hai mui

ABC Company started their business on January 1, 2021. ABC Company had two employees in the year 2020: Jane and Larry. The payroll is run semi-monthly.

Larry estimates that his 2021 net income will be $10,000 for TD-1 purposes.

Assume Jane and Larry work the entire period from January 1 to December 31, 2021 or 12 month.

The following payroll data was provided for Jane and Larry:

	Jane(80 yrs. old)	Larry(75 yrs. Old and Disabled)
Annual Salary	$24,000	$48,000
Income tax Deducted for the entire year:	$2,000	$10,000
Spouse		60 years old Estimated Net Income: $50,000
	No Children	No Children
Tuition	none	$2,000, Seneca Part Time 4 months.
Private Pension Income from Sun Life Assurance.	none	Estimated, $5,000 per year (Pension Income)
Registered Pension Plan (RPP) Deduction	$1,000 per year	$5,000 per year

With regards the this year's Company's T4 SUMMARY for all employees, the following choice is the most accurate/correct? (to the nearest rounded dollar)

		Box 18 is $1,138 Box 88 is 2 Box 22 is $12,000 Box 27 is $2,898
		Box 18 is $1,138 Box 88 is 2 Box 22 is $12,000 Box 27 is $0
		Box 18 is $1,138 Box 88 is 1 Box 22 is $12,000 Box 27 is $0
		Box 18 is $0 Box 88 is 2 Box 22 is $12,000 Box 14 is $$72,000