Q1 - Employment expenses Travel & car...

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Question 1 Marks Salary 90,000 0.5 Commission 10,000 0.5 RPP contribution 5,500 - 0.5 Life insurance premium 250 0.5 Medical plan not benefit - 0.5 Group sickness not benefit - 0.5 RPP not benefit - 0.5 Group sickness received 2,500 Group sickness premiums 1,200 - 1,300 1 Loan taxable benefit 20,000 @ 3% x61/365 100 0.5 No reduction for interest paid as too late - 0.5 Deduction for interest benefit as investment 100 - 0.5 Deferred stock option benefit as CCPC - 0.5 Dividend - 2,000 x $4 x 1.25 10,000 1 Moving expense reimbursment not benefit - 0.5 Home loss reimbursment - 1/2 x (25,000 - 15,000) 5,000 1 Condo rent equivalent benefit - 4 x $1,500 6,000 1 Car standby charge 10000/20004 x 2% x 12 x $50,000 6,000 2 Operating cost benefit - Lesser of 0.5 1/2 standby charge 3,000 0.5 10000 x 0.24 2,400 2,400 0.5 Car allowance - not by km 400 x 12 4,800 0.5 Travel allowance - unreasonable vs expenses - 300 x 12 3,600 0.5 Entertainment allowance - 200 * 12 2,400 0.5
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Unformatted text preview: Employment expenses Travel & car Accomodation 4,800 0.5 Travel meals - 1/2 of 1,500 750 1 Car 25/35x(3000 +400 + 1500 +135) 3596 1.5 Parking 500 0.5 9,646 Entertainment - 2400 x 1.2 1200 0.5 No CCA on I-Phone 0.5 I-Phone - $100*12*50% 600 1 11,446 Limit to commissions 10,000- 1 Division B income 126,250 Division C deductions-Taxable income 126,250 Tax Calculation First 123,184 26,720 0.5 Balance - 29% x (126250-123184) 889 0.5 27,609 Credits Basic 10,320 0.5 Employment 1,044 0.5 CPP 2,119 0.5 EI 732 0.5 14,215 @15% 2,132- 0.5 Charitable donations - first $200 @ 15% 30- remaining $350 @ 29% 102 132- 1 DTC - 2/3 of 2000 1,333 1 Tax before GST rebate 24,012 GST Rebate: employment expenses 10,000 expenses without GST car insurance & licence - 25/35(1500+135) 1168 1 8832 0.5 x 5/105 421 421 23,591 28.5 Max 28...
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This note was uploaded on 03/24/2012 for the course ADMS 4561 taught by Professor Josephfrankovic during the Winter '10 term at York University.

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Q1 - Employment expenses Travel & car...

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