At the end of 2019, Ms. Shelly Sampson has unused RRSP deduction room of $6,000 and undeducted RRSP contributions of $4,800. For the 2019 taxation year, Ms Sampson has net employment income of $71,000, spousal support received of $14,000, a net rental loss of $18,000 and interest receipts of $2,600. During 2019, she is a member of her employer's RPP to which she contributed $2,000 and her employer made a matching contribution of $2,500. А. Determine Shelly's Earned Income for 2019. В. Determine Shelly's maximum RRSP deduction for 2020. C. incurring a penalty. Calculate the maximum RRSP contribution that Shelly can make for 2020 without

At the end of 2019, Ms. Shelly Sampson has unused RRSP deduction room of $6,000 and undeducted RRSP contributions of $4,800. For the 2019 taxation year, Ms Sampson has net employment income of $71,000, spousal support received of $14,000, a net rental loss of $18,000 and interest receipts of $2,600. During 2019, she is a member of her employer's RPP to which she contributed $2,000 and her employer made a matching contribution of $2,500. А. Determine Shelly's Earned Income for 2019. В. Determine Shelly's maximum RRSP deduction for 2020. C. incurring a penalty. Calculate the maximum RRSP contribution that Shelly can make for 2020 without

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

For 2021, Casey, who is single, has itemized deductions of $15,000. The standard deduction for the single filing status is $12,550. If she receives a reimbursement in 2022 of $3,000 from her medical insurance company for expenses that she deducted in 2021, how much of the $3,000 is included in gross income for 2022?
For the 2019 taxation year, Sylvia Ivany has net employment income of $90,000, spousal support received of $36,000, a net business loss of $5,000, and interest receipts of $2,300. She is a member of her employer's RPP to which she contributes $2,500. Her employer makes a matching contribution and reports a 2019 PA of $4,200. At the end of 2019, she has unused RRSP deduction room of $8,400 and undeducted RRSP contributions of $7,000. In early 2020, she contributes $20,000 to her RRSP. Determine Sylvia's maximum RRSP deduction for 2020. Assuming she deducts her maximum, determine the amount of any Unused RRSP Deduction Room that she will have available at the end of 2020, and indicate the amount of any undeducted contributions remaining at the end of 2020. Net Employment IncomeRPP ContributionsSpousal Support ReceivedBusiness Loss2019 Earned IncomeUnused Deduction Room - End Of 2019Lesser Of:• 2020 RRSP Dollar Limit =• X% Of 2019 Earned Income Of $X.XXLess 2019 PA2020 RRSP Deduction…
Milt, a self-employed attorney, incurs the following expenses in 2019: (Click the icon to view the expenses.) Which of the expenditures listed above (if any) are deductible in 2019 by Milt? (Complete all input fields. Enter a "0" if an expense is not deductible.) Business lunches for clients and prospective clients Entertainment of professional associates in his home (immediately following business meetings) Country club dues (the club is used exclusively for business) Total amount deductible in 2019 JUU Data Table Business lunches for clients and prospective clients Entertainment of professional associates in his home (immediately following business meetings) Country club dues (the club is used exclusively for business) Total Print Done $ 4,000 2,000 2,500 8,500
) For 2021; An employer may provide an employee with a reimbursement of up to _________ of qualified education expense without including any of that payment as income to the employee. A. 3650 B. 4200 C. 10500 D. The entire amount is income to the employee
For each employee listed, use both the wage-bracket method and the percentage method to calculate federal income tax withholding for an employee who has submitted a pre-2020 Form W-4. 1: Michael Daugherty (married; 5 federal withholding allowances) earned weekly gross pay of $875. For each period, he makes a 403(b) retirement plan contribution of 14% of gross pay.Using wage-bracket method: Federal income tax withholding = $ Using percentage method: Federal income tax withholding = $
For each taxpayer, compute the maximum contribution to the retirement plan. a. Lewis, a self-employed individual, has net earned income of $50,000 in 2019. If Lewis has no employees, calculate the maximum contribution to a SEP plan that he may deduct from his adjusted gross income. b. During 2019, Linda, age 32, has a salary of $40,000. She participates in a Section 401(k) plan and chooses to defer 25 percent of her compensation. What is the maximum amount Linda can contribute to the Section 401(k) plan on a tax-deferred basis? If Linda's salary was $125,000, instead of $40,000, what is the maximum amount that she could contribute to the Section 401(k) plan on a tax-deferred basis?
Pastor Bingham retired in December 2020. prior to his retirement he received the following: an annual salary of $64,000 that includes $24,000 designated as housing allowance $5312 reported on form 1099 NEC for his duties as a chaplain at the prison and $912 in a retirement collection taken up on his behalf. which of these amount is excluded from gross income for purposes of federal income tax? 1) $912 2) $5,312 3) $24,000 4) $64,000
For calendar year 2023, Giana was a self-employed consultant with no employees. She had $80,000 of net profit from consulting and paid $7,000 in medical insurance premiums on her policy covering 2023. How much of these premiums may Giana deduct as a deduction for AGI? As an itemized deduction? If an amount is zero, enter "0". Self-employed persons can deduct fill in the blank 1 % of their medical insurance premiums as a deduction for AGI in 2023. Thus, Giana may deduct $fill in the blank 2 as a deduction AGI and she may deduct $fill in the blank 4 as an itemized deduction (subject to the AGI floor).
n 2020, Juergen made after-tax contributions of $24,300 to his employer's qualified plan. In August 2021, he requested a nonperiodic distribution. At that time, his account balance was $78,000 and he received a one-time distribution of $13,000. How much of the distribution is tax-free? $0 $4,050 $11,300 $13,000
The Standard Corporation paid wages of $140,000 to it chief accountant in 2020. Determine the amount withheld from his wages for (i) social security and (ii) Medicare
LSG Company is a calendar year, cash basis taxpayer. On November 1, 2021, LSG paid $9,450 to the janitorial service that cleans their offices. How much of this expenditure can LSG deduct in 2021 assuming that: The expenditure is a prepayment for 6 months of cleaning services from November 2021 through April 2022? _____________________________________________________________________________________ _____________________________________________________________________________________ The expenditure is a prepayment for 18 months of cleaning services from November 2021 through April 2023? _________
In December 2020, Ryan paid $31,230 for an insurance policy that covers his business property for accidents and casualties. Ryan is a calendar-year taxpayer who uses the cash method of accounting. What amount of the insurance premium may Ryan deduct in 2020 in each of the following alternative scenarios?a. The policy covers the business property from March 1, 2021 – February 28, 2022.b. The policy covers the business property from November 1, 2020 – October 31, 2022.c. The policy covers the business property from December 1, 2020 – November 30, 2021.d. Assume that instead of paying an insurance premium, Ryan paid $31,230 in rent for Dec 1, 2020 – May 31, 2021. Please show excel work