Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

ABC Company started their business on January 1, this year. ABC Company had two employees in this year: Jane and Larry. The payroll is

image text in transcribedimage text in transcribedimage text in transcribed

ABC Company started their business on January 1, this year. ABC Company had two employees in this year: Jane and Larry. The payroll is run semi-monthly. Larry estimates that his net income for this year, will be $10,000 for TD-1 purposes. Assume Jane and Larry work the entire period from January 1 to December 31, this year or 12 month. The following payroll data was provided for Jane and Larry: Jane(80 yrs. old) Larry (75 yrs. Old and Disabled) Annual Salary $24,000 Income tax Deducted for the entire $2,000 year: Spouse $48,000 $10,000 60 years old Estimated Net Income: $50,000 No Children No Children Tuition none Private Pension Income from Sun Life Assurance. none $2,000, Seneca Part Time 4 months. Estimated, $5,000 per year (Pension Income) Registered Pension Plan (RPP) Deduction $1,000 per year $5,000 per year With regards the this year's Company's T4 SUMMARY for all employees, the following choice is the most accurate/correct? (to the nearest rounded dollar) Box 18 is $1,138

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting

Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac

26th edition

128574361X, 978-1305446052, 1305446054, 978-1285743615

More Books

Students also viewed these Accounting questions