Question
Kritik Roy filed his 2022 income tax return on time. At the beginning of 2023, the following information relates to Mr. Roy: Year Taxes Payable
Kritik Roy filed his 2022 income tax return on time. At the beginning of 2023, the following information relates to Mr. Roy:
| Year |
Taxes Payable | Amounts Withheld |
| 2021 | $56,000 | $45,000 |
| 2022 | 49,000 | 46,200 |
| 2023 (Estimated) | 65,000 | 55,000 |
A) Should Kritik make installment payments during 2023, explain in detail. [2 Mark]
B) Calculate what amounts will be shown on CRAs Instalment Reminder notices for 2023 [3 Marks]
C) When will the amounts be due? Calculate the best option of installment payments for Ronit. [3 Marks]
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Accounting Principles
Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso
12th edition
1119132223, 978-1-119-0944, 1118875052, 978-1119132226, 978-1118875056
