Taxation help

udos elle es 159 airbut1 Sol Assignment Problem Four - 7. og 110 Monte . (Comprehensive Tax Payable) neil ei leol bor ortw otino tremisen noitaibbs ont to Margarita Dalvi is a financial analyst employed by a large public company. Her 2020 salary is $143,000, none of which is commission income. In addition, she was awarded an incentive bonus of $34,500. Two-thirds of this bonus was paid during 2020, with the balance due in September 2021. 80 at vM no mo Ms. Dalvi's employer withheld the following amounts from her earnings: $ El Premiums CPP Contributions RPP Contributions 008 S Federal Income Taxes Contributions To United Way 000,8 Professional Association Dues 856 2,898 6,400 29,000 4,000 1,200 18 OVE scription ss 2020. iki Lenses ng Care ription Tapis ofics Ms. Dalvi is 55 years old and married to Jonathan Dalvi, who has been legally blind since an auto- mobile accident that occurred several years ago. Jonathan turned 65 years old on December 25, 2020. He has 2020 income from investments of $7,200. The couple have three children: Martha is 15 years old. She has 2020 income from various part time jobs of $11,000. Mary is 19 years old and has mental health problems that prevent her from working on a full time basis. She lives with her mother and father and has 2020 income from part time jobs of $4,800. Mark is 21 years old and attends university on a full time basis for 10 months of the year. His tuition fees were $9,400 and paid for by Ms. Dalvi. As he has no income of his own, he has agreed to transfer the maximum tuition amount to his mother. The family's 2020 medical expenses, all of which were paid by Ms. Dalvi, were as follows: Ms. Dalvi And Her Husband $ 6,200 ee Martha 1,800 18 Mary 11,300 Mark 2,500 MOROCES Other Information: 1. Ms. Dalvi is provided with an automobile by her employer. The automobile is leased at a rate of $728 per month, including applicable HST. This payment also includes a payment of $50 per month for insurance coverage. During 2020, the automobile is driven 57,000 kilometres, of which 42,000 were employment related. The automobile was used by Ms. Dalvi for 11 months during 2020. She was required to return the automobile to her employer's garage during the month that she did not use it. 2. During 2020, Ms. Dalvi spent $14,800 on employment-related meals and entertainment with clients at local establishments. Her employer reimbursed $9,500 of these costs. 3. Throughout their marriage, the Dalvi's have always lived in rented premises. Seeing the current level of mortgage rates as presenting an opportunity to acquire a residence, they purchase a four-bedroom bungalow in the same neighbourhood for $422,000 on July 1, 2020. On this date, her employer provides Ms. Dalvi with a $250,000 loan that will facilitate this acquisition. The loan does not require any payment of interest. However, the balance must be paid on July 1, 2025. Assume that the prescribed rate is 1 percent throughout 2020. 4. During 2020, Ms. Dalvi receives several gifts from her employer: La forma Dr. As is the case for all of her employer's senior staff, she receives a $400 gift certifi- locate that can be used for merchandise at a local clothing store. De son . In recognition of 10 years of continuous service, she receives an engraved wrist watch. The retail value of this watch is $1,200. A to be Svie At Christmas all of the employees of her employer receive a gift basket containing 290vo gourmet food items. The retail value of this basket is $300. 5. Ms. Dalvi received options to purchase 1,200 shares of her employer's stock at a price of $37 per share two years ago. At the time the options were granted, the market price of the shares was $40 per share. During July 2020, when the shares are trading at $45 per share, Ms. Dalvi exercises all of these options. She is still holding these shares at the end of the year. Required: lito viuini al sub De otels SSE 102 A. Determine Ms. Dalvi's minimum Net Income For Tax Purposes for the 2020 taxation year. B. Determine Ms. Dalvi's minimum Taxable Income for the 2020 taxation year. C. Based on your answer in Part B, determine Ms. Dalvi's federal Tax Payable and amount owing (refund) for the 2020 taxation year. OUD udos elle es 159 airbut1 Sol Assignment Problem Four - 7. og 110 Monte . (Comprehensive Tax Payable) neil ei leol bor ortw otino tremisen noitaibbs ont to Margarita Dalvi is a financial analyst employed by a large public company. Her 2020 salary is $143,000, none of which is commission income. In addition, she was awarded an incentive bonus of $34,500. Two-thirds of this bonus was paid during 2020, with the balance due in September 2021. 