Doug is an individual and an employee. He had taken out loan on 1 March of the previous year to buy dividend producing shares. He paid interest of $200 per month on the first day of each month. Doug paid monthly for this current year