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2 3 Problem 3- Enter the appropriate amounts in the yellow boxes to calculate Part 1 Tax Payable. Write any additional work you have in the green 4 space to the right. Any grey boxes are calculated/formulized for you and you do not need to edit those. 5 6 Jansen's Part 1 tax payable for the year would be calculated as follows: 7 8 Base Amount of Part 1 Tax 9 Federal Tax Abatement 10 Foreign Business Tax Credit 11 Small Business Deduction 12 General Rate Reduction 13 Part 1 Tax Payable 14 15 Note 1: Small Business Deduction: 16 17 Small business deduction = 19% of the least of: 18 19 1-Canadian Active Business Income 20 21 2-Taxable Income 0.00 Note 1 0.00 Note 2 0.00 22 Less: Foreign Tax Credit Adjusted (negative) 0 23 24 3- Reduced Annual Business Limit: 25 Original Business Limit Allocated to Jansen 26 Less: TCEC Business Limit reduction (negative) 27 28 Small business deduction= 19% of least of 1, 2, or 3: 29 30 31 Note 2: General rate reduction: 32 33 Taxable Income 34 Less: Amount eligible for Small Business Deduction 35 Full Rate Taxable Income 36 Rate 37 General Rate Reduction 38 39 0 13% 0 0 0 You may show additional work here if you would like:

2 3 Problem 3- Enter the appropriate amounts in the yellow boxes to calculate Part 1 Tax Payable. Write any additional work you have in the green 4 space to the right. Any grey boxes are calculated/formulized for you and you do not need to edit those. 5 6 Jansen's Part 1 tax payable for the year would be calculated as follows: 7 8 Base Amount of Part 1 Tax 9 Federal Tax Abatement 10 Foreign Business Tax Credit 11 Small Business Deduction 12 General Rate Reduction 13 Part 1 Tax Payable 14 15 Note 1: Small Business Deduction: 16 17 Small business deduction = 19% of the least of: 18 19 1-Canadian Active Business Income 20 21 2-Taxable Income 0.00 Note 1 0.00 Note 2 0.00 22 Less: Foreign Tax Credit Adjusted (negative) 0 23 24 3- Reduced Annual Business Limit: 25 Original Business Limit Allocated to Jansen 26 Less: TCEC Business Limit reduction (negative) 27 28 Small business deduction= 19% of least of 1, 2, or 3: 29 30 31 Note 2: General rate reduction: 32 33 Taxable Income 34 Less: Amount eligible for Small Business Deduction 35 Full Rate Taxable Income 36 Rate 37 General Rate Reduction 38 39 0 13% 0 0 0 You may show additional work here if you would like:

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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2 3 Problem 3- Enter the appropriate amounts in the yellow boxes to calculate Part 1 Tax Payable. Write any additional work you have in the green 4 space to the right. Any grey boxes are calculated/formulized for you and you do not need to edit those. 5 6 Jansen's Part 1 tax payable for the year would be calculated as follows: 7 8 Base Amount of Part 1 Tax 9 Federal Tax Abatement 10 Foreign Business Tax Credit 11 Small Business Deduction 12 General Rate Reduction 13 Part 1 Tax Payable 14 15 Note 1: Small Business Deduction: 16 17 Small business deduction = 19% of the least of: 18 19 1-Canadian Active Business Income 20 21 2-Taxable Income 0.00 Note 1 0.00 Note 2 0.00 22 Less: Foreign Tax Credit Adjusted (negative) 0 23 24 3- Reduced Annual Business Limit: 25 Original Business Limit Allocated to Jansen 26 Less: TCEC Business Limit reduction (negative) 27 28 Small business deduction= 19% of least of 1, 2, or 3: 29 30 31 Note 2: General rate reduction: 32 33 Taxable Income 34 Less: Amount eligible for Small Business Deduction 35 Full Rate Taxable Income 36 Rate 37 General Rate Reduction 38 39 0 13% 0 0 0 You may show additional work here if you would like:
Transcribed Image Text:2 3 Problem 3- Enter the appropriate amounts in the yellow boxes to calculate Part 1 Tax Payable. Write any additional work you have in the green 4 space to the right. Any grey boxes are calculated/formulized for you and you do not need to edit those. 5 6 Jansen's Part 1 tax payable for the year would be calculated as follows: 7 8 Base Amount of Part 1 Tax 9 Federal Tax Abatement 10 Foreign Business Tax Credit 11 Small Business Deduction 12 General Rate Reduction 13 Part 1 Tax Payable 14 15 Note 1: Small Business Deduction: 16 17 Small business deduction = 19% of the least of: 18 19 1-Canadian Active Business Income 20 21 2-Taxable Income 0.00 Note 1 0.00 Note 2 0.00 22 Less: Foreign Tax Credit Adjusted (negative) 0 23 24 3- Reduced Annual Business Limit: 25 Original Business Limit Allocated to Jansen 26 Less: TCEC Business Limit reduction (negative) 27 28 Small business deduction= 19% of least of 1, 2, or 3: 29 30 31 Note 2: General rate reduction: 32 33 Taxable Income 34 Less: Amount eligible for Small Business Deduction 35 Full Rate Taxable Income 36 Rate 37 General Rate Reduction 38 39 0 13% 0 0 0 You may show additional work here if you would like:
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