TAXX 2202

6 X Chapter 1 to 5 Assignment - Excel (Product Activation failed Tell me what you want to do.. File Home Insert Page Layout Formulas Data Review View Nitro To Sign in Share 121 H K L M . N 0 r o R 5 . D 1 Instructions: If there is no tox impact, leave the answer cell blank. These are the blue Answer" boxes below) 3 If an amount reduces net employment income, enter as a negative. 4 5 Please use formulas for your answers. Do not calculate these outside of excel, and hardcode them. 6 You can copy and paste your answer into the supporting calculations box and put an apostrophe in front, so that I can see the formula 7 Example (this is NOT a part of the question Supporting Calculations Answer 9 Mr. Craig Webber is provided with a car that is lessed by his employer. The monthly lesse payments for 2021 are $200. During 2021, he drives the automobile a total of 30,000km of which 22,000km are employment related. The automobile is available for the entirc year. His employer paid a total of $9.200 In operating costs. Calculate Mr. Webber's minimum 2021 taxable benefit for the use of the automobile. 10 11 Marks Available 1 12 13 Question 4 1 14 Lauren McMann is an advanced mountaineer and outdoor adventure specialist. In 2021, a hosdhuntingfimm connected her with Whitehorse Expeditions Ltd. 15 Other information relevant to 2021 is as follows: 16 Answer Supporting Calculation 1 Lauren put her house on the market on January 5, 2021, and at the urging of the listing agent, she accepted anotter resulting in a loss on this property. WEL agreed to compensate her tor one-half of any loss on the sale of her home. The payment was made on May 30, 2001. 17 18 Proceeds on sale of home 345,400 Original cost of home 382.500 20 Cain (less! 137,100) 21 In order to help Lauren with the purchase of her new townhouse, we provided her with S100.000,0/55 housing loon. The lunes are provided to Lauren on February 1, 2021. Assume 22 that the prescribed rate for all of 2021 is 1 percent. 23 Use the number months to calculate the low interest loan benefit. 19 1 1 4 During 2021, Lauren earned a salary of $10,000 as well as commissions at $8,000. The 25 Company withheld the following amounts from her salary: 20 27 28 Income Taxes 33,000 20 Cover sheet - please read Q1 Q2 034 Q3 Q4 04 05 Q5 Ready + W - 1 + 10% 270 Co may 3:17 PM 5/17/2022 6 x Chapter 1 to 5 Assignment - Excel (Product Activation failed) Tell me what you want to do.. File Home Insert Page Layout Formulas Data Review View Nitro Pro Sign in Share 121 L M . N 0 r R 5 Marks Available D E H 13 question 4 14 Lauren Mann is an advanced mountaineer and outdoor adventure specialist. In 2021, a headhunting firm connected her with whitehorse Expeditions Ltd. 15 Other information relevant to 2021 is as follows: 16 Answer Supporting Calculations Lauren put her house on the market on January 5, 2021, and at the urging of the listing agent, she accepted an offer resulting in a loss on this property. WEL agreed to compensate her for one half of any loss on the sale of her home. The payment was made on May 20, 2021. 17 18 Proceeds on sale of home 315,000 19 Original cost of home 382.500 20 Gainles 137.100) 9 32 23 24 2 In order to help Lauren with the purchase of her new townhouse, WEL provided her with a 180.000,0.75% housing loan. The funds are provided to Lauren on February 1, 2001. Assume that the prescribed rate for all of 2021 is 1 percent, Use the number months to calculate the low interest lour benefit During 2021, Lauren carned a salary of $105,000 as well as commissions of $8,000. The Company withheld the following amounts from her salary: 1 1 1 1 1 1 1 27 28 Income Taxes 13,600 29 CPP 3,166 30 990 31 Disability insurance premium 1,000 12 Registered Pension Plan (RPD Contributions 3,600 33 34 5 Wil contributed 54,100 cnaurer's behalf to the company's RPP. on 35 WEL provides group medical coverage to all of its employees. The private health plan 36 premiums paid by Wilon laurer's behalf cost $1,020 for the year. 37 38 7 During the year, Lauren received two non-cash gifts from WEL, season skipass worth $900 and a Christmas gift certificate to a local spa for $175. 30 40 Record the gifts separately, if tuxuelle, on the two lines provided. 41 8 WEl provides life insurance Dwerage to all of its employees. The premiums paid by WELCn 42 Lauren's behels $500 for the year 1 1 Cover sheet - please read Q1 Q2 Q3 04 05 + + Ready W - 1 + 10% 270 Co may O B. 3:17 PM 5/17/2022 6 x Chapter 1 to 5 Assignment - Excel (Product Activation failed) Tell me what you want to do.. File Home Insert Page Layout Formulas Data Review View Nitro To Sign in Share 121 G K L M . N 0 r R 5 1 1 1 1 C D 40 Record the gifts separately. If toxable, on the two les provided. 