A For each of the three cases: Indicate whether instalments are required for the 2021 taxation year. Show all of the calculations required to make this decision. In those cases where instalments are required, indicate the amount of the instalments that would be required under the approach used in the CRA's instalment reminder. In those cases where you have calculated the instalments required under the CRAS instalment reminder approach, indicate whether there is a better approach and, if so, calculate the required instalments under that approach. B. For those cases where instalments are required, indicate the dates on which the payments will be due
A For each of the three cases: Indicate whether instalments are required for the 2021 taxation year. Show all of the calculations required to make this decision. In those cases where instalments are required, indicate the amount of the instalments that would be required under the approach used in the CRA's instalment reminder. In those cases where you have calculated the instalments required under the CRAS instalment reminder approach, indicate whether there is a better approach and, if so, calculate the required instalments under that approach. B. For those cases where instalments are required, indicate the dates on which the payments will be due
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![Individual Tax Instalments
The following table contains information for Gladys Nite for the three years ending December 31,
2019, 2020, and 2021. The tax payable column is her combined federal and provincial tax payable.
The amounts in the columns titled Case One, Two, and Three are the amounts withheld by her
employer in three independent cases.
2019
2020
2021 (Estimated)
Tax Payable
$18,880
20,320
21,760
Required:
A For each of the three cases:
Case One
$14,480
19,720
18,640
Case Two
$19,280
14,880
18,560
Case Three
$15,280
16,160
19,440
• Indicate whether instalments are required for the 2021 taxation year. Show all of the
calculations required to make this decision.
. In those cases where instalments are required, indicate the amount of the instalments
that would be required under the approach used in the CRA'S instalment reminder.
. In those cases where you have calculated the instalments required under the CRAS
instalment reminder approach, indicate whether there is a better approach and, if so,
calculate the required instalments under that approach.
B. For those cases where instalments are required, indicate the dates on which the payments
will be due](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F11bd0a08-538c-4af5-9e0d-dc6d6997c505%2F9a9470b7-f345-4121-a85c-7095defa9122%2Fgmww1a_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Individual Tax Instalments
The following table contains information for Gladys Nite for the three years ending December 31,
2019, 2020, and 2021. The tax payable column is her combined federal and provincial tax payable.
The amounts in the columns titled Case One, Two, and Three are the amounts withheld by her
employer in three independent cases.
2019
2020
2021 (Estimated)
Tax Payable
$18,880
20,320
21,760
Required:
A For each of the three cases:
Case One
$14,480
19,720
18,640
Case Two
$19,280
14,880
18,560
Case Three
$15,280
16,160
19,440
• Indicate whether instalments are required for the 2021 taxation year. Show all of the
calculations required to make this decision.
. In those cases where instalments are required, indicate the amount of the instalments
that would be required under the approach used in the CRA'S instalment reminder.
. In those cases where you have calculated the instalments required under the CRAS
instalment reminder approach, indicate whether there is a better approach and, if so,
calculate the required instalments under that approach.
B. For those cases where instalments are required, indicate the dates on which the payments
will be due
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