Question
For the three taxation years ending December 31, 2021, 2022, and 2023, assume that Bronson James had the following actual and estimated amounts of federal
For the three taxation years ending December 31, 2021, 2022, and 2023, assume that Bronson James had the following actual and estimated amounts of federal and provincial/territorial income tax payable withheld by his employer: 2021 $ 8,946 2022 9,672 2023 (Estimated) 10,476 To illustrate the calculation of required instalments, consider the following three independent cases. Bronsons combined federal and provincial/territorial income tax payable is provided in each case.
Year Case 1 Case 2 Case 3 2021 $ 7,843 $ 8,116 $13,146 2022 12,862 13,846 12,842 2023 (Estimated) 14,327 13,542 13,676 Required: For each of the three cases: Indicate whether instalments are required for the 2023 taxation year. In those cases where instalments are required, calculate the amount of the instalments that would be required under each of the three alternative methods. In those cases where instalments are required, indicate which of the three alternative methods would be the best. In those cases where instalments are required, indicate the dates on which the payments will be due.
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