Homework Problem 11-6 - Solution to Problem 11-6 Facts: Ms....

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Solution to Problem 11-6 Facts: Ms. Klaus left her husband on January 10. 2010 She retained custody of 15 year old Martin (no income) and 20 year old, Louise who has a severe and prolonged disability certified by a medical doctor and $6,000 income from investments inherited from her grandmother Ms. Klaus earned $62,000 from her Ottawa employer Her employer withheld $2,163 for CPP, $747 for EI, and $2,500 for RPP This employer also contributed $2,500 to her RPP and, after years of excellent service, gave her a $30,000 retiring allowance Ms. Klaus exercised her stock option, acquiring 2,000 shares at $15 but with a FMV of $20. These she sold immediately, incurring $350 in brokers fees On October 31 st , 2010 Ms. Klaus moved to Toronto She earned $13,000 with her new employer, who withheld $500 CPP, $390 EI, and $650 RPP The Toronto employer also contributed $650 to the RPP Although the Klaus’ had lived in a rental home in Ottawa, Ms. Klaus purchased a home in Toronto The employer paid $7,500 as a moving allowance Ms. Klaus’ actual expenses were: o Moving Company $3,800 o Airfare for house hunting trip 350 – Not Deductible o Meal & lodging on house hunting trip 275 – Not Deductible o Gas for the drive to Toronto 65 o Lodging in Ottawa
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 7

Homework Problem 11-6 - Solution to Problem 11-6 Facts: Ms....

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online