Homework answers / question archive / Humber College - BMGT ACCT 203 1)In this case which follow, assume that Ben Bayley's combined federal and provincial Tax Payable is as follows:        2018                                                    $14,256        2019                                                      15,776        2020 (Estimated)                               16,483 The amount Ben's employer withholds  is as follows: $14,920 in 2018, $11,400 in 2019, and $13,226 (estimated) in 2020

Humber College - BMGT ACCT 203 1)In this case which follow, assume that Ben Bayley's combined federal and provincial Tax Payable is as follows:        2018                                                    $14,256        2019                                                      15,776        2020 (Estimated)                               16,483 The amount Ben's employer withholds  is as follows: $14,920 in 2018, $11,400 in 2019, and $13,226 (estimated) in 2020

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Humber College - BMGT ACCT 203

1)In this case which follow, assume that Ben Bayley's combined federal and provincial Tax Payable is as follows:

       2018                                                    $14,256

       2019                                                      15,776

       2020 (Estimated)                               16,483

The amount Ben's employer withholds  is as follows:

$14,920 in 2018, $11,400 in 2019, and $13,226 (estimated) in 2020.

Required:

 

A.   For this case:

 

B.   Indicate the dates on which the payments will be due

 

2. As Mr. Bayley’s net tax owing in 2020 (the current year) and his net tax owing in 2019 is greater than $3,000, he is required to make instalments

 

3. 2/ Carol had employment income of $126,100, as well as income from an unincorporated business of $14,100. A rental property owned by Carol experienced a net loss of $4,600. Dispositions of capital property during the current year had the following results:

     

 

4. In compliance with the terms of his divorce agreement, Carol paid deductible spousal support of $600 per month for the entire year. In addition to the preceding items, Carol had a winning lottery ticket which resulted in his receiving a prize of $562,000.

 

 

 

5. 3/Farine Ltd. has a taxation year which ends on December 31. On January 1, 2020, the Company had 10 assets in Class 10. The January 1, 2020 balance in this Class was $83,400. The capital cost of these 10 assets was $110,000. Subsequent transactions during the year are as follows:

 

 

6. On December 31, 2020, no assets remain in Class 10. What is the effect of these transactions on the Company's 2020 net business income? In addition, determine the January 1, 2021 UCC balance.

 

7. 4/During January, 2018, Lastech Inc. issued options to their employee, Ms. Marianne Black. The options allowed Ms. Black to acquire 1,500 of the Company's common shares at an option price of $23 per share.