Seminar assignments - Income Tax Assignment PDF

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Income Tax Assignment...

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Income Tax Assignment Objectives Assume this is the fiscal year of 2012. Use the information below to fill out tax forms for Mitchell. Go to Revenue Canada http://www.cra-arc.gc.ca/formspubs/prioryear/t1/2012/oneng.html. You will need to use the General Income Tax and Benefit Guide – 2012 and the T1 General – 2012. Download the following forms: T1General, Schedule 1(Federal tax), Schedule 4 (Statement of Investment Income), Schedule 9 (Donations and Gifts), Schedule 11 (Tuition, Education and Textbook Amounts), Ontario Tax ON428, ON-BEN, & Schedule ON(S11). It is recommended to print out the forms and practice on them before going to the quiz. NOTE: Do not use commas in your answers. Your answers will not save properly. Mitchell, single, 23, is living in Toronto. He is currently employed as an insurance agent. He just graduated from university. The following is the information that he needs to complete his 2012 income tax form: Employment Income Interest Income (T5) RRSP contribution Professional dues (T4) CPP contributions (T4) EI premiums (T4) Charitable donations Tuition Public Transit Education amount and textbooks (4 months fulltime, Column C) Interest payment on student loans Income tax deducted at source (T4) Rents

29,000 325 1,500 115 1262 530 350 2804 450

335 2950 5750

Note: The rents were paid for an apartment unit where he lived for the entire year of 2012. The address is 911 Ford Street, Guelph ON N1G 2W1. The property is owned by Southwood Corporation (not a student residence). • • • •

Make sure you include line 363 on schedule 1 What is Mitchell's federal marginal tax rate? What is his combined marginal tax rate? What is his average tax rate? Make sure you read the note about this under Coursework – Chapter 3.

To find general instructions on how to fill out the tax forms click on ‘Ch. 3 Planning Your Tax Strategy’ in Coursework. Once you are confident that you have completed the tax forms, select the quiz link. Proceed to the income tax assignment test. The assignment is divided up into sections. Each section has a different due date. Once you enter the quiz you will be asked for your results based on the forms you have completed. Make sure you complete the assignment in the following order.

Section 1: T1 General Form – pages 2 and 3 Section 2: Schedule 1 Section 3: Ontario Tax Form ON 428 Section 4: ON-BEN Section 5: T1 General – page 4 Section 6: Tax Rates

Weight 1.5% 3.5% 4.5% 2% 2% 1.5% Total=15%

Due Date Tuesday October 7 Wednesday October 8 Friday October 1 0 Tuesday October 14 Thursday October 16 Friday October 17

Important: For all sections except Section 4, you will be given two chances. You will be asked to input a series of numbers based on your calculations. For each of the line numbers given, input your answer. You need to properly round all your answers to two decimal places (4 and lower round down; 5 and up round up). Once you submit quiz you will be told which questions you answered correctly. If you have made mistakes you can correct them and re-take the quiz for the 2nd time. Your grade for each section will be the higher of the two attempts. For Section 4, you will be given only one chance because most questions are the type of True or False. The answers for each section will be released immediately after that section is due. This will allow you to use the correct answers to continue the rest of the tax forms. I do not adjust grades for inputting errors. Additional instructions are given with the quiz. There are six sections in total. Your final grade will be calculated by adding up all the section grades. NOTE: If you happen not to start doing a certain section by the due date, the weight of that section would be transferred to your final exam. This policy does not apply if you have started doing it (regardless of the number of questions you have done). Note that if you miss multiple sections, only the first missing one will be transferred.

T1 General Form 1 / 1 point

Question 1 Line 150:

Your Answer: 29325.00 Question 2

1 / 1 point

Line 233:

Your Answer: 1615.00 Question 3

1 / 1 point

Line 260:

Your Answer: 27710.00

Tax - Schedule 1: 1 / 1 point

Question 1 Line 23:

Your Answer: 4664.00 Question 2

1 / 1 point

Line 27:

Your Answer: 19158.00 Question 3

1 / 1 point

Line 30:

Your Answer: 73.50 Question 4

1 / 1 point

Line 31:

Your Answer: 2947.20 Question 5

1 / 1 point

Question 6

1 / 1 point

Line 39:

Your Answer: 4156.50

Line 58:

1209.30 Your Answer:

Tax Form ON 428 0 / 1 point

Question 1

Line 16:

Your Answer: 4404.00

(4828.00)

Question 2

0 / 1 point

Line 24:

Your Answer: 15936.00

(16360.00)

Question 3

1 / 1 point

Line 29:

Your Answer: 26.84 Question 4 Line 30:

0 / 1 point

Your Answer: 831.61

(853.02) 1 / 1 point

Question 5

Line 38:

Your Answer: 1399.36 0 / 1 point

Question 6

Line 53:

Your Answer: 567.75

(546.34) 0 / 1 point

Question 7

Line 61:

Your Answer: 567.75

(546.34) 1 / 1 point

Question 8

Line 65:

Your Answer: 300 0 / 1 point

Question 9

Line 66:

Your Answer:

844.62

ON-BEN Question 1

1 / 1 point

(846.34)

Line 6110:

Your Answer: 5750 Question 2

1 / 1 point

Does Mitchell qualify for the OEPTC (Ontario Energy and Property Tax Credit)? Enter '1' if Yes, and '0' if No.

Your Answer: 1 Question 3

1 / 1 point

Does Mitchell qualify for the NOEC (Northern Ontario energy credit)? Enter '1' if Yes, and '0' if No.

Your Answer: 0 Question 4

0 / 1 point

Suppose that Mitchell qualifed for certain credit(s) specified on the form of ON-BEN. How would he get the credit(s)? Enter '1' if CRA (Canda Revenue Agency) will do calcuations based on his completed form and send him the credit(s) separately from tax refund; Enter '0' if CRA (Canda Revenue Agency) will do calcuations based on his completed form and include the credit(s) into his tax refund.

Your Answer: 0

(1.00)

T1 General 1 / 1 point

Question 1 Line 435:

Your Answer: 2055.64 Question 2 Line 482:

1 / 1 point

Your Answer: 2950.00 Question 3

1 / 1 point

Line 484:

Your Answer: 894.36 Question 4

1 / 1 point

Line 485:

Your Answer:

0.00

1 / 1 point

on 1 Federal Marginal Tax Rate (%):

Your Answer: 15.00 Question 2

1 / 1 point

Combined Marginal Tax Rate (2 decimal places) (%):

Your Answer: 20.05 Question 3 Average Tax Rate (two decimal places) (%):

Your Answer: 7.01

1 / 1 point...