Byrd & Chen’s Canadian Tax Principles 2020 – 2021 Ch.3 Assignment Question 10 PDF

Title	Byrd & Chen’s Canadian Tax Principles 2020 – 2021 Ch.3 Assignment Question 10
Course	Income Tax
Institution	College of the North Atlantic
Pages	1
File Size	41.8 KB
File Type	PDF
Total Downloads	96
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Assignment Problems Chapter 3 #10 Salary Union Dues Automobile Benefit (note one) Employee award Share profit (note two) Personal Fitness Trainer fees Computer related supplies (note three) Net employment income

120,000 100 3,628 2,000 13,000 700 550 138,678 -

Note one Car $33,600 Standby Charge (2%*$33,600*12*(6,000/20004)) Operating cost benefit - Lesser of: (6,000)($0.28) = 1680 (2419)(1/2)= 1,210 Total Taxable Benefit (12*1667) 20004

2,419

1,210 3,628

Note two $35,000 (35*1000). Sold at $48. Profit of $13 (48-35) per share. Taxable Income is $13,000(13*1000) Note three Ipad is owned by AAAA, and Alexa has no personal use; therefore there is not taxable benefit. Alex owns the printer; therefore she can not deduct CCA on capital cost. The cost of cartridges and supplies however can be deducted 100% totaling $550....