In January 2021, you are asked to provide tax advice to Ms. Leslie Garond. She has provided you with the following information about her combined federal and provincial income taxes payable and the income taxes withheld by her employer for the 2019 and 2020 taxation years: Year Тахes Payable Taxes Withheld 2019 2020 $22,000 18,000 $9,500 9,700 For 2021, she estimates that her combined federal and provincial income taxes payable will be $14,000 and that her employer will withhold a total of $9,850 in income taxes. She has asked you whether it will be necessary for her to pay instalments in 2021 and, if so, what the minimum amounts that should be paid are and when they are due. Required: Advise Ms. Garond as to whether or not she is required to make instalment payments for 2021. If instalments are required, calculate the alternative amounts that could be paid under each alternative. Indicate which alternative would be best and the dates (including the year) on which the payments should be made.

In January 2021, you are asked to provide tax advice to Ms. Leslie Garond. She has provided you with the following information about her combined federal and provincial income taxes payable and the income taxes withheld by her employer for the 2019 and 2020 taxation years: Year Тахes Payable Taxes Withheld 2019 2020 $22,000 18,000 $9,500 9,700 For 2021, she estimates that her combined federal and provincial income taxes payable will be $14,000 and that her employer will withhold a total of $9,850 in income taxes. She has asked you whether it will be necessary for her to pay instalments in 2021 and, if so, what the minimum amounts that should be paid are and when they are due. Required: Advise Ms. Garond as to whether or not she is required to make instalment payments for 2021. If instalments are required, calculate the alternative amounts that could be paid under each alternative. Indicate which alternative would be best and the dates (including the year) on which the payments should be made.

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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