S2 4561 midterm 1 Q2 solution

S2 4561 midterm 1 Q2 solution - 60- 1 Accounting 500- 1...

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Question 2 salary 72000 October 31 bond interest $10,000 @ 6% x1/2 300 1 Bond accrued interest paid 151 - 1 Treasury bill no anniversary date in 09 - 1 for explanation Compound interest GIC - to anniversary date 3/31/2009 378+128 506 1 British dividends 2700/.85 3,176 1 Cdn dividend 1000 x 1.25 1,250 1 Shareholder loan 50,000 1 no imputed interest benefit because loan included in income 1 for explanation interest income on mutual funds 200 1 Jane's taxable capital gains 80 1 Bill's gains not subject to attribution 1 for explanation Safety deposit box fee
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Unformatted text preview: 60- 1 Accounting 500- 1 interest for late taxes expressly not deductible 1 for explanation Net income and Taxable income 126,801 Federal tax $26,720 plus 29% of taxable income -126,264 27,081 1 Personal credits 15% of basic 10,320 1 spouse 10320 - 5000 5,320 1 employment 1044 1 EI and CPP 2620 1 19,304-2895.6 dividend tax credit 2/3 x 250-167 1 foreign tax credit-476 1 donations credit: 15% 200 plus 0.5 29% 800-262 0.5 Tax after credits 23,280 22 max marks...
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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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