Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Question: Complete T4 slip, all required details with the attached photos. Freehold Foods, an Alberta organization, is preparing its year-end information slips. Laurie had worked

image text in transcribedimage text in transcribed

Question: Complete T4 slip, all required details with the attached photos.

image text in transcribedimage text in transcribed
Freehold Foods, an Alberta organization, is preparing its year-end information slips. Laurie had worked for the company in their Calgary office from July 1982 until her employment was terminated last year. When her employment was terminated, she was fully vested in the company's defined contribution registered pension plan, which she joined in July 1984. Upon termination of employment, Laurie received a retiring allowance of $54,000.00. Laurie had her employer transfer the entire eligible amount to a RRSP and took the non-eligible amount in cash. Calculate the eligible and non-eligible portions of Laurie's retiring allowance as well as the income tax withheld on the amount received in cash. Include these amounts when completing Laurie's T4 slip. The $24,160.00 income tax shown on the year-end payroll register does not include the tax amount withheld on the retiring allowance. Complete Laurie's T4 slip using the information from the year-end payroll register below. Note: The boxes in the Other Information area of the T4 must be completed in numerical order. You can hide/show this information by clicking SCENARIO above.Item Amount Regular earnings $60,400.00 Vacation pay $4,278.00 Bonus pay $6,250.00 Overtime pay $690.34 Taxable clothing allowance $725.00 Wages in lieu of notice $11,950.00 Retiring allowance $54,000.00 CPP contributions $2,748.90 El premiums $860.22 Income tax $24,160.00 CPP pensionable earnings $57,400.00 El insurable earnings $53,100.00 Union dues $480.00 Charitable donations $275.00 Employee contributions to the Registered Pension Plan $4,250.00 Employer contributions to the Registered Pension Plan $3,925.00 Registered Pension Plan number 1234567 Loan interest non-cash taxable benefit $1,889.85 Automobile non-cash taxable benefit $1,936.49 Group term life insurance non-cash taxable benefit $1,175.00 Accidental death and dismemberment non-cash taxable benefit $23.75

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

Horngrens Cost Accounting A Managerial Emphasis

Authors: Srikant M. Datar, Madhav V. Rajan, Louis Beaubien

8th Canadian Edition

134453735, 9780134824680, 134824687, 9780134733081 , 978-0134453736

More Books

Students also viewed these Accounting questions

Question

7. How can an interpreter influence the utterer (sender)?

Answered: 1 week ago