AutoSave OM 12 Chapter 1 to 3 Assignment (10%) - Student Version (A03) (2) File Home Insert Page Layout Formulas Data Review View Help Search A10 Taxable Capital gains H E F 1 Question 2 Ms. Burke had net employment income of $61,000 and net rental income of $55,000. Her unincorporated business lost $21,300 during this period. As the result of dispositions of capital property, she had taxable capital gains of $17,400 and allowable capital losses of $29,200. Her Subdivisione deductions for the year totaled $16,300. Fortunately for Ms. Burke, she won $1,000,000 in a lottery on March 3. 2 Required: Calculate Ms. Burke's Net Income For Tax Purposes (Division B income) (4 marks) 3 4 ITA 3(a) 5 Net Employement Income 6 Stock Option Benefit 7 8 Subtotala 0.5 mark 9 ITA 36) 10 Taxable Capital gains 11 12 Subtotal 3(b) 0.5 mark 13 Subtotala)36) 0.5 mark 14 ITAC 15 16 17 Subtotal 3 18 Subtotal 3(a) [b) - 3c) 0.5 mark 19 ITA 30 20 21 22 Subtotal 3d 10.smark OF + F Type here to search o Mar Question 4 Lauren McMann is an advanced mountaineer and outdoor adventure specialist. In 2020, a headhunting firm connected her with Whitehorse Expeditions Ltd. (WEL) a small Canadian controlled private company. WEL was looked for another person to join their Other information relevant to 2020 is as follows: Answer Supporting Calculations 1 Lauren put her house on the market on January 5, 2020, the listing price was only $350,000. At the urging of the listing agent, she accepted an offer resulting in a $40,000 loss on this property. WEL agreed to compensate her for one-half of any loss on the sale of her home. The payment was made on May 30, 2020. 3 12 In order to help Lauren with the purchase of her new townhouse, we provided 100000*3%-0.8%)*11/12 her with a $100,000,0.8% housing loan. The funds are provided to Lauren on 9 February 1, 2020. Assume that the prescribed rate for all of 2020 is 3 percent. 2,017 0 Use the number months to calculate the low interest loan benefit. 4 During 2020, Lauren earned a salary of $75,000. The Company withheld the Income tax payments are 2 following amounts from her salary 75,000 not deductible 7 1 3 24 5 26 Income Taxes CPP Disability insurance premiums 26,000 2,898 856 310 Lenore Benore Ignore Either deduct or (4,500) Deduct 1 27 28 29 An employer's 1 31 Registered Pension Plan (RPP) Contributions 4,500 30 S WEL contributed $4,500 on Lauren's behalf to the Company's RPP. 6 WEL provides group medical coverage to all of its employees. The private health plan premiums paid by WEL on Lauren's behalf cost $1,020 for the year. 7 During the year, Lauren received two non-cash gifts from WEL, a season skipass 32 33 Employer's contribution to group health care 1 2 Non-cash gifts of up to 100 AutoSave OM 12 Chapter 1 to 3 Assignment (10%) - Student Version (A03) (2) File Home Insert Page Layout Formulas Data Review View Help Search A10 Taxable Capital gains H E F 1 Question 2 Ms. Burke had net employment income of $61,000 and net rental income of $55,000. Her unincorporated business lost $21,300 during this period. As the result of dispositions of capital property, she had taxable capital gains of $17,400 and allowable capital losses of $29,200. Her Subdivisione deductions for the year totaled $16,300. Fortunately for Ms. Burke, she won $1,000,000 in a lottery on March 3. 2 Required: Calculate Ms. Burke's Net Income For Tax Purposes (Division B income) (4 marks) 3 4 ITA 3(a) 5 Net Employement Income 6 Stock Option Benefit 7 8 Subtotala 0.5 mark 9 ITA 36) 10 Taxable Capital gains 11 12 Subtotal 3(b) 0.5 mark 13 Subtotala)36) 0.5 mark 14 ITAC 15 16 17 Subtotal 3 18 Subtotal 3(a) [b) - 3c) 0.5 mark 19 ITA 30 20 21 22 Subtotal 3d 10.smark OF + F Type here to search o Mar Question 4 Lauren McMann is an advanced mountaineer and outdoor adventure specialist. In 2020, a headhunting firm connected her with Whitehorse Expeditions Ltd. (WEL) a small Canadian controlled private company. WEL was looked for another person to join their Other information relevant to 2020 is as follows: Answer Supporting Calculations 1 Lauren put her house on the market on January 5, 2020, the listing price was only $350,000. At the urging of the listing agent, she accepted an offer resulting in a $40,000 loss on this property. WEL agreed to compensate her for one-half of any loss on the sale of her home. The payment was made on May 30, 2020. 3 12 In order to help Lauren with the purchase of her new townhouse, we provided 100000*3%-0.8%)*11/12 her with a $100,000,0.8% housing loan. The funds are provided to Lauren on 9 February 1, 2020. Assume that the prescribed rate for all of 2020 is 3 percent. 2,017 0 Use the number months to calculate the low interest loan benefit. 4 During 2020, Lauren earned a salary of $75,000. The Company withheld the Income tax payments are 2 following amounts from her salary 75,000 not deductible 7 1 3 24 5 26 Income Taxes CPP Disability insurance premiums 26,000 2,898 856 310 Lenore Benore Ignore Either deduct or (4,500) Deduct 1 27 28 29 An employer's 1 31 Registered Pension Plan (RPP) Contributions 4,500 30 S WEL contributed $4,500 on Lauren's behalf to the Company's RPP. 6 WEL provides group medical coverage to all of its employees. The private health plan premiums paid by WEL on Lauren's behalf cost $1,020 for the year. 7 During the year, Lauren received two non-cash gifts from WEL, a season skipass 32 33 Employer's contribution to group health care 1 2 Non-cash gifts of up to 100