80 at vM no mo Ms. Dalvi's employer withheld the following amounts from her earnings: $ El Premiums CPP Contributions RPP Contributions 008 S Federal Income Taxes Contributions To United Way 000,8 Professional Association Dues 856 2,898 6,400 29,000 4,000 1,200 18 OVE scription ss 2020. iki Lenses ng Care ription Tapis ofics Ms. Dalvi is 55 years old and married to Jonathan Dalvi, who has been legally blind since an auto- mobile accident that occurred several years ago. Jonathan turned 65 years old on December 25, 2020. He has 2020 income from investments of $7,200. The couple have three children: Martha is 15 years old. She has 2020 income from various part time jobs of $11,000. Mary is 19 years old and has mental health problems that prevent her from working on a full time basis. She lives with her mother and father and has 2020 income from part time jobs of $4,800. Mark is 21 years old and attends university on a full time basis for 10 months of the year. His tuition fees were $9,400 and paid for by Ms. Dalvi. As he has no income of his own, he has agreed to transfer the maximum tuition amount to his mother. The family's 2020 medical expenses, all of which were paid by Ms. Dalvi, were as follows: Ms. Dalvi And Her Husband $ 6,200 ee Martha 1,800 18 Mary 11,300 Mark 2,500 MOROCES Other Information: 1. Ms. Dalvi is provided with an automobile by her employer. The automobile is leased at a rate of $728 per month, including applicable HST. This payment also includes a payment of $50 per month for insurance coverage. During 2020, the automobile is driven 57,000 kilometres, of which 42,000 were employment related. The automobile was used by Ms. Dalvi for 11 months during 2020. She was required to return the automobile to her employer's garage during the month that she did not use it. 2. During 2020, Ms. Dalvi spent $14,800 on employment-related meals and entertainment with clients at local establishments. Her employer reimbursed $9,500 of these costs. 3. Throughout their marriage, the Dalvi's have always lived in rented premises. Seeing the current level of mortgage rates as presenting an opportunity to acquire a residence, they purchase a four-bedroom bungalow in the same neighbourhood for $422,000 on July 1, 2020. On this date, her employer provides Ms. Dalvi with a $250,000 loan that will facilitate this acquisition. The loan does not require any payment of interest. However, the balance must be paid on July 1, 2025. Assume that the prescribed rate is 1 percent throughout 2020. 4. During 2020, Ms. Dalvi receives several gifts from her employer: La forma Dr. As is the case for all of her employer's senior staff, she receives a $400 gift certifi- locate that can be used for merchandise at a local clothing store. De son . In recognition of 10 years of continuous service, she receives an engraved wrist watch. The retail value of this watch is $1,200. A to be Svie At Christmas all of the employees of her employer receive a gift basket containing 290vo gourmet food items. The retail value of this basket is $300. 5. Ms. Dalvi received options to purchase 1,200 shares of her employer's stock at a price of $37 per share two years ago. At the time the options were granted, the market price of the shares was $40 per share. During July 2020, when the shares are trading at $45 per share, Ms. Dalvi exercises all of these options. She is still holding these shares at the end of the year. Required: lito viuini al sub De otels SSE 102 A. Determine Ms. Dalvi's minimum Net Income For Tax Purposes for the 2020 taxation year. B. Determine Ms. Dalvi's minimum Taxable Income for the 2020 taxation year. C. Based on your answer in Part B, determine Ms. Dalvi's federal Tax Payable and amount owing (refund) for the 2020 taxation year. OUD