Calculate thefederal tax payable for the year

Assignment Help Finance Basics
Reference no: EM13901043

(Preferably you use the CRA forms to answer the question. CRA web site:https://www.cra-arc.gc.ca/formspubs/t1gnrl/menu-eng.html). Calculate theFederal tax payable for the year 2010 for Mrs. Smith, given the following information:

Employment income: $108,000

Actual dividends: $8,000 (these are "other than eligible" dividends)

Employee CPP contribution: $ 910

EI premium: $720

Registered Pension Plan Contribution: $7,400

Union dues: $600

RRSP contribution: $8,300

Prize from winning the lottery: $14,400

Life Insurance benefit payment received: $42,000

Interest income: $21,000

Tuition fees: $4,320 (was in school full time from January to April during the year)

Charitable donations: $4,890

Federal income tax deducted: $31,900

(Assume no more CPP contribution is required.)

Go to the CRA web site: https://www.cra-arc.gc.ca/formspubs/t1gnrl/menu-eng.html to find the Tax Guide, forms, personal tax brackets and marginal tax rates for 2010.

Reference no: EM13901043

Questions Cloud

Is there evidence of a permanent structural break : Is there evidence of a permanent structural break in 1989? Test and explain the results - Are the estimated parameters of this model significantly different from 0?
Most current news on the subject : Write a paper on greenhouse gases with a strong emphasis on chemistry. It should be based on factual information and expert knowledge, and use only top peer-reviewed journals covering the most current news on the subject. Please include at least 5..
What is the unit carrying cost of the jackets for the season : A retailer is making decision to procure a branded winter jacket after observing the initial sales for the winter season. Assume the winter season is consists of four months. The retailer sells an average of 1500 jackets a season. Assuming four month..
Paper on global warming and mount kilimanjaro : As the snows on Mount Kilimanjaro keep vanishing and the race is on among countries to secure a portion of the North Pole that gets increasingly ice-free each passing year, our species seems to be abruptly awakened from its deep slumber by the rea..
Calculate thefederal tax payable for the year : (Preferably you use the CRA forms to answer the question. CRA web site:http://www.cra-arc.gc.ca/formspubs/t1gnrl/menu-eng.html). Calculate theFederal tax payable for the year 2010 for Mrs. Smith, given the following information:
Characteristics of a high-performing marketing organizations : This article lists all the defining characteristics of a high-performing marketing organizations. For each of them, please use your own words to explain, and also provide an appropriate example. When choosing examples, you can elaborate on example..
What is the organization or group''s website? : What is the organization or group's website?
What do we mean when we say that an object is charged : What do we mean when we say that an object is charged and What do we mean when we say that the net charge is conserved in a closed system?
Calculate the total variable product cost per unit : Calculate the prime cost per unit. Calculate the conversion cost per unit. Calculate the total variable product cost per unit. Calculate the total product (manufacturing) cost per unit.

Reviews

Write a Review

Finance Basics Questions & Answers

  What is the maximum price the investor should pay

The investor expects to receive $1.5 in dividend a year and $26 from the sales of the stock at the end of year 2. If the investor wants a 15% return (compound annually), what is the maximum price the investor should pay for the stock today? Show y..

  Address arguments and counter-arguments

How did each writer address arguments and counter-arguments? How effective were the arguments presented by each writer?

  Computation of base case npv and abandonment option

Computation of Base Case NPV and abandonment option of a Project

  Business help-capital structure

Describe the influence of taxes and bankruptcy costs on optimal capital structure. If you were the current CFO of Rite-Aid Pharmacy, how would these considerations guide your decision making in the near future as you consider RA's capital structur..

  Tvm-compounding and discounting

Find out the present value of $2,000 received at the end of each year for next 15 years at a discount rate of 7%? How are the processes of discounting and compounding related? Describe.

  What do you understand by the term financialisation

What do you understand by the term financialisation and evaluate the evidence that supports this phenomenon. Discuss some of the neoliberal policies, which supported the emergence of financialisation over the past 2-3 decades.

  What coupon interest rate must the company set

Each warrant is expected to have a market value of $4.00 given that the stock sells for $42. What coupon interest rate must the company set on the bonds in order to sell the bonds-with-warrants at par?

  Acquisition cost and double-declining balance depreciation

Howard Company bought factory equipment with invoice price of $90,000. Other costs incurred were freight costs, $2,100; installation wiring and foundation, $2,200; material and labor costs in testing equipment, $700

  Calculate harold''s annual rate of return

In January, 2000, Harold Black bought 100 shares of Country Homes for $37.50 per share. He sold them in January, 2010 for a total of $9,715.02. Calculate Harold's annual rate of return.

  Why has international banking grown so rapidly

Why has international banking grown so rapidly? What do banks stand to gain? Distinguish clearly between multinational and offshore banking.

  What was the original u.s. dollar value of the zim dollar

On August 1, 2006, Zambabwe changed the value of the Zim dollar from Z$101/U.S.$ to Z$250/U.S.$

  Thoughts on the mortgage interest deduction

The federal government has considered eliminating the tax deductiblity of mortgage interest. If a bill came before Congress, would you support it? What are your thoughts on the mortgage interest deduction.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd