Answered: If Marissa's yearly salary was $65,900…

If Marissa's yearly salary was $65,900 and she received taxable benefits in the amount of $1127.99 per year what amount would go into Box 26 on her T4?

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter12: Alternative Minimum Tax

Section: Chapter Questions

Problem 30P: Lisa records nonrefundable Federal income tax credits of 65,000 for the year. Her regular income tax...

See similar textbooks

Related questions

Q: Tamarisk, Inc. issues 9,400 shares of $106 par value preferred stock for cash at $110 per share.…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: 1: What problems do you see when an auditor relies extensively on management’s representations on…

A: Disclaimer: “Since you have asked multiple questions, we will solve the first question for you. If…

Q: 3. Nicanor sold his residential lot located in Iloilo City. The Deed of Absolute Sale is dated…

A: Due date of Payment of Capital Gain Tax Due date of Payment of Stamp Tax

Q: Karmee Company has been accumulating operating data in order to prepare an annual profit plan.…

A: Customer billing: When a customer receives its goods or service from the seller, he/she pays the…

Q: Given the following data, calculate product cost per unit under absorption costing. dir labor.…

A: The cost per unit can be calculated by dividing total cost by total unit produced.

Q: Bridgeport Corp. has 7,400 shares of common stock outstanding. It declares a $5 per share cash…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: nt to France for $146,000. The plant had cost Belgium $104,000 on 1 January 2018 and had been…

A: The answers have been mentioned below.

Q: Hogan Tax Company considers 6,000 direct labor hours or 300 tax returns its normal monthly capacity.…

A: Variable overhead spending variances is the difference between what the variable production…

Q: Prepare a bank reconciliation on 30 June 2016 based on the information provided below. Show all your…

A: The bank reconciliation statement is prepared at end of period to find the errors in bank statement…

Q: The Kramer Company had office supplies on hand of $900 at the beginning of the period, purchased…

A: Formula: Supplies expense = Beginning supplies + Net purchases - Ending supplies

Q: Simons Industries reported net income of $69,000 for the current year. The balances and activity in…

A: It is the cash flow generated from the daily business operating activities Operating Cash Flow = Net…

Q: Question 3 Assuming the following quotes, calculate how a market trader at Citibank with $1,000,000…

A: We are given quotes of three different banks for different currencies. The trader intends to make…

Q: i. Describe three (3) techniques of constructing accounts from incomplete records i1. The following…

A: From incomplete records we can construct or prepare accounts using the following techniques…

Q: and various method

A: A reduction in the value of the asset after the useful years of life is known as depreciation. There…

Q: Question 12 Refer to Table 1-1 in Question 11. The opportunity cost of 1 unit of cheese for Whetonia…

A: The benefit that might have been gained if a different alternative had been chosen is known as…

Q: A corporation began 2021 with $38000 balance and accounts receivable and an $600 balance and the…

A: Net Realizable value of receivables = Accounts receivable - Allowance for doubtful accounts where,…

Q: Elder furnishes the following information for the year. Standard: Material for 70 kgs finished…

A: Formulas: Material usage variance =(Standard quantity - Actual quantity)* standard price Material…

Q: 10. If a company has current assets of $230,000 and current liabilities of $100,000 the amount of…

A: Formula: Working capital = Current Assets - Current liabilities

Q: Current Attempt in Progress On December 31, 2021, the Allowance for Doubtful Accounts has an…

A: Bad debt expense on December 31,2021 =( $94700×10%)+1020 =$9470+$1020 =$10490

Q: The standard cost of Product B manufactured by Sandhill Company includes 3.0 units of direct…

A: Total material variance = Standard quantity ×Standard price - Actual quantity ×Actual price

Q: 3: Quantity and Lead times Quantity 1-200 201-550 551-999

A: Given as,

Q: 2. Prepare a Ten-Column Worksheet.

