Fax Planning (Assignment 1 - FIN 2005 Questions Fall 2021).docx - Protected View - Saved Mailings References View Review Help Enable Editing Ein viruses. Unless you need to edit, it's safer to stay in Protected View. Assignment Questions 1. Calculate Shelden's total income for 2020 2. Using the above tables calculate Shelden's federal and provincial taxes owing (please ignore any non-refundable tax credits). Please note that the provincial surtaxes are based on the excess provincial tax payable above the threshold. 3. Based solely on the information provided in the assignment, which non-refundable tax credits will Shelden be entitled to receive and how much Federal tax will he be able to save 4. Based on the limited information available, please identify 10 deductions and/or tax credits that Shelden may qualify for or consider Surtax Calculation Example Ontario Tax Rates Tax Rate Tax Bracket Surtax Threshold 5.05% 9.15% 11.16% 12. 16% 13.16% Up to 44,740 44,741-89,482 89,483-150,000 150 001-220,000 220,001 and over 20% 36% $4,830 $6,182 Taxable income - $150,000 44,740 x 5.05% (89,482 - 44,740) x 9.15% (150,000 - 89,482) x 11.16% = $2,259.37 = $4,094.72 = $6,753.70 Total Provincial Tax Payable Before Surtax = $13,107.79 Surtax (13,107.79 - $4,830) = $8,277.79 x 20% ($13,107.79 - $6,182) = $6,925.79 x 36% = $1,655.56 = $2,493.28 Total Surtax =$4,148.84 TOTAL PROVINCIAL TAX PAYABLE = $17,266.63 15 Fax Planning (Assignment 1 - FIN 2005 Questions Fall 2021).docx - Protected View - Saved Mailings References View Review Help Enable Editing Ein viruses. Unless you need to edit, it's safer to stay in Protected View. Assignment Questions 1. Calculate Shelden's total income for 2020 2. Using the above tables calculate Shelden's federal and provincial taxes owing (please ignore any non-refundable tax credits). Please note that the provincial surtaxes are based on the excess provincial tax payable above the threshold. 3. Based solely on the information provided in the assignment, which non-refundable tax credits will Shelden be entitled to receive and how much Federal tax will he be able to save 4. Based on the limited information available, please identify 10 deductions and/or tax credits that Shelden may qualify for or consider Surtax Calculation Example Ontario Tax Rates Tax Rate Tax Bracket Surtax Threshold 5.05% 9.15% 11.16% 12. 16% 13.16% Up to 44,740 44,741-89,482 89,483-150,000 150 001-220,000 220,001 and over 20% 36% $4,830 $6,182 Taxable income - $150,000 44,740 x 5.05% (89,482 - 44,740) x 9.15% (150,000 - 89,482) x 11.16% = $2,259.37 = $4,094.72 = $6,753.70 Total Provincial Tax Payable Before Surtax = $13,107.79 Surtax (13,107.79 - $4,830) = $8,277.79 x 20% ($13,107.79 - $6,182) = $6,925.79 x 36% = $1,655.56 = $2,493.28 Total Surtax =$4,148.84 TOTAL PROVINCIAL TAX PAYABLE = $17,266.63 15
