Gloria works for Joseph Industries located in Sherbrooke, Québec. She earns $22.56 per hour, works 40 hours per pay period and is paid on a weekly basis The company provides its employees with group term life insurance and pays 100% of the premiums for their coverage. The premiums the company pays for Gloria's coverage are a non-cash taxable benefit of $24.00 per pay. Gloria is a member of the companys Registered Pension Plan and contributes 4 of her salary to the plan every pay. She also pays $23.00 in union dues each pay. Her federal TDI claim code is 3 Determine Gloria's federal income tax deduction per pay period. Your answer:

Gloria works for Joseph Industries located in Sherbrooke, Québec. She earns $22.56 per hour, works 40 hours per pay period and is paid on a weekly basis The company provides its employees with group term life insurance and pays 100% of the premiums for their coverage. The premiums the company pays for Gloria's coverage are a non-cash taxable benefit of $24.00 per pay. Gloria is a member of the companys Registered Pension Plan and contributes 4 of her salary to the plan every pay. She also pays $23.00 in union dues each pay. Her federal TDI claim code is 3 Determine Gloria's federal income tax deduction per pay period. Your answer:

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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Laura is 17 years old. She works for Gibson Catering in Alberta and earns an annual salary of $53, 650.00 paid on a weekly basis. She receives a $85.00 car allowance each pay. The company pays 100% of group term life insurance premiums for its employees as a non- cash taxable benefit which for Laura's is $29.00 per pay period. Laura is a member of the company's registered pension plan and contributes 4% of her salary to the plan every pay. Her federal and Alberta TDI claim codes are 1. Determine Laura's total income tax deduction per pay period.
Barry and Mary know that pension sharing can result in tax savings. Both are 65 years old and have been married for 35 years. Both have contributed to the Quebec Pension Plan (QPP) since age 18. Mary is a doctor and made more money than Barry over the years. Mary's QPP pension is $1,208/month while Barry's is $790/month. As a result of pension sharing, what will be Barry and Mary's monthly QPP benefit for tax reporting purposes? A Mary's QPP benefit has been reduced from $1,208 to $900 and Barry's benefit has also decreased from $790 to $482. B C Mary's QPP benefit has been reduced from $1,208 to $790 and Barry's benefit has increased from $790 to $890. Mary's QPP benefit has been decreased from $1,208 to $900 and Barry's benefit has increased $790 to $1,098. D Mary's QPP benefit has been reduced from $1,208 to $790 and Barry's benefit has increased from $790 to $1,208. E Mary's QPP benefit has been reduced from $1,208 to $1,052 and Barry's benefit has increased from $790 to $946.
Smithers is a self-employed individual who earns $27,000 per year in self-employment income. Smithers pays $1,850 in annual health insurance premiums (not through an exchange) for his own medical care. In each of the following situations, determine the amount of the deductible health insurance premium for Smithers before any AGI deduction and where the premiums are deductible. Please all parts including a,b,c, and d. The previous expert did nota. Smithers is single and the self-employment income is his only source of income(deductible as for AGI deduction only, deductible as an itemized deduction only. deductible as either a for AGI or itemeized deduction or not deductible)?Amount? b. Smithers is single, but besides being self-employed, Smithers is also employed part time by SF Power Corporation. This year Smithers elected not to participate in SF's health plan.(deductible as for AGI deduction only, deductible as an itemized deduction only. deductible as either a for AGI or itemeized…
18. Ms. Berry is employed as an Accounts Manager in the Jamaican company ADM Limited. In 2022, she earned a monthly salary of $820,000.00. She also sits on the board of directors of FHC Company Limited where she receives director's fees of $7,500.00 per month. She contributes 10% of her gross emoluments to the Superannuation Pension Plan. Under the Jamaican Labour Laws, every employee is expected to contribute 3% of their gross emoluments/ salaries up to a maximum of $3,000,000.00 p.a. Calculate Ms. Berry's MONTHLY tax deduction under the PAYE system if the annual income tax threshold $1,500,096 p.a Persons with monthly income below$500,000 pay tax at 25% and those above pays tax at 30%. The monthly PAYE is: a.$162,748 b. $153,061 c.$164,923 d.$189,748
Mary Johnson is earning $40,000 per week as her basic salary.Ms. Johnson lives in a house that the company pays the Landlord $5,000 weekly. She receives a non-taxable uniform allowance of $12,500 per week. Ms. Johnson has asked the payroll department to deduct from her salary $5,000 to National Housing Trust (NHT). The company has an approved pension scheme for which the employee contributes 5% per week and the employer matches this amount by contributing the same percentage for the employee. Required: a) Calculate the net pay for Mary Johnson for the week. b) Compute the taxes that the company will pay for Ms. Johnson.
