50.1K

Verified Solution

Link Copied!

1. Calculate Net Ineeme for Tax Purposes Paragraph 3(a) Income Employment Inceme Salary Employer Paid Group Term Life Insurance 70,000,00 800,00 Vehicle Benefit Reduced stand by Vehicle operating benefit 1,535.691,160,00 Taxable Vehicle Benefit Loan from Roadhouse S60k Prescribed interest Actual interest paid Benefit for tax purposes Shares 500 sold (a) $20 each \begin{tabular}{|l|l|} \hline Value of shares purchased & 6,000.00 \\ \hline option purchase price & 5,000.00 \\ \hline employment income & 1,000.00 \\ \hline Stock option deduction & +500.00 \\ \hline \end{tabular} Taxable Benefit Taxable Enployment Income 500.0074.595.69 Business Inceme Salary 194,000.00 Capital Cost Allowance (CCA) Class 14.1 on client list Class 50 on computer Class 14.1 on legal library Class 10.1 on automobile Class 50 on computer software CCA deductions 14,655.00 Operating expenses Liability insurance Reserve for bad debts Meals expense - client lunches Secretarial services Deductible operating expenses Home office expenses Based on your answer to part (a), calculate Charlotte's federal income tax for the 2022 taxation year 1. Calculate Net Ineeme for Tax Purposes Paragraph 3(a) Income Employment Inceme Salary Employer Paid Group Term Life Insurance 70,000,00 800,00 Vehicle Benefit Reduced stand by Vehicle operating benefit 1,535.691,160,00 Taxable Vehicle Benefit Loan from Roadhouse S60k Prescribed interest Actual interest paid Benefit for tax purposes Shares 500 sold (a) $20 each \begin{tabular}{|l|l|} \hline Value of shares purchased & 6,000.00 \\ \hline option purchase price & 5,000.00 \\ \hline employment income & 1,000.00 \\ \hline Stock option deduction & +500.00 \\ \hline \end{tabular} Taxable Benefit Taxable Enployment Income 500.0074.595.69 Business Inceme Salary 194,000.00 Capital Cost Allowance (CCA) Class 14.1 on client list Class 50 on computer Class 14.1 on legal library Class 10.1 on automobile Class 50 on computer software CCA deductions 14,655.00 Operating expenses Liability insurance Reserve for bad debts Meals expense - client lunches Secretarial services Deductible operating expenses Home office expenses Based on your answer to part (a), calculate Charlotte's federal income tax for the 2022 taxation year

Answer & Explanation Solved by verified expert

See Answer