Question
Calculate Taxable Income and Income Tax on the Taxable Income using the methodology provided in Taxable Income Calculation Slide in Week Case 3: Mr. Comfort
Calculate Taxable Income and Income Tax on the Taxable Income using the methodology provided in Taxable Income Calculation Slide in Week
| Case 3: Mr. Comfort has following incomes and other items | |
| Employment Income (Salary) | $123,480.00 |
| Interest On Loan Provided | $4,622.00 |
| Capital Gains on Shares Sold | $48,492.00 |
| Capital Losses Alowed | $4,835.00 |
| Contribution to RRSP | $9,372.00 |
| Contribution to TFSA | $5,040.00 |
| Case 4: Mr. Ray has the following incomes and other tax related items | |
| Net Business Income | $72,438.00 |
| Salary from job | $21,546.00 |
| Rental Income from Appartment | $14,400.00 |
| Contribution to RRSP | $18,590.00 |
| Capital Losses Allowed | $2,370.00 |
| Gains in TFSA investments | $3,429.00 |
| Case 5: Mr. Kay has the following incomes and other tax related items | |
| Net Business Income | $25,782.00 |
| Salary from job | $38,990.00 |
| Rental Income from Appartment | $11,807.00 |
| Contribution to RRSP | $8,684.00 |
| Capital Losses Allowed | $6,142.00 |
alculate Taxable Income and Income Tax on the Taxable Income using the methodology provided in Taxable Income Calculation
| Case 6: Mr. Comfort has following incomes and other items | |
| Employment Income (Salary) | $98,554.00 |
| Interest On Loan Provided | $7,755.00 |
| Capital Gains on Shares Sold | $7,781.00 |
| Capital Losses Alowed | $2,575.00 |
| Contribution to RRSP | $10,340.00 |
| Net Business Loss | $18,187.00 |
Calculate Taxable Income and Income Tax on the Taxable Income using the methodology provided in Taxable Income Calculation .
| Case 7: Ram has the following incomes and tax related items | |
| Net Employment Income | $280,190.00 |
| Net Business Profit | $58,178.00 |
| Capital Gains | $35,260.00 |
| Allowable Capital Losses | $10,955.00 |
| Contribution to RRSP | $27,400.00 |
| Loss in Rental Income | $22,324.00 |
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Intermediate accounting
Authors: J. David Spiceland, James Sepe, Mark Nelson
7th edition
978-0077614041, 9780077446475, 77614046, 007744647X, 77647092, 978-0077647094
