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Required: Calculate the individuals net federal taxes payable for the 2020 taxation year Ms. Angelina Bradmore is a very successful salesperson for a large publicly
Required: Calculate the individuals net federal taxes payable for the 2020 taxation year
Ms. Angelina Bradmore is a very successful salesperson for a large publicly traded company. For 2020, her base salary is $250,000. In addition, she received commissions totaling $12,000 during the year. For 2020, she also received a bonus of $32,000, one-half of which was paid during 2020, with the remainder due on January 31, 2021. During 2020, her employer withholds the following amounts from her salary: Registered Pension Plan Contributions $7,500 El Premiums 856 CPP Contributions 2,898 Contributions To The Local United Way 1,200 Life Insurance Premiums (Employer Makes Matching Contribution) 460 Ms. Bradmore is divorced and has custody of her 12 year old son and 10 year old daughter, both of whom live with her. Her daughter, who is legally blind, has no income of her own during 2020. Her son has summer job employment income of $2,350. Other Information: 1. Ms. Bradmore's employer provides her with an automobile that has a cost of $47,460, including applicable HST. During 2020, the automobile is driven 53,000 kilometres, of which 48,000 were for employment-related activities. Ms. Bradmore pays all of the operating costs for the car. For 2020, these totaled $7,950, with no reimbursement from her employer. The automobile was used by Ms. Bradmore throughout 2020. 2. Because of the high level of her salary, Ms. Bradmore is required to pay her own advertising and travel costs. In addition to the operating costs for her vehicle, she paid for the following employment-related costs: Meals While Travelling $ 4,500 Hotels 9,000 Advertising 11,000 Entertainment 5,000 Total $29,500 6. Ms. Bradmore pays for the following medical expenses during 2020: For Herself For Her Son For Her Daughter (All Attendant Care) Total $ 4,800 3.200 2.400 $10,400 7. In order to improve her ability to deal with people, Ms. Bradmore enrolled in a part time, human resources program at a local university. Her 2020 tuition totaled $1,890Step by Step Solution
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