Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please its urgent HS Series e provided to you under tre Most Senior Art to c G 3. Which of the following expenses CANNOT be

please its urgent
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
HS Series e provided to you under tre Most Senior Art to c G 3. Which of the following expenses CANNOT be claimed by an employee that travels for work does not earn commissions, has a signed T2200 and is required to pay their own expenses? 16 17 A airline tickets 18 B. meals 19 C lodging (hotel costs) 20 D. advertising and promotion 21 4. Which of the following is NOT a factor that should be considered when determining if a taxpayer has earned business Income or has 2 a capital gain? 3 A The length of time they have owned the asset 4 B How often they are selling the type of asset 5 C The market value of the asset 6 D. How much work the taxpayer has put into the asset 35. A taxpayer earns net business income. At what date must they pay their 2020 taxes owing to avoid penalties and interest? Q1 Cover sheet - please read 02 03 04 05 Formula Sheet + alculation Mode: Automatic Workbook Statistics 28 5. A taxpayer earns net business income. At what date must they pay their 2020 taxes owing to avoid penalties and interest? 29 A December 31, 2021 30 B. April 30, 2021 31 c. June 15, 2021 32 D. June 30, 2021 22 33 34 6. What is Ms. Rizk's Net Income For Tax Purposes (Division B Income)? 35 Employment income 7,700.00 36 Income (loss) from Business 19,100.00 37 Income (loss) from Property 91,500.00 38 Taxable Capital Gains 12,200.00 39 Allowable Capital Losses (50,200.00) 40 Subdivision e Deductions (6,700.00 41 A. NIL 428 45,400 43 c. 64,400 44 D. 83,400 45 17. Mc Rick has the following loss carry forwardist Q1 Q2 Q3 04 05 Cover sheet - please read dutomatic Workbook Statistics Formula Sheet Thanks for using Weve the con the web Play Setting. These optional coured services are provided to you under the Micros Services Agreement . B D E 17. Mr. Rizk has the following loss carry-forward(5) A. Net-capital loss carry-forward only B. Non-capital loss carry-forward only c. Non-capital and net-capital loss carry-forwards D. No loss carry-forwards are available 8. Which of the following is an advantage of being an employee as opposed to being self-employed an independent contractor)? A The ability to receive more fringe benefits. The ability to have more control over job duties. The ability to deduct a wider range of expenses. The ability to make an increased profit. B c. D. 2. Which of the following is a factor in determining whether an individual has ceased to be a Canadian resident? Whether the individual is continuing to work for a Canadian employer. Whether the individual's spouse and dependent children have left Canada. AL Formula Sheet Q1 Q2 Q3 Q4 25 Cover sheet - please read Thanics for using Offer Weve made some updates to the privacy settings to give you more control. Your organizations admin wlows you to use several cousad services. Duet 18 cocer po to the Office on the web Privacy Settings. These optional coud-backed services are provided to you under the Microson Services Agreement on H5 -sc G 59 c. 57 58 9. Which of the following is a factor in determining whether an individual has ceased to be a Canadian resident? A. Whether the individual is continuing to work for a Canadian employer. 60 B. Whether the individual's spouse and dependent children have left Canada. 61 Whether the individual is no longer physically present in Canada. 62 D. Whether the individual is a Canadian Citizen 63 10. On August 1, 2020, Virgil van Delden receives a $100,000 loan from his employer for investment purposes. The loan requires that interest be paid 64 at a rate of 1%. Assume that prescribed rates applicable to the last two quarters of 2020 is 2% 65 What is the amount of the taxable benefit that will be assessed to Mt. van Delden as a result of having this loan? 66 A 67 B. $1,000 68 Ic. $833 59 D. $417 70 NIL 71

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Core Concepts Of Accounting Information Systems

Authors: Nancy A. Bagranoff, Mark G. Simkin, Carolyn Strand Norman

11th Edition

9780470507025, 0470507020

Students also viewed these Accounting questions