su11 midterm key Q1

su11 midterm key Q1 - 5039 1 Operating charge lesser of 1/2...

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Q 1 Marks salary 120000 0.5 bonus: not paid in 2010 0 1 rpp by Carlos 2000 1 ABC rpp payment not a taxable benefit 0 1 private health premiums not a taxable benefit 0 1 life insurance premiums 600 1 tax return prep fee 200 1 Disability plan payment 9000 2000 7000 2 Interest free loan: .5 x 10,000 x .02 100 1 .5 x 5,000 x .02 50 1 imputed interest deduction 150 2 mutual fund dividends 200 x 1.44 288 1 Bluejay tickets non taxable per CRA position 0 1 Cash gift taxable 100 1 stock option benefit 500 x (13 10) 1500 1 other 500 shares benefit deferred 0 1 TCG from sale of 500 shares x (14 13) x .5 250 1 frequent flyer benefit 1200 1 blackberry cost not deductible per Act 0 1 Standby charge: 10,000/20004 x 1 2% x 12 x 42000
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Unformatted text preview: 5039 1 Operating charge lesser of 1/2 standby = 2519 and 1 .24 x 10,000 = 2400 1 2400 Non ‐ gas expenses 90+100+110 ‐ 300 1 Home office expenses: 10% of heat and utils ‐ 200 1 rent ‐ 240 1 home insurance not deductible per Act 0.5 lease payments not deductible per Act 0.5 1/2 deduction of stock option benefit ‐ 750 1 taxable income 135087 Tax: 26,881 + (.29 x F47 ‐ 127022) 1 Credits: 15% of Basic 10,382 1 EI 747 0.5 CPP 2163 0.5 employment 1051 1 14,343 2151.45 ‐ 2151.45 Dividend tax credit 10/17 x 88 grossup 52 1 Tax payable 34.5 possible marks; 34 max...
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This note was uploaded on 03/24/2012 for the course ADMS 4561 taught by Professor Josephfrankovic during the Summer '10 term at York University.

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