr. Gravey: Statutory Income Social Security Tax, Housing Tax, Education Tax Taxable Income PAYE Net Pay