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Thomas Crown expects to earn the following stream of annual income for the next four years:- $41,000; $45,000; $38,000 and $50,000. Although he has adopted the ‘Pay Yourself Firstâ€TM scheme and has committed to save 10% of his after-tax income per year, he realizes that in some years he cannot as planned because he needs a minimum expenditure of $30,000 per year. His average tax-rate is 25% and his marginal tax-rate on interest income is 30%. He puts all his savings in a saving account that pays 2% interest. How much money will he have at the end of four years?
Dawn's new car has a FMV of $20,000 and it weighs 3,000 pounds. The county also assessed a property tax on the car. The tax was 2% of its FMV and $10 per hundred weight. The car is
Bass River Furniture operates a manufacturing business in Bass River, Nova Scotia. On June 8, 2010, Bass River purchased an asset for an invoice price before HST of $1,800,000. Th
I got confused with the numbers on these parts: 1. "The $3,600 of property taxes for the house in Orlando were prorated with $1,950 being apportioned to the seller and $1,650 being
Thomas Crown expects to earn the following stream of annual income for the next four years:- $41,000; $45,000; $38,000 and $50,000. Although he has adopted the ‘Pay Yourself Firs
A fund that is managed by a trust company or a bank and deals with pooled collection of trust accounts. Collective investment funds combine together the assets of several individua
Joe Smyth further advises you on the following transaction - work out the resultant capital gains tax consequences. Then calculate Joe's net capital gain for the 2010/11 income
I have an assignment that requires me to prepare a tax return .
Jenny is 35 years of age, single and is a professional hairdresser. She was born in Australia, however she often travels overseas for extended periods for work purposes. Jenny rec
"Alfred E. Old and Beulah A. Crane, each age 42, married on September 7, 2010. Alfred and Beulah will file a joint return for 2011. Alfred''''s Social Security number is 111-11-111
Simon works as a chiropractor for a small partnership of three other professionals who employ him to work in the office four days each week. Simon earns over $90,000 per year. Eac
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