Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I need an assignment file in pro file app you have to put this all information in format which is followed to file tax such

I need an assignment file in pro file app you have to put this all information in format which is followed to file tax such as profile app
image text in transcribed
image text in transcribed
Profile Assignment \#1 Family: Martin Dome, SIN 499499499 Address: 150 Humber College Blvd, Etobicoke Ontario M1M1M1 Phone number 416-675-6622 He has no foreign income He has not wold a principal residence during the year Brian Lassiter, SIN 994994994 Same address and phone number Martin Dorne born on Jan 15,1966 and is employed in construction work by a large pablic company. His annual salary is $98,500 in 2021 , none of which involves commissions. As the company was very successful during 2021, Martin has been provided with a $15,000 bonus. This bonus was paid 57,000 in December 2021, and the rest in February 2022. Martin's employer withheld maximum E premiums and CPP contributions, along with $18.000 in federal income taxes, Other amounts withheld by his employer are as follows: Martin's common-law partner is Brian Laesiter, Brian was born on Feb 5, 1970 and is legally blind. Brian has 2021 income from investments of $500. Martin and Brian adopted three orphaned brothers from a war torn country 8 years ago. Information on these brothers is as follows: David Dome, Birth date Mar 3, 2005, in good health, and has income from purt time jobs of $10,500. Devon Dorne Birth date Apt 8,2000 and has serious breathing problems that prevent him from working on a full time basis. He has got a doctor's letter attesting that his condition is serious but he does not have a "marked" restriction of datly activities. He lives with Martin and Brian and has income from part time jobs of $5,150. Derek Dorne Birthdate May 15, 1998 and attends university on a full time basis for 8 months of the year. Martin pays his tuition fees of $14,300, along with textbook costs of 51,200 . He lives with Martin and Brian and is in good health. He has self-employed income of $13,500. Assume he pays no CPP contributions on this income. He would like to transfer his tuition credit to Martin. Other Information: 1. During 2021, Martin spent $12,300 on employment related meals and entertainment with dients of his employer. His employer reimbursed $7,300 of these costs. 2. During 2021, Martin makes his regular asmual contribution of $2,000 to a registered charity, The Shepherds Of No Hope. (Martin is a very pessimistic individual.) 3. The family's 2021 medical experses, all of which were paid by Martin, were as follows: 4. Martin received options to purchase 500 shares of his employer's stock at a price of $45 per share 2 years ago. At the time the options were granted, the market price of the shares was $50 per share. During July, 2021, when the shares are trading at $70 per share, Martin exercises all of these options. He is still holding these shares on December 31, 2021. 6. During 2021, Martin receives several gifts from his employer: - In recognition of his 10 years of service, Martin receives an engraved wrist watch. The retail value of this watch is $800. - At Christmas, all of the company's employees receive a gift box of vintage wines. The retail value of these wines is $400. Required: A. Create a profile file, for Martin. B. Determine Martin's minimum Net Income and taxable income for the 2021 taxation year. C. Based on your answer in Part B, determine Martin's federal Tax Payable and amount owing (refund) for the 2021 taxation year. D. In order to submit this assignment, first of all save the file!! Then, you must create a PDF file (you should either be able to Save as PDF, or print to PDF. Do not submit the file as a Profile file. E. Email this file to me thru Course messages in Blackboard. Profile Assignment \#1 Family: Martin Dome, SIN 499499499 Address: 150 Humber College Blvd, Etobicoke Ontario M1M1M1 Phone number 416-675-6622 He has no foreign income He has not wold a principal residence during the year Brian Lassiter, SIN 994994994 Same address and phone number Martin Dorne born on Jan 15,1966 and is employed in construction work by a large pablic company. His annual salary is $98,500 in 2021 , none of which involves commissions. As the company was very successful during 2021, Martin has been provided with a $15,000 bonus. This bonus was paid 57,000 in December 2021, and the rest in February 2022. Martin's employer withheld maximum E premiums and CPP contributions, along with $18.000 in federal income taxes, Other amounts withheld by his employer are as follows: Martin's common-law partner is Brian Laesiter, Brian was born on Feb 5, 1970 and is legally blind. Brian has 2021 income from investments of $500. Martin and Brian adopted three orphaned brothers from a war torn country 8 years ago. Information on these brothers is as follows: David Dome, Birth date Mar 3, 2005, in good health, and has income from purt time jobs of $10,500. Devon Dorne Birth date Apt 8,2000 and has serious breathing problems that prevent him from working on a full time basis. He has got a doctor's letter attesting that his condition is serious but he does not have a "marked" restriction of datly activities. He lives with Martin and Brian and has income from part time jobs of $5,150. Derek Dorne Birthdate May 15, 1998 and attends university on a full time basis for 8 months of the year. Martin pays his tuition fees of $14,300, along with textbook costs of 51,200 . He lives with Martin and Brian and is in good health. He has self-employed income of $13,500. Assume he pays no CPP contributions on this income. He would like to transfer his tuition credit to Martin. Other Information: 1. During 2021, Martin spent $12,300 on employment related meals and entertainment with dients of his employer. His employer reimbursed $7,300 of these costs. 2. During 2021, Martin makes his regular asmual contribution of $2,000 to a registered charity, The Shepherds Of No Hope. (Martin is a very pessimistic individual.) 3. The family's 2021 medical experses, all of which were paid by Martin, were as follows: 4. Martin received options to purchase 500 shares of his employer's stock at a price of $45 per share 2 years ago. At the time the options were granted, the market price of the shares was $50 per share. During July, 2021, when the shares are trading at $70 per share, Martin exercises all of these options. He is still holding these shares on December 31, 2021. 6. During 2021, Martin receives several gifts from his employer: - In recognition of his 10 years of service, Martin receives an engraved wrist watch. The retail value of this watch is $800. - At Christmas, all of the company's employees receive a gift box of vintage wines. The retail value of these wines is $400. Required: A. Create a profile file, for Martin. B. Determine Martin's minimum Net Income and taxable income for the 2021 taxation year. C. Based on your answer in Part B, determine Martin's federal Tax Payable and amount owing (refund) for the 2021 taxation year. D. In order to submit this assignment, first of all save the file!! Then, you must create a PDF file (you should either be able to Save as PDF, or print to PDF. Do not submit the file as a Profile file. E. Email this file to me thru Course messages in Blackboard

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managerial Accounting

Authors: John J. Wild, Ken W. Shaw

2010 Edition

9789813155497, 73379581, 9813155493, 978-0073379586

More Books

Students also viewed these Accounting questions