Lecture 1 Comprehensive Example Solution (4561 F09 Assignment 1)

Lecture 1 Comprehensive Example Solution (4561 F09 Assignment 1)

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F09 4561 Assignment 1 (out of 50 marks) B-Lastname, firstname-99999999 Ref markReference Income under subdivision a (Note 1) 58000.00 Item marks Income under subdivision b (Note 2) 696.00 Income under subdivision c (Note 3) 2000.00 Income under subdivision d (Note 4) 9000.00 Deductions under subdivision e (Note 5) (7400.00) Division B income 62296.00 0.5 Division C Deductions (Note 6) (9000.00) Taxable income 53296.00 0.5 Federal tax using graduated rates (Note 7) 8874.30 Tax credits (Note 8) (7639.50) Federal Tax 1234.80 0.5 Tax withheld at source or paid by instalments (5700.00) 0.5 (Tax Refund) Balance Due (4465.20) 0.5 Note 1- Income under subdivision a (total 1.5 marks) 1 5(1) Salary 57500 0.5 1 6(4) Life insurance 500 1.0 total 58000 Note 2- Income under subdivision b (total 1 mark) 1 82(1) or 12(1)(j)+B6Eligible dividend: 480*1.45 696 1.0 total 696 Note 3- Income under subdivision c (total 2 marks) 1 38(a) Taxable capital gain: .5*($9,000-$5,000) 2000 2.0 Note 4- Income under subdivision d (total 1 mark)
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This note was uploaded on 08/10/2010 for the course LAPS 4561 taught by Professor Frankovic during the Summer '10 term at York University.

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Lecture 1 Comprehensive Example Solution (4561 F09 Assignment 1)

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