A: Worksheet means the statement in which all account having debit or credit balance are shown up. In…

Q: Fresno Industries Inc. manufactures and sells high-quality camping tents. The company began…

A: The income statement is prepared to find the net income or loss incurred during the period. The…

Q: The following information pertains to Sandhill Corporation. 1. Balance per bank, July 31, $8,802.…

A: Bank Reconciliation Statement and Entries in the books

Q: Statement of cost of goods manufactured for a manufacturing company Cost data for Johnstone…

A: The cost of goods sold is referred to as the total direct cost which is incurred in order to prepare…

Q: Chris’s House of Music wants to purchase TransposeIt, a system that transposes any song in its…

A: Calculation of depreciation Software = (10600-200)/5 = $ 2080 laser printer= $ 4100/5 = $ 820

Q: On June 1, 2021, Conundrum Company purchased at 101 a $300,000 face value bond paying 6%, with…

A: The debt is the type of securities issued by the corporation to raise funds. The company pays a…

Q: The operating budget of the Black Monster company is given below. Sales $425000 Fixed costs $122000…

A: Break-even point = Fixed costs /Contribution margin per unit where, Contribution margin per unit =…

Q: On December 31, 2021, the Allowance for Doubtful Accounts has an unadjusted debit balance of $1,020.…

A: Bad debts expense = Estimated uncollectible accounts + Debit balance of Allowance for doubtful…

Q: Assets 2022 2021 Cash $55,760 $18,040 Accounts receivable 69,700 62,320…

A: The question is related to Cash Flow Statement. Cash Flow Statement is summary of cash receipts and…

Q: The following information is available for Fess Company: Credit sales during 20X1 $ 150,000…

A: Doubtful debts relate to the total amount of account receivable thata company deems to be…

Q: PROVIDE ANSWER PLEASE a. What is the balance of construction in progress to be reported by Entity A…

A: The question does not give sufficient information as to the balance of construction of which year is…

Q: Fill in the blanks with the number that corresponds to the correct word or phrse below: 2. GDP…

A: The student has asked multiple fill in the blanks.In the next step, I have answered all the fill in…

Q: This deals with the determination of the fairness of the accountin reports and whther they are in…

A: "We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…

Q: P Company acquired 70% of the ordinary shares of S Company at a time when S Company’s book values…

A: Consolidated cost of sales = Cost of sales of S + Cost of sales of P - Cost of sales by P to S

Q: Medical Expense Deduction. In 2021, Charla, a single taxpayer with no dependents, was severely hurt…

A: Taxable income refers to the base upon which an income tax system imposes tax. In other words, the…

Q: On June 1, Marin Inc. issues 3,400 shares of no-par common stock at a cash price of $9 per share.…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: Prepare general journal entries to record the four transactions and to adjust the Allowance for…

Q: PROBLEM 6 On March 24, 2020, Pluto and Mars decided to form a partnership Pluto invested P115,000…

A: The partnership comes into existence when two or more persons agree to do the business and further…

Q: The operating budget of the Black Monster company is given below. Sales $425000 Fixed costs $122000…

A: Revised Fixed cost = $122000 - $12100 = $109900

Q: What's the breakeven point in sales units? What's the breakeven point in sales dollars?…

A: Break-even point = Fixed costs /Contribution margin per unit where, Contribution margin per unit =…

Q: The following data are taken from the books of a dealer in securities: Selling price, shares held as…

A: Output tax shall be computed on sales price of shares held as inventory less acquisition cost

Q: A fixed asset with a cost of $41,000 and accumulated depreciation of $36,000 is traded for a similar…

A: Fixed asset exchange is a regular commercial transaction. Fair value should be applied to exchanges…

Q: The following data relate to the direct materials cost for the production of 1,800 automobile tires:…

A: Material price variance = (Actual price per lb - Standard price per lb)*Actual quantity purchased…

Q: Sell at Solit-of or Process Further Decsion, Alternatives, Relevant Costs Vihaan Chemicals Company…

A: Answer 1) The decision of further processing of joint products is based in incremental analysis. If…

Q: The following information is available from the current period financial statements: Net income…

A: Cash Flow Statement (Indirect Method) For the Current Year Cash Flow from Operating Activities…

Q: On July 20, 2021, Benildo Corp. discounts a 120 days, 15% P250,000 note of a customer dated July 10,…

A: Cash proceeds from discounting the note = Maturity value of the Note - discount amount where,…

Q: Empl Hrs OT Rate Gross FIT FICA Health Dental Net 0010 40 $15 $645 $57.00 $43.61 $15 $5 0011 40 8…

A: FIT represent the federal income tax which is withhold by the employer and deducted from the gross…

Q: Mini-Exercise 11-1 (Algo) Calculate liquidity measures The following amounts were reported on the…

A: Lets understand the basics. Working capital is a capital which is required to run day to day…

Q: Do normal valuation metrics work like P/E, P/B etc., in tech companies or do investment bankers…

A: A startup is a firm that is in its early phases of operation. These businesses usually start with…

Concept explainers

Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.

