Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Profile Tax Software Assignment Lea Austen and Dani Austen are your tax clients. They have been married for two years. Dani has progressed quickly

image text in transcribedimage text in transcribedimage text in transcribed   

Profile Tax Software Assignment Lea Austen and Dani Austen are your tax clients. They have been married for two years. Dani has progressed quickly in SR Prof Corp, the large publicly traded firm she is working for. Lea's company has an excellent health and dental plan that reimburses 100% of all medical and dental expenses. Lea's 2021 RRSP deduction limit is $244,550. Taxpayers Address 1820 Elbow Ave, Calgary, Alberta Phone number (403) 111-1111 Email - Ldani@gmail.com (Yes to All) Title First Name Last Name SIN Date of birth (Y/M/D) Marital Status Ms. Mr. Dani Lea Austen Austen 627-000-129 627-000-079 1983-07-12 1968-01-23 Married Married Canadian Citizen? Yes Yes Provide Information to Elections Canada? Yes Yes Own Foreign Property of More than $100,000 Canadian? No No Lea's T4-2021 T4 Box Amount Issuer- AHS Employment income 14 300,201.80 Employee's CPP contributions 16 3,166.45 Employee's El premiums 18 889.54 RPP contributions 20 8,406.00 Pension adjustment (PA) 52 10,830.00 Income tax deducted Employment commissions Union dues Charitable donations Dani's T4 - 2021 T4 Profile Tax Software Assignment 22 94,408.00 42 0 44 1500.59 46 2200.00 Box Amount Issuer SR Prof Corp Employment income 14 60,201.80 Employee's CPP contributions 16 3,090.25 Employee's El premiums 18 889.54 RPP contributions 20 2,406.16 Pension adjustment (PA) 52 7,829.00 Income tax deducted 22 6,408.00 Employment commissions 42 Union dues Charitable donations Dependant Details First Name Last Name SIN Date of Birth (Y/M/D) Net Income Childcare Kids U (2021) Dilan Austen 627-000-319 2021-02-24 Nil $15,600 44 748.59 46 175.00 T2202 - (Dani) Tuition fees Profile Tax Software Assignment Box Amount A 7,000 2 Number of months in school-part time B Number of months in school-full time C 8 Donor Charitable Donation Receipts Amount Lea Heart and Stroke Foundation 3375 Lea Terry Fox Foundation 2250 Dani Addiction Research Council of Canada 1100 Required: With the objective of minimizing Dani's & Lea's income tax payable, prepare 2021 income tax return using the Profile tax software program.

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

Hospitality Financial Accounting

Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Agnes L.

2nd Edition

9780470598092, 470083603, 978-0470083604

More Books

Students also viewed these Accounting questions

Question

Find the median for the set of measurements 2, 9, 11, 5, 6.

Answered: 1 week ago