80.2K

Verified Solution

Link Copied!

fill the T4 slip with those information .

5. Prince Packaging has offices throughout Nova Scotia. John Frame, Social Insurance Number 222-555-777, had worked for the company in their Antigonish office from July 1982 until his employment was terminated in November of this year. When his employment was terminated, he was fully vested in the company's defined contribution registered pension plan, which he joined in 1984. Upon termination, John received a retiring allowance of $86,000.00. John had his employer transfer the entire eligible amount to a RRSP and took the non-eligible amount in cash. Calculate the eligible and non-eligible portions of John's retiring allowance as well as the income tax withheld on the amount received in cash. Include these amounts when completing John's T4 slip The S101,356,00 income tax shown does not include the amount withheld on the retiring allowance. TOTALS Regular earnings $127,000.00 Performance bonus $ 35,000.00 $ 56,923.00 Employer provided automobile non-cash taxable benefit $5,237.00 Group term life insurance non-cash taxable benefit $1,650.00 Employee contributions to a registered pension plan (plan $ 3,810.00 #3589562) Employer contributions to a registered pension plan $ 3,810.00 CPP contributions $ 2,306.70 El premiums $ 839.97 Income tax deducted $101,356.00 El insurable earnings $ 45,900.00 CPP pensionable earnings $ 50,100.00 Charitable donations $ 1,600.00 T4/14) Protected B when completed / Protege B une fois rempli TA(14) Protected B when completed / Protg B une fois rempli I Cena ne tat de la rmunration paye Statement of Remuneration Paid Etat de la rmunration paye Statement of Remuneration Paid T4 HHHHHH RULL IND 5. Prince Packaging has offices throughout Nova Scotia. John Frame, Social Insurance Number 222-555-777, had worked for the company in their Antigonish office from July 1982 until his employment was terminated in November of this year. When his employment was terminated, he was fully vested in the company's defined contribution registered pension plan, which he joined in 1984. Upon termination, John received a retiring allowance of $86,000.00. John had his employer transfer the entire eligible amount to a RRSP and took the non-eligible amount in cash. Calculate the eligible and non-eligible portions of John's retiring allowance as well as the income tax withheld on the amount received in cash. Include these amounts when completing John's T4 slip The $101,356.00 income tax shown does not include the amount withheld on the retiring allowance TOTALS $127,000.00 $ 35,000.00 $ 56,923.00 $ 5,237.00 $1,650.00 $ 3,810.00 Regular earnings Performance bonus Commissions Employer provided automobile non-cash taxable benefit Group term life insurance non-cash taxable benefit Employee contributions to a registered pension plan (plan 43589562) Employer contributions to a registered pension plan CPP contributions El premiums Income tax deducted El insurable earnings CPP pensionable earnings Charitable donations $3,810.00 $ 2,306.70 $839.97 $101,356.00 $ 45,900.00 $ 50,100.00 $1,600.00 T4/14) Protected B when completed / Protege B une fois rempli TA(14) Protected B when completed / Protg B une fois rempli Canada tat de la rmunration paye Statement of Remuneration Paid tat de la rmunration paye Statement of Remuneration Paid T4 ti AN 5. Prince Packaging has offices throughout Nova Scotia. John Frame, Social Insurance Number 222-555-777, had worked for the company in their Antigonish office from July 1982 until his employment was terminated in November of this year. When his employment was terminated, he was fully vested in the company's defined contribution registered pension plan, which he joined in 1984. Upon termination, John received a retiring allowance of $86,000.00. John had his employer transfer the entire eligible amount to a RRSP and took the non-eligible amount in cash. Calculate the eligible and non-eligible portions of John's retiring allowance as well as the income tax withheld on the amount received in cash. Include these amounts when completing John's T4 slip The S101,356,00 income tax shown does not include the amount withheld on the retiring allowance. TOTALS Regular earnings $127,000.00 Performance bonus $ 35,000.00 $ 56,923.00 Employer provided automobile non-cash taxable benefit $5,237.00 Group term life insurance non-cash taxable benefit $1,650.00 Employee contributions to a registered pension plan (plan $ 3,810.00 #3589562) Employer contributions to a registered pension plan $ 3,810.00 CPP contributions $ 2,306.70 El premiums $ 839.97 Income tax deducted $101,356.00 El insurable earnings $ 45,900.00 CPP pensionable earnings $ 50,100.00 Charitable donations $ 1,600.00 T4/14) Protected B when completed / Protege B une fois rempli TA(14) Protected B when completed / Protg B une fois rempli I Cena ne tat de la rmunration paye Statement of Remuneration Paid Etat de la rmunration paye Statement of Remuneration Paid T4 HHHHHH RULL IND 5. Prince Packaging has offices throughout Nova Scotia. John Frame, Social Insurance Number 222-555-777, had worked for the company in their Antigonish office from July 1982 until his employment was terminated in November of this year. When his employment was terminated, he was fully vested in the company's defined contribution registered pension plan, which he joined in 1984. Upon termination, John received a retiring allowance of $86,000.00. John had his employer transfer the entire eligible amount to a RRSP and took the non-eligible amount in cash. Calculate the eligible and non-eligible portions of John's retiring allowance as well as the income tax withheld on the amount received in cash. Include these amounts when completing John's T4 slip The $101,356.00 income tax shown does not include the amount withheld on the retiring allowance TOTALS $127,000.00 $ 35,000.00 $ 56,923.00 $ 5,237.00 $1,650.00 $ 3,810.00 Regular earnings Performance bonus Commissions Employer provided automobile non-cash taxable benefit Group term life insurance non-cash taxable benefit Employee contributions to a registered pension plan (plan 43589562) Employer contributions to a registered pension plan CPP contributions El premiums Income tax deducted El insurable earnings CPP pensionable earnings Charitable donations $3,810.00 $ 2,306.70 $839.97 $101,356.00 $ 45,900.00 $ 50,100.00 $1,600.00 T4/14) Protected B when completed / Protege B une fois rempli TA(14) Protected B when completed / Protg B une fois rempli Canada tat de la rmunration paye Statement of Remuneration Paid tat de la rmunration paye Statement of Remuneration Paid T4 ti AN

Answer & Explanation Solved by verified expert

See Answer