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