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Use Excel or Numbers to complete this problem. Assignment Problem Four - 5 : ( Comprehensive Tax Payable ) Ms . Tanja Umstead is 4
Use Excel or Numbers to complete this problem.
Assignment Problem Four: Comprehensive Tax Payable
Ms Tanja Umstead is years old and lives in Richmond, British Columbia. She is in good health and works in the sales department of a large publicly traded company with gross revenues of $ million.
Tanjas Personal Information:
She is divorced from her husband and has custody of her year old daughter, Cynthia. The daughter is sufficiently disabled that she qualifies for the disability tax credit. The daughter has Net Income For Tax Purposes of $ largely made up of interest on bonds purchased from an inheritance.
Tanjas year old mother lives with her and provides care for Cynthia on a full time basis. She is active and healthy. As she receives no compensation for this work, Tanja has no child care costs during The mothers Net Income For Tax Purposes is $
Because of a decrease in Cynthias mobility, Tanja has had to install access ramps in several locations in her home. The cost of these ramps was $
During Tanja worked nearly hours as a volunteer search and rescue volunteer. She received $ in compensation for this work.
Tanjas medical expenses are as follows:
Various Prescription Drugs Including
Medical Marijuana Tanja And Cynthia $
Various medical Specialist Treatments For Cynthia
Prescription Sunglasses For Tanja And Cynthia
Liposuction For Tanja To Reduce Fat On Her Thighs
Dentist Fees for Tanjas Mother
Dentures For Tanjas Mother
During Tanja contributes $ to Red Cross, a registered Canadian charity.
Employment Information:
Tanjas salary compensation for is $ In addition, she was awarded a year end bonus of $ all of which is payable in January
Tanjas employer sponsors a defined benefit registered pension plan. During Tanja and her employer each contribute $ to the plan. In addition, her employer withheld maximum El contributions of $ and maximum CPP contributions of $
Her employer offers to pay the tuition for employees taking foreign language courses. Tanja is taking an intensive course in spoken Chinese at a British Columbia university. The tuition fee for the course is $ all of which is paid for by her employer. The tuition payment is to be included in her employment income as a taxable benefit. The duration of the course is eight months, and Tanja must purchase her own textbooks for $
Tanja is provided with disability insurance by an employer sponsored plan. During as a consequence of an automobile accident, she was unable to go to work for one month and receives benefits of $ Starting in Tanja has been contributing $ per year for the plans coverage. Her employer makes a matching contribution each year.
Tanjas employer provides her with an automobile that was purchased several years ago at a cost of $ During the car is driven kilometres, of which were for employmentrelated travel. Tanja is required to pay her own operating costs, which for totaled $ Except for the one month that she was off from work, the car was available to Tanja throughout the year. During the one month that she was off, the car was left in her employers garage.
Tanjas employer provides all of its employees with financial counseling services. The cost to the company of the services provided to Tanja was $
As a result of winning a sales contest, Tanja received a one week trip to Las Vegas. The value of this trip in Canadian dollars was $
Several years ago, Tanja received options to acquire shares of her employers common stock at a price of $ per share. When the options were granted, the shares were trading at $ per share. During Tanja exercises all of these options. On the exercises date, the shares are trading at $ per share. Tanja is still holding the shares at the end of the year.
Required: Calculate, for the taxation year, Tanjas minimum Taxable Income and federal Tax Payable. Ignore GST and PST considerations.
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