Question 1: Taxable Income Mr. Allen Amold is 58 years old. Allen works for a large public company. Big Copocation as an accountant Allen is in the process of completing her 2017 personal income tax return Required: Allen needs your help to calculate his Taxable Income for 2017 He has compiled the following information regarding to his transactions in 201 the process of completing her 2017 $103,000 Salary (gross) Deductions S21564 836 10,800 3.500 250 1.200 600 Canada Pension Plan (CPP) Income tax Registered pension plan Private health and dental plan premiums Disability insurance premiums Reimbursement for use of company car Big Corporation paid the followng amounts on his behalf CPP and EI Private health and dental plan premnums Group term life insurance Disability insurance premiums Registered Pension Plan $3,881 250 350 3,000 Other information: 1. As part of his employment duties, Allen is requred to travel to dfferent company branches throughout Alberta to perform accounting tasks Big Corporation provides hitn with a 2017 Toyota Prius and paid for all of the operating expenses. He drove the vehicle a total of 31.000 km in the year with 8,000 being for personal usage The vehicle was purchased bv the emplover for $47,000. It was available for his use for the entire year The operating expenses for the year totaled $8,500 2. The disability plan was implemented in 2015 Allen paid $200 n anmual preminums in 2015 and $500 in 2016. In the current year, as a result of an unfortunate accident he sostained an injury and was unable to work He was off for 6 weeks and collected $8,000 from the insurance company 8. On January 1,2017. Big Corporation implemented a stock purchase plan for all employees euying them the opportunity to purchase up to 5,000 common shares at $10 per share Al that sme the shares were valued at $5.00 per share. On February 14,2017 Allen purchased $,000 shares when they were valued at $18 per share. He sold 21000 shares for $30 per share on Septemben 2742017 4. Big Corporation has a policy of paying for certan counseling services fior employees Big Corporation paid $800 for Allen's counseling fees relating to hus depression from his divonce Question 1: Taxable Income Mr. Allen Amold is 58 years old. Allen works for a large public company. Big Copocation as an accountant Allen is in the process of completing her 2017 personal income tax return Required: Allen needs your help to calculate his Taxable Income for 2017 He has compiled the following information regarding to his transactions in 201 the process of completing her 2017 $103,000 Salary (gross) Deductions S21564 836 10,800 3.500 250 1.200 600 Canada Pension Plan (CPP) Income tax Registered pension plan Private health and dental plan premiums Disability insurance premiums Reimbursement for use of company car Big Corporation paid the followng amounts on his behalf CPP and EI Private health and dental plan premnums Group term life insurance Disability insurance premiums Registered Pension Plan $3,881 250 350 3,000 Other information: 1. As part of his employment duties, Allen is requred to travel to dfferent company branches throughout Alberta to perform accounting tasks Big Corporation provides hitn with a 2017 Toyota Prius and paid for all of the operating expenses. He drove the vehicle a total of 31.000 km in the year with 8,000 being for personal usage The vehicle was purchased bv the emplover for $47,000. It was available for his use for the entire year The operating expenses for the year totaled $8,500 2. The disability plan was implemented in 2015 Allen paid $200 n anmual preminums in 2015 and $500 in 2016. In the current year, as a result of an unfortunate accident he sostained an injury and was unable to work He was off for 6 weeks and collected $8,000 from the insurance company 8. On January 1,2017. Big Corporation implemented a stock purchase plan for all employees euying them the opportunity to purchase up to 5,000 common shares at $10 per share Al that sme the shares were valued at $5.00 per share. On February 14,2017 Allen purchased $,000 shares when they were valued at $18 per share. He sold 21000 shares for $30 per share on Septemben 2742017 4. Big Corporation has a policy of paying for certan counseling services fior employees Big Corporation paid $800 for Allen's counseling fees relating to hus depression from his divonce
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