For the three years ending December 31, 2021, the taxpayer's combined federal was as follows. Year Ending December 31 Taxes Payable 2019 $ 72,400 2020 89,600 2021 (Estimated) 78,400 1 Cases Case One Case Two Case Three The taxpayer is an individual whose employer withholds combined federal and provincial taxes of $73,900 in 2019, $83,300 in 2020, and $75,100 in 2021. The taxpayer is an individual whose employer withholds combined federal and provincial taxes of $65,300 in 2019, $90,400 in 2020, and $72,100 in 2021. The taxpayer is a small CCPC with a taxation year that ends on December 31. The taxpayer is a publicly traded corporation with a taxation year that ends on December 31. Assume that its combined federal and provincial taxes payable for the year ending December 31, 2020, were $74,300, instead of the $89,600 given in the problem. Case Four - Required For each of the preceding independent Cases, provide the following information: 1. Indicate whether instalments are required during 2021. Provide a brief explanation of your conclusion. This explanation should be provided even if the amount of the required instalments is nil. 2. If instalments are required, calculate the amount of instalments that would be required under each of the acceptable methods available. 3. If instalments are required, indicate which of the available methods would best serve to minimize instalment payments during 2020. If instalments must be paid indicate the date on which they are due. Requirement 2. If instalments are required, calculate the amount of instalments that would be required under each of the acceptable methods available. Calculate the instalment amounts for Case One. Select all that apply and, if necessary, fill in the answer box within your choice. (Round your answers to the nearest dollar.) A. The first two instalments can be nil, based on the second preceding year. The remaining two instalments can be $ B. Quarterly instalments can be calculated based on the first preceding year to be $ OC. Quarterly instalments can be calculated based on the current year estimate to be s OD. No quarterly instalments are required. Calculate the instalment amounts for Case Two. Select all that apply and, if necessary, fill in the answer box within your choice. (Round your answers to the nearest dollar.) A. Quarterly instalments can be calculated based on the current year estimate to be s B. Quarterly instalments of nil based on the first preceding year. OC. The first two instalments can be based on the second preceding year. No further instalments would be required D. The first instalment can be $ based on the second preceding year. The remaining three instalments can be $ Calculate the instalment amounts for Case Three. Select all that apply and, if necessary, fill in the answer box within your choice. (Round your answers to the nearest dollar.) | A. Quarterly instalments can be calculated based on the first preceding year to be $ B. Quarterly instalments can be calculated based on the current year estimate to be s C. The first instalment can be $ based on the second preceding year. The remaining three instalments can be $ OD. No quarterly instalments are required. Calculate the instalment amounts for Case Four. Select all that apply and, if necessary, fill in the answer box within your choice. (Round your answers to the nearest dollar.) A. Monthly instalments can be calculated based on the first preceding year to be $ B. Monthly instalments can be calculated based on the current year estimate to be s OC. The first two monthly instalments can be $ , based on the second preceding year. The remaining ten monthly instalments can be $ OD. No instalments are required. For the three years ending December 31, 2021, the taxpayer's combined federal was as follows. Year Ending December 31 Taxes Payable 2019 $ 72,400 2020 89,600 2021 (Estimated) 78,400 1 Cases Case One Case Two Case Three The taxpayer is an individual whose employer withholds combined federal and provincial taxes of $73,900 in 2019, $83,300 in 2020, and $75,100 in 2021. The taxpayer is an individual whose employer withholds combined federal and provincial taxes of $65,300 in 2019, $90,400 in 2020, and $72,100 in 2021. The taxpayer is a small CCPC with a taxation year that ends on December 31. The taxpayer is a publicly traded corporation with a taxation year that ends on December 31. Assume that its combined federal and provincial taxes payable for the year ending December 31, 2020, were $74,300, instead of the $89,600 given in the problem. Case Four - Required For each of the preceding independent Cases, provide the following information: 1. Indicate whether instalments are required during 2021. Provide a brief explanation of your conclusion. This explanation should be provided even if the amount of the required instalments is nil. 2. If instalments are required, calculate the amount of instalments that would be required under each of the acceptable methods available. 3. If instalments are required, indicate which of the available methods would best serve to minimize instalment payments during 2020. If instalments must be paid indicate the date on which they are due. Requirement 2. If instalments are required, calculate the amount of instalments that would be required under each of the acceptable methods available. Calculate the instalment amounts for Case One. Select all that apply and, if necessary, fill in the answer box within your choice. (Round your answers to the nearest dollar.) A. The first two instalments can be nil, based on the second preceding year. The remaining two instalments can be $ B. Quarterly instalments can be calculated based on the first preceding year to be $ OC. Quarterly instalments can be calculated based on the current year estimate to be s OD. No quarterly instalments are required. Calculate the instalment amounts for Case Two. Select all that apply and, if necessary, fill in the answer box within your choice. (Round your answers to the nearest dollar.) A. Quarterly instalments can be calculated based on the current year estimate to be s B. Quarterly instalments of nil based on the first preceding year. OC. The first two instalments can be based on the second preceding year. No further instalments would be required D. The first instalment can be $ based on the second preceding year. The remaining three instalments can be $ Calculate the instalment amounts for Case Three. Select all that apply and, if necessary, fill in the answer box within your choice. (Round your answers to the nearest dollar.) | A. Quarterly instalments can be calculated based on the first preceding year to be $ B. Quarterly instalments can be calculated based on the current year estimate to be s C. The first instalment can be $ based on the second preceding year. The remaining three instalments can be $ OD. No quarterly instalments are required. Calculate the instalment amounts for Case Four. Select all that apply and, if necessary, fill in the answer box within your choice. (Round your answers to the nearest dollar.) A. Monthly instalments can be calculated based on the first preceding year to be $ B. Monthly instalments can be calculated based on the current year estimate to be s OC. The first two monthly instalments can be $ , based on the second preceding year. The remaining ten monthly instalments can be $ OD. No instalments are required
