10.7.2 - 2,000.00 $ CAPITAL GAINS 10,000.00 $ 50% 5,000.00...

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    1 INCOME TAX PROBLEM   BILL- EMPLOYMENT          EXPENSES   1. EMPLOYMENT  EXPENSES 2. ALLOWABLE MOTOR  EXPENSES
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2 ALLOWABLE MOTOR  EXPENSES LEASE PAYMENT 300.00 $ X 12.00 $ 3,600.00 $ FUEL 1,000.00 $ 1,000.00 $ 5,600.00 $ WORK KILOMETERS 5000 KM 25% TOTAL IN KILOMETERS 20000 KM ALLOWABLE MOTOR EXPENSES 25% X 5,600.00 $ 1,400.00 $ ALLOWABLE MOTOR EXPENSES 1,400.00 $
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3 EMPLOYMENT EXPENSES ALLOWABLE MOTOR EXPENSES 1,400.00 $ FOOD 5,000.00 $ ENTERTAINMENT 3,000.00 $ 8,000.00 $ X 50% 4,000.00 $ EMPLOYMENT EXPENSES 5,400.00 $
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4 TOTAL INCOME INCOME EMPLOYMENT INCOME 50,000.00 $ DIVIDEND INCOME 2,000.00 $ INTEREST INCOME
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Unformatted text preview: 2,000.00 $ CAPITAL GAINS 10,000.00 $ 50% 5,000.00 $ TOTAL INCOME 59,000.00 $ 5 TOTAL DEDUCTIONS REGISTERED INCOME PLAN 4,000.00 $ RRSP 3,000.00 $ INTEREST EXPENSE 1,500.00 $ ANNUAL PROFESSSIONAL FEES 750.00 $ EMPLOYMENT EXPENSES 5,400.00 $ TOTAL DEDUCTION 14,650.00 $ TAXABLE INCOME 44,350.00 $ 6 TAXES OWING (REFUND) TAXABLE INCOME 44,350.00 $ TAXES @ EFFECTIVE TAX RATE 18.68% 8,284.58 $ NON-REFUNDABLE TAX CREDITS DONATIONS 1,000.00 $ 25.00% 250.00 $ TOTAL CREDITS (250.00) $ TAXES PAID (11,000.00) $ TAXES OWING (REFUND) (2,965.42) $...
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This note was uploaded on 11/13/2011 for the course CIVE 2*** taught by Professor - during the Spring '11 term at Carleton CA.

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10.7.2 - 2,000.00 $ CAPITAL GAINS 10,000.00 $ 50% 5,000.00...

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