Question
1. M Enterprises has a business calendar year ending, December 31st. The business has the following information about its depreciable properties at the beginning of
1. M Enterprises has a business calendar year ending, December 31st. The business has the following information about its depreciable properties at the beginning of 2021:
Type of AssetBeginning UCCCCA RateClass 1 Building 180,000.004%Class 10 Vehicles 22,000.0030%Compute the Capital Cost Allowance of Class 1 - Building if there are no additions and dispositions in 2021.
Formula for CCA Computation
UCC Beginning + Net Additions (Purchases less Disposition) + AccII adjustment x CCA Rate
Enter "0" if the result is recapture or terminal loss.
Note: Answers should be in whole number. No $, comma or decimals. Example: 17000
2. During 2022, Ms. Cherry, a resident of Alberta and has a taxable income of $122,500. Calculate his 2022 Federal Tax Payable before consideration of credits based on the 2022 tax table: Please refer to Week 4 Summary specifically on slide # 26 for sample calculation.
Note: Answer should be rounded off to the nearest whole number. There is No $, comma or decimals. Example 17564
3. During 2022, Ms. Cheerful, a resident of Alberta and has a taxable income of $45,200. Calculate his 2022 federal Tax Payable before consideration of credits based on the 2022 tax table: Please refer to Week 4 Summary specifically on slide # 26 for sample calculation.
Note: Answer should be in whole number. There is No $, comma or decimals. Example: 17564
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