Use ProFile Tax Software to Calculate Mary's 2019 Tax return.

T1 Summary for Tax Software Assignment Four - 3

Tax Software Assignment Problem Four - 3 This problem is continued in Chapter 11. DISCLAIMER: All characters appearing in all versions of this problem are fictitious. Any resemblance to real persons, living or dead, is purely coincidental. Seymour Career and Mary Career are your tax clients. They have been married for two years. Mary has progressed quickly in More Corp, the large publicly traded firm she is working for due to her strong tax and accounting background. Her firm has an excellent health and dental plan that reimburses 100 percent of all medical and dental expenses. Although Seymour has been working, his increasing ill health makes it likely that he will not be able to continue to work in 2020. He is contemplating a return to university as a student of music. In order to estimate her possible financial position in 2020, Mary would like you to prepare her 2019 tax return assuming that Seymour has no income for 2019. Mary's 2019 RRSP deduction limit is $244,550. Title First Name Last Name SIN Date of birth (Y/MD) Marital status Canadian citizen? Provide information to Elections Canada? Own foreign property of more than $100,000 Can? Ms. Mary Career 527-000-129 1981-12-08 Married Yes Yes No Mr. Seymour Career 527-000-079 1960-01-29 Married Yes Yes No Taxpayer's Address 123 ABC Street, Saint John, N.B. EOE OEO Phone number (506) 111-1111 Spouse's address same as taxpayer? Yes First Name Last Name SIN Date of Birth (Y/M/D) Net Income William Career 527-000-319 2012-02-24 Nil Box Amount T4 - Mary Issuer-MoreCorp Employment Income Employee's CPP Contributions Employee's El Premiums RPP Contributions Income Tax Deducted Charitable Donations 14 16 18 152,866.08 2,748.90 860.22 Nil 48,665.11 1,000.00 20 22 46 Donor Seymour Seymour Charitable Donation Receipts Canadian Cancer Foundation Salvation Army Amount 500 250 Required: With the objective of minimizing Mary's Tax Payable, prepare her 2019 income tax return using the ProFile tax software program. Assume that Seymour has no income in 2019 and that he does not file a tax return. Tax Software Assignment Problem Four - 3 This problem is continued in Chapter 11. DISCLAIMER: All characters appearing in all versions of this problem are fictitious. Any resemblance to real persons, living or dead, is purely coincidental. Seymour Career and Mary Career are your tax clients. They have been married for two years. Mary has progressed quickly in More Corp, the large publicly traded firm she is working for due to her strong tax and accounting background. Her firm has an excellent health and dental plan that reimburses 100 percent of all medical and dental expenses. Although Seymour has been working, his increasing ill health makes it likely that he will not be able to continue to work in 2020. He is contemplating a return to university as a student of music. In order to estimate her possible financial position in 2020, Mary would like you to prepare her 2019 tax return assuming that Seymour has no income for 2019. Mary's 2019 RRSP deduction limit is $244,550. Title First Name Last Name SIN Date of birth (Y/MD) Marital status Canadian citizen? Provide information to Elections Canada? Own foreign property of more than $100,000 Can? Ms. Mary Career 527-000-129 1981-12-08 Married Yes Yes No Mr. Seymour Career 527-000-079 1960-01-29 Married Yes Yes No Taxpayer's Address 123 ABC Street, Saint John, N.B. EOE OEO Phone number (506) 111-1111 Spouse's address same as taxpayer? Yes First Name Last Name SIN Date of Birth (Y/M/D) Net Income William Career 527-000-319 2012-02-24 Nil Box Amount T4 - Mary Issuer-MoreCorp Employment Income Employee's CPP Contributions Employee's El Premiums RPP Contributions Income Tax Deducted Charitable Donations 14 16 18 152,866.08 2,748.90 860.22 Nil 48,665.11 1,000.00 20 22 46 Donor Seymour Seymour Charitable Donation Receipts Canadian Cancer Foundation Salvation Army Amount 500 250 Required: With the objective of minimizing Mary's Tax Payable, prepare her 2019 income tax return using the ProFile tax software program. Assume that Seymour has no income in 2019 and that he does not file a tax return