Helen works for Jefferson Movers in Alberta and earns an annual salary of $42, 570.00 paid on a weekly basis. She contributes 2% of her gross earnings to a Registered Retirement Savings Plan each pay. Helen pays $30.00 weekly for union dues and receives a group term life insurance non-cash taxable benefit of $21.00 each pay. Her federal and provincial TD1 claim codes are 1 and she will not reach the annual maximums for Canada Pension Plan or Employment Insurance with this payment. Calculate Helen's net pay, following the steps in the payroll calculation template.
Dilpreet works for CTY, a company in Ontario and is paid $4300 biweekly. He contributes 7% of his gross earnings to a Registered Retirement Savings Plan each pay. He pays $92 per month for union dues and receives a group term life insurance non-cash taxable benefit of $390 each month. His employer also paid for counselling services worth $416 a month (non-cash). Each pay Dilpreet contributes $8.00 to United Way. His federal and provincial TD1 claim codes are 1 and he will not reach the annual maximums for Canada Pension Plan or Employment Insurance with this payment. Use 2021 rates. Calculate Dilpreet’s net pay. Make sure to use the CRA payroll deduction tables to determine federal and provincial income taxes. Round to two decimal places and do not include commas (,) or the $ sign.
Dianne works for a company located in Pierrefonds, Québec. She earns an annual salary of $53,274.00 and is paid on a semi-monthly basis. Her company pays 100% of the premiums for its employees' group term life insurance coverage. The premiums the company pays for Dianne's coverage are a non-cash taxable benefit of $32.00 per pay. Dianne participates in the company's group Registered Retirement Savings Plan and contributes 5% of her salary to the plan every pay. She also pays $28.00 in union dues each pay. Her Québec deduction code is C. Determine Dianne's provincial income tax deduction per pay period. Your answer:
Helen works for Jefferson Movers in Alberta and earns an annual salary of $44,742.00 paid on a bi-weekly basis. She contributes 2% of her gross earnings to a Registered Retirement Savings Plan each pay. Helen pays $37.00 bi-weekly for union dues and receives a group term life insurance non-cash taxable benefit of $26.00 each pay. Her federal and provincial TD1 claim codes are 3 and she will not reach the annual maximums for Canada Pension Plan or Employment Insurance with this payment. Calculate Helen's net pay, following the steps in the payroll calculation template. Gross Taxable Earnings (GTE) Pensionable Earnings (PE) Insurable Earnings (IE) Net Taxable Income (CRA) (NTI) Net Taxable Income (RO) (NTI) Statutory Deductions C/QPP contribution El premium OPIP premium Income tax (federal) Income tax (provincial) Other Deductions Union dues
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Ms. Berry is employed as an Accounts Manager in the Jamaican company ADM Limited. In 2022, she earned a monthly salary of $820,000.00. She also sits on the board of directors of FHC Company Limited where she receives director’s fees of $7,500.00 per month. She contributes 10% of her gross emoluments to the Superannuation Pension Plan. Under the Jamaican Labour Laws, every employee is expected to contribute 3% of their gross emoluments/ salaries up to a maximum of $5,000,000.00 p.a. Calculate Ms. Berry’s MONTHLY tax deduction under the PAYE system if the annual income tax threshold $1,500,096 p.a Persons with monthly income below$500,000 pay tax at 25% and those above pays tax at 30%. The monthly PAYE is: Question 34Answer a. $163648 b. $189,748 c. $153,061 d. $162,748
Dow, 42, is a manager for Winter Company. In addition to his $83,000 salary, he receives the following benefits from Winter during the current year: Winter pays all its employees' health and accident insurance. Premiums paid by Winter for Dow's health insurance are $1,500. Winter provides all employees with group term life insurance coverage equal to their annual salary. Premiums on Dow's $83,000 in coverage are $830. Winter has a flexible benefits plan in which employees may participate to pay any costs not reimbursed by their health insurance. Dow has $2,700 withheld from his salary under the plan. His actual unreimbursed medical costs are $3,360. Winter pays Dow the $2,700 paid into the plan during the year. All management-level Winter employees are entitled to employer-provided parking. The cost of Dow's parking in a downtown garage is $3,500 for the year. Winter pays Dow’s $150 monthly membership fee to a private health club located in the building in which Dow works. Dow uses…