Ms. Jones is a retired partner in a law firm and has taxable income of $70,000 each year from the partnership, her RRSP and her investments. She expects to pay $25,000 in tax in respect of 2021. She paid $16,400 in tax in respect of 2020 and $15,300 in tax in respect of 2019. No taxes withheld on any of this income. Which of the following is the minimum amount that Ms. Jones should pay for her 2021 quarterly income tax installments, in order to avoid any unnecessary interest costs? From Introduction to Federal Income Taxation in Canada, Wolters Kluwer, 2019-2020, Chapter 14, Q#6 Select one: a. Two payments of $3, 825 and two payments of $4, 375. b. Four payments of $6250. c. Two payments of $4,100 and two payments of $6,250 d. Two payments of $3,825 and two payments of $4,100.
Ms. Jones is a retired partner in a law firm and has taxable income of $70,000 each year from the partnership, her RRSP and her investments. She expects to pay $25,000 in tax in respect of 2021. She paid $16,400 in tax in respect of 2020 and $15,300 in tax in respect of 2019. No taxes withheld on any of this income. Which of the following is the minimum amount that Ms. Jones should pay for her 2021 quarterly income tax installments, in order to avoid any unnecessary interest costs? From Introduction to Federal Income Taxation in Canada, Wolters Kluwer, 2019-2020, Chapter 14, Q#6 Select one: a. Two payments of $3, 825 and two payments of $4, 375. b. Four payments of $6250. c. Two payments of $4,100 and two payments of $6,250 d. Two payments of $3,825 and two payments of $4,100.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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