Seminar.Week8-Mar 21, 2011 - FMGT 4410 Seminar Questions...

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FMGT 4410 –Seminar Questions Week of March 21, 2011 Do not attempt these questions prior to lab – we will work on them in class. Just bring them with you! Question 1 ack Leonard has asked you to assist him in preparing his 2010 tax return. To this end, he provides you with the following information. Mr. Leonard’s employer is a large, publicly traded corporation. During 2010, Mr. Leonard received a gross annual salary of $58,000, living accommodations having a fair market value of $1,000 per month, and an award of $2,100 in recognition of outstanding job performance. Awards for performance are paid instead of investing in employee benefits, so there is no pension plan and Mr. Leonard’s 2009 Pension Adjustment amount is nil. His employer withheld the maximum for CPP contributions and EI premiums. Mr. Leonard provides the following list of receipts and disbursements for the 2010 taxation year: Receipts Director’s Fees $ 1,300 Royalties On Patent Purchased In 1999 24,070 Bond Interest 430 Disbursements RRSP Contribution On July 6, 2010 $3,600
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