In 2023, Mr. Sam Warren is provided with an automobile that is leased by his employer. The monthly lease payment is$791 per month which includes $91 in HST. During the year, the car was available to Mr. Warren for a total of 310days. During this period, he drives the car a total of 40,000 kilometers, 22, 000 of which are for employment purposesand 18,000 for personal use. Calculate Mr. Warren's minimum taxable automobile benefit.

The objective of the question is to calculate the minimum taxable automobile benefit for Mr. Sam…

Answered: In 2023, Mr. Sam Warren is provided…

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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This year (2022), Evan graduated from college and took a job as a deliveryman in the city. Evan was paid a salary of $74,850 and he received $700 in hourly pay for part-time work over the weekends. Evan summarized his expenses as follows: Cost of moving his possessions to the city (125 miles away) $ 1,200 Interest paid on accumulated student loans 2,970 Cost of purchasing a delivery uniform 1,570 Cash contribution to State University deliveryman program 1,385 Calculate Evan's AGI and taxable income if he files single. Assume that interest payments were initially required on Evan's student loans this year. What is Evan's AGI? What is Evan's Taxable Income?
Alicia has been working for JMM Corp. for 33 years. Alicia participates in JMM's defined benefit plan. Under the plan, for every year of service for JMM, she is to receive 2 percent of the average salary of her three highest consecutive calendar years of compensation from JMM. She retired on January 1, 2020. Before retirement, her annual salary was $588,000, $618,000, and $648,000 for 2017, 2018, and 2019. What is the maximum benefit Alicia can receive in 2020? Maximum benefit in 2020 [$] *PER MCGRAW-HILL, THE ANSWER IS NOT $370, 800*
During the 2019/20 FBT year, Tesla Ltd gave an employee a personal loan of $50,000. The loan existed for the entire FBT year and provided to the employee at a low interest rate of 2.5% pa. The employee used the loan to pay for her wedding & honeymoon. Required: Calculate the fringe benefit payable of the Loan Fringe Benefit
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oseph works for Northwest Gaskets in Alberta. He earns $33,800.00 per year and is paid biweekly. His TD1 federal and provincial claim codes are 3. In March 2020, Joseph receives a production bonus for meeting his 2019 targets. The bonus of $4, 940.00 is paid separately from his regular pay. Calculate the income tax on Joseph's bonus payment.
Vinubhai
Alicia has been working for JMM Corp. for 33 years. Alicia participates in JMM’s defined benefit plan. Under the plan, for every year of service for JMM she is to receive 2 percent of the average salary of her three highest years of compensation from JMM. She retired on January 1, 2019. Before retirement, her annual salary was $609,000, $639,000, and $669,000 for 2016, 2017, and 2018. What is the maximum benefit Alicia can receive in 2019?
On July 1, 2019, Park Company leased office space for ten years to Rudd at a monthly rental of $15,000, and received the following amounts as listed in the table below. Rude made timely rent payments through November 2019; the December rent was paid, together with January 2020 rent, on January 6, 2020. At December 31, 2019, park should report rent receivable of? First Month Rent $ 15,000 Security Deposit $ 25,000 a. $0 b. $ 5,000 c. $15,000 d. $30,000
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On April 23, 2019, Bailey purchased an automobile for $25,000. The car is used 80% for business and 20% for personal use. What is the cost recovery deduction for 2019 and 2020 assuming the 100% bonus was taken? (Round answers to the nearest dollar)

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