Question

If Marissa's yearly salary was $65,900 and she received taxable benefits in the amount of $1127.99 per year what amount would go into Box 26 on her T4?

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Darrell is an employee of Whitneys. During the current year, Darrells salary is 136,000. Whitneys net self-employment income is also 136,000. Calculate the Social Security and self-employment taxes paid by Darrell and Whitney. Write a letter to Whitney in which you state how much she will have to pay in Social Security and self-employment taxes and why she owes those amounts.
Virginia and Richard are married taxpayers with adjusted gross income of $28,000 in 2019 If Virginia is able to make a $1,500 contribution to her IRA and Richard makes a $1,500 contribution to his IRA, what is the Saver's Credit Virginia and Richard will be eligible for? $0 $1,500 $2,000 $3,000 $4,000
Lisa records nonrefundable Federal income tax credits of 65,000 for the year. Her regular income tax liability before credits is 190,000, and her TMT is 150,000. a. What is Lisas AMT? b. What is Lisas regular income tax liability after credits?
4) Listen Debbie earns an annual salary of $80,000 per year. Paid Biweekly. She contributes 2% of her biweekly gross salary to RRSP. She receives a group life non cash taxable benefit of $35.00 and a $85.00 cash cell phone allowance per pay. It is March 2021 and she has not hit any maximums. Her claim code is 1. Please calculate her gross earnings, El contribution, CPP contribution, income tax contribution and her net pay. Please note you must show all formulas/work or you will receive zero. Gross Earnings: (1) El Contribution: (1). CPP Contribution: (1) Income Tax Contribution - Federal. Income Tax Contribution - Provincial Net Pay: (1) Format
A married couple has income of $35,000 and Social Security benefits of $25,000. What amount of their Social Security benefits must be included in their taxable income? Group of answer choices $0 $5,500 $7,750 $12,500
A married couple received $9,200 of social security benefits. a. Calculate the taxable amount of those benefits if the couple's provisional income is $20,500. b. Calculate the taxable amount of those benefits if the couple's provisional income is $38,000. c. Calculate the taxable amount of those benefits if the couple's provisional income is $56,000.
Kara's annuity earned $1,000 of interest this year. When she files her income tax return for this year, she will have to report how much of that $1,000 as taxable income?
4. Pedro, single, is a minimum wage earner, in addition to his basic minimum wage of P180 000 for the year 2021, he also received the following benefits: De minimis, P140 000 excluding Productivity Incentive Pay (P80 000 over the ceiling) Productivity incentive pay as provided in the CBA, P28 000 13th month pay and other benefits, Pl12 000 How much is the income tax due of Pedro?
In 2021, Amy receives $8,000 (of which $3,000 is earnings) from a qualified tuition program. She uses the funds to pay for tuition and other qualified higher education expenses. What amount is taxable to Amy? a.$0 b.$8,000 c.$3,000 d.$11,000
Required: A married couple received $9,200 of social security benefits. a. Calculate the taxable amount of those benefits if the couple's provisional income is $20,500. b. Calculate the taxable amount of those benefits if the couple's provisional income is $38,000. c. Calculate the taxable amount of those benefits if the couple's provisional income is $56,000. Taxable amount of benefits a. b. C.
A married couple received $11,000 of social security benefits. a. Calculate the taxable amount of those benefits if the couple's provisional income is $24,500. b. Calculate the taxable amount of those benefits if the couple's provisional income is $42,500. c. Calculate the taxable amount of those benefits if the couple's provisional income is $65,000. a. b. " Taxable amount of benefits $ 0
Use the following information Molly has collect to help her determine her taxable income for the year: Salary from her job 115,100 Interest earn from 1,280 savings Interest paid on student loans Your Answer: Answer 905 Standard deduction 12,950 Itemized deductions 842 Child tax credit 2000