11 8 WEL provides life insurance coverage to all of its employees. The premiums pald by WEL on 42 Lauren's behalt cost $500 for the year. 43 9 auren was granted options to buy 60 of the company's shares at $10 per share when she joined the staff of WEL AL that time, the shares had an assessed fair market value of $13 per share. On May 10, 2021, the shares are trading at $10 per share. She awuires ou shares on that date and is still holding these shares on December 21. 44 45 10 Lauren is a part of the Canadian Mountaineers Ascociation, and paid profesional ducs of 46 $380 for 2021 47 48 11 Due to a dog sledding accident Lauren breaks her collar bone and was off work for three months 49 during 2021. She received a total of $6,100 m payments from the disability insurance company 50 during this period. The premiums ze $1000/year and were withheld from Laura's pay. 51 Show the disability benefit and premiums separately (if applicuble). 53 54 For the auto benefit enter cach calculation separately into column F. Leave a row blank if not required. 12 WEL provides Lauren with a vehide that she uses to drive her dients on tours. The vehide was used by Lauren throughout 2021, aside for the three months she was off work. WEL required her to return the car and keys. WEL pays all operating and maintenance costs, a total of $2.300 during the year. Details of the vchicle and kilometers driven are below. Total km drive 24,100 57 Personal ken driven 13,640 58 Cost of car (including GST and PST) 46,500 50 50 61 Standby charge (reduced, if applicable plus 62 Operating cost benefit, which is the losser : 63 1/2 of reduced standby charge: 14 Or $0.27/kmx personal km 65 Other - Indicate in column G 1 1 86 13 lauren has renovated in order to have a separate area in her townhouse to be used exclusively to signing the contracts and meeting with dients. WEL will provide her with a signed for T2200 stating that she is required to pay for versil employment expenses without reimbursement and use a portion of her home for work. She used this 07 work space between February 1 and December 31, 2021. Cover sheet - please read Q1 Q2 Q3 04 05 Ready W - 1 + 10% 270 Co may x 3:17 PM 5/17/2022 6 x Chapter 1 to 5 Assignment - Excel (Product Activation failed) Tell me what you want to do. File Home Insert Page Layout Formulas Data Review View Nitro Pro Sign in Share 121 D H K L M . N 0 r R 5 Show the disability benefit and premiums separately if applicable). 52 59 54 5S 50 57 51 For the auto benefit enter each calculation separately into column F. Leave a row blank is not required. 12 WEL provides Lauren with a vehicle that she uses to drive her clients on tours. The vehicle was used by Lauren throughout 2021, aside for the three months she was att work. WEL required her to return the car and keys. WEL pays all aperating and maintenance costs, A total of $2.0 during the year. Details of the vehide and kilometers driven are below. Tatal km dhe 34,100 Personal km driven 13,640 Cost of car (including GST and PST] 46,500 51 ba 54 Standby charge (reduced, if applicables plus Operating cost benefit, which is the lesser of 1/2 of reduced standby charge Or $0.27/km x personal km Other Indicate in column 1 1 bo 67 6 69 70 71 72 73 74 13 Lauren has renovated in order to have a separate area in her townhouse to be used exclusively to signing the contracts and meeting with clients. WEL will provide her with a signed for T2200 stating that she is required to pay tor certain employment expenses without reimbursement and use a portion of her home for work. She used this wark space between February 1 and December 31, 2021. ir a deduction is not allowed, low blank Workspace related expenditures are as follows: Show the deductions as negative. Multiply the total at the end. Mortgage Interest (total for 11 months 9,724 Utilities total for 11 months 3,135 Home Insurance totalter months 2,370 Property Tax (total for 11 months) 5,172 artice Furniture 7,837 1 1 1 1 1 Total % square footage Total Deduction 25% 1 76 77 U 70 RO 81 Required: Determine Lauren'snel employment income for 2021 Nel employment income Please use the Sum function to show you net employment income 1 31 83 84 23 Cover sheet - please read 01 02 03 04 05 - Q1 Q2 + Ready W - 1 + 10% 270 Co may x 3:17 PM 5/17/2022 6 X Chapter 1 to 5 Assignment - Excel (Product Activation failed Tell me what you want to do.. File Home Insert Page Layout Formulas Data Review View Nitro To Sign in Share 121 H K L M . N 0 r o R 5 . D 1 Instructions: If there is no tox impact, leave the answer cell blank. These are the blue Answer" boxes below) 3 If an amount reduces net employment income, enter as a negative. 