Michelle was paid a retiring allowance of$72,000.00 when her employment wasterminated in February 2021. Michelle startedwith the organization in June 1978 and joinedthe company pension plan in June 1980. Shewas fully vested when her employment wasterminated.Calculate the portion of Michelle's retiringallowance that will be reported as non-eligible on her T4 information slip.

Solution : The non-eligible amount = ($72,000 - $42,000) =…

Michelle was paid a retiring allowance o $72,000.00 when her employment was terminated in February 2021. Michelle s with the organization in June 1978 and the company pension plan in June 198C was fully vested when her employment terminated. Calculate the portion of Michelle's retirir allowance that will be reported as non- eligible on her T4 information slip.

Michelle was paid a retiring allowance o $72,000.00 when her employment was terminated in February 2021. Michelle s with the organization in June 1978 and the company pension plan in June 198C was fully vested when her employment terminated. Calculate the portion of Michelle's retirir allowance that will be reported as non- eligible on her T4 information slip.

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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