10.4 - 60,000.00 $ TAXES WITHHELD 22.84 1,142.00 $...

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MECHANICS OF: 1) INCOME TAXES EACH PAY CHECK  2) FILING INCOME TAX RETURN JAY IS PAID $5,000 AT THE END OF EACH  MONTH EACH YEAR HE MAKES RRSP CONTRIBUTIONS OF $15,000 PAYS $1,000 OF PROFESSIONAL FEES QUESTIONS: 1) HOW MUCH DID HE PAY IN INCOME  TAXES DURING  THE YEAR? 2) WILL HE HAVE A REFUND OR HAVE TO PAY  ADDITIONAL INCOME TAXES WHEN HE FILES HIS  INCOME TAX RETURN THE FOLLOWING APRIL? 3) INDICATE HIS ANNUAL CASH INFLOW
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PAYROLL TAXES MONTHLY – EACH PAYCHECK PER MONTH MONTHLY PAY 5,000.00 $ TAXES WITHHELD @ 22.84% 1,142.00 $ NET PAY 3,858.00 $
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PAYROLL TAXES Q1   TOTAL FOR THE YEAR PER MONTH PER YEAR MONTHLY PAY 5,000.00 $
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Unformatted text preview: 60,000.00 $ TAXES WITHHELD @ 22.84% 1,142.00 $ 13,704.00 $ NET PAY 3,858.00 $ 46,296.00 $ CALCULATION OF INCOME TAXES PAYABLE (FIELD APRIL OF FOLLOWING YEAR) GROSS PAY 60,000.00 $ RRSP 15,000.00 $ PROFESSIONAL FEES 1,000.00 $ TAXABLE INCOME 44,000.00 $ TAXES PAYABLE 18.68% 8,219.20 $ Q 2) REFUND or PAY ADDITIONAL INCOME TAXES GROSS PAY 60,000.00 $ RRSP 15,000.00 $ PROFESSIONAL FEES 1,000.00 $ TAXABLE INCOME 44,000.00 $ TAXES PAYABLE 18.68% 8,219.20 $ TAXES PAID 13,704.00 $ INCOME TAX REFUND 5,484.80 $ Q 3) ANNUAL CASH INFLOW GROSS PAY 60,000.00 $ TAXES PAYABLE 8,219.20 $ ANNUAL CASH INFLOW 51,780.80 $...
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