4 5 Please use formulas for your answers. Do not calculate these outside of excel, and hardcode them. 6 You can copy and paste your answer into the supporting calculations box and put an apostrophe in front, so that I can see the formula 7 Example (this is NOT a part of the question Supporting Calculations Answer 9 Mr. Craig Webber is provided with a car that is lessed by his employer. The monthly lesse payments for 2021 are $200. During 2021, he drives the automobile a total of 30,000km of which 22,000km are employment related. The automobile is available for the entirc year. His employer paid a total of $9.200 In operating costs. Calculate Mr. Webber's minimum 2021 taxable benefit for the use of the automobile. 10 11 Marks Available 1 12 13 Question 4 1 14 Lauren McMann is an advanced mountaineer and outdoor adventure specialist. In 2021, a hosdhuntingfimm connected her with Whitehorse Expeditions Ltd. 15 Other information relevant to 2021 is as follows: 16 Answer Supporting Calculation 1 Lauren put her house on the market on January 5, 2021, and at the urging of the listing agent, she accepted anotter resulting in a loss on this property. WEL agreed to compensate her tor one-half of any loss on the sale of her home. The payment was made on May 30, 2001. 17 18 Proceeds on sale of home 345,400 Original cost of home 382.500 20 Cain (less! 137,100) 21 In order to help Lauren with the purchase of her new townhouse, we provided her with S100.000,0/55 housing loon. The lunes are provided to Lauren on February 1, 2021. Assume 22 that the prescribed rate for all of 2021 is 1 percent. 23 Use the number months to calculate the low interest loan benefit. 19 1 1 4 During 2021, Lauren earned a salary of $10,000 as well as commissions at $8,000. The 25 Company withheld the following amounts from her salary: 20 27 28 Income Taxes 33,000 20 Cover sheet - please read Q1 Q2 034 Q3 Q4 04 05 Q5 Ready + W - 1 + 10% 270 Co may 3:17 PM 5/17/2022 6 x Chapter 1 to 5 Assignment - Excel (Product Activation failed) Tell me what you want to do.. File Home Insert Page Layout Formulas Data Review View Nitro Pro Sign in Share 121 L M . N 0 r R 5 Marks Available D E H 13 question 4 14 Lauren Mann is an advanced mountaineer and outdoor adventure specialist. In 2021, a headhunting firm connected her with whitehorse Expeditions Ltd. 15 Other information relevant to 2021 is as follows: 16 Answer Supporting Calculations Lauren put her house on the market on January 5, 2021, and at the urging of the listing agent, she accepted an offer resulting in a loss on this property. WEL agreed to compensate her for one half of any loss on the sale of her home. The payment was made on May 20, 2021. 17 18 Proceeds on sale of home 315,000 19 Original cost of home 382.500 20 Gainles 137.100) 9 32 23 24 2 In order to help Lauren with the purchase of her new townhouse, WEL provided her with a 180.000,0.75% housing loan. The funds are provided to Lauren on February 1, 2001. Assume that the prescribed rate for all of 2021 is 1 percent, Use the number months to calculate the low interest lour benefit During 2021, Lauren carned a salary of $105,000 as well as commissions of $8,000. The Company withheld the following amounts from her salary: 1 1 1 1 1 1 1 27 28 Income Taxes 13,600 29 CPP 3,166 30 990 31 Disability insurance premium 1,000 12 Registered Pension Plan (RPD Contributions 3,600 33 34 5 Wil contributed 54,100 cnaurer's behalf to the company's RPP. on 35 WEL provides group medical coverage to all of its employees. The private health plan 36 premiums paid by Wilon laurer's behalf cost $1,020 for the year. 37 38 7 During the year, Lauren received two non-cash gifts from WEL, season skipass worth $900 and a Christmas gift certificate to a local spa for $175. 30 40 Record the gifts separately, if tuxuelle, on the two lines provided. 41 8 WEl provides life insurance Dwerage to all of its employees. The premiums paid by WELCn 42 Lauren's behels $500 for the year 1 1 Cover sheet - please read Q1 Q2 Q3 04 05 + + Ready W - 1 + 10% 270 Co may O B. 3:17 PM 5/17/2022 6 x Chapter 1 to 5 Assignment - Excel (Product Activation failed) Tell me what you want to do.. File Home Insert Page Layout Formulas Data Review View Nitro To Sign in Share 121 G K L M . N 0 r R 5 1 1 1 1 C D 40 Record the gifts separately. If toxable, on the two les provided. 11 8 WEL provides life insurance coverage to all of its employees. The premiums pald by WEL on 42 Lauren's behalt cost $500 for the year. 43 9 auren was granted options to buy 60 of the company's shares at $10 per share when she joined the staff of WEL AL that time, the shares had an assessed fair market value of $13 per share. On May 10, 2021, the shares are trading at $10 per share. She awuires ou shares on that date and is still holding these shares on December 21. 44 45 10 Lauren is a part of the Canadian Mountaineers Ascociation, and paid profesional ducs of 46 $380 for 2021 47 48 11 Due to a dog sledding accident Lauren breaks her collar bone and was off work for three months 49 during 2021. She received a total of $6,100 m payments from the disability insurance company 50 during this period. The premiums ze $1000/year and were withheld from Laura's pay. 51 Show the disability benefit and premiums separately (if applicuble). 53 54 For the auto benefit enter cach calculation separately into column F. Leave a row blank if not required. 12 WEL provides Lauren with a vehide that she uses to drive her dients on tours. The vehide was used by Lauren throughout 2021, aside for the three months she was off work. WEL required her to return the car and keys. WEL pays all operating and maintenance costs, a total of $2.300 during the year. Details of the vchicle and kilometers driven are below. Total km drive 24,100 57 Personal ken driven 13,640 58 Cost of car (including GST and PST) 46,500 50 50 61 Standby charge (reduced, if applicable plus 62 Operating cost benefit, which is the losser : 63 1/2 of reduced standby charge: 14 Or $0.27/kmx personal km 65 Other - Indicate in column G 1 1 86 13 lauren has renovated in order to have a separate area in her townhouse to be used exclusively to signing the contracts and meeting with dients. WEL will provide her with a signed for T2200 stating that she is required to pay for versil employment expenses without reimbursement and use a portion of her home for work. She used this 07 work space between February 1 and December 31, 2021. Cover sheet - please read Q1 Q2 Q3 04 05 Ready W - 1 + 10% 270 Co may x 3:17 PM 5/17/2022 6 x Chapter 1 to 5 Assignment - Excel (Product Activation failed) Tell me what you want to do. File Home Insert Page Layout Formulas Data Review View Nitro Pro Sign in Share 121 D H K L M . N 0 r R 5 Show the disability benefit and premiums separately if applicable). 52 59 54 5S 50 57 51 For the auto benefit enter each calculation separately into column F. Leave a row blank is not required. 12 WEL provides Lauren with a vehicle that she uses to drive her clients on tours. The vehicle was used by Lauren throughout 2021, aside for the three months she was att work. WEL required her to return the car and keys. WEL pays all aperating and maintenance costs, A total of $2.0 during the year. Details of the vehide and kilometers driven are below. Tatal km dhe 34,100 Personal km driven 13,640 Cost of car (including GST and PST] 46,500 51 ba 54 Standby charge (reduced, if applicables plus Operating cost benefit, which is the lesser of 1/2 of reduced standby charge Or $0.27/km x personal km Other Indicate in column 1 1 bo 67 6 69 70 71 72 73 74 13 Lauren has renovated in order to have a separate area in her townhouse to be used exclusively to signing the contracts and meeting with clients. WEL will provide her with a signed for T2200 stating that she is required to pay tor certain employment expenses without reimbursement and use a portion of her home for work. She used this wark space between February 1 and December 31, 2021. ir a deduction is not allowed, low blank Workspace related expenditures are as follows: Show the deductions as negative. Multiply the total at the end. Mortgage Interest (total for 11 months 9,724 Utilities total for 11 months 3,135 Home Insurance totalter months 2,370 Property Tax (total for 11 months) 5,172 artice Furniture 7,837 1 1 1 1 1 Total % square footage Total Deduction 25% 1 76 77 U 70 RO 81 Required: Determine Lauren'snel employment income for 2021 Nel employment income Please use the Sum function to show you net employment income 1 31 83 84 23 Cover sheet - please read 01 02 03 04 05 - Q1 Q2 + Ready W - 1 + 10% 270 Co may x 3:17 PM 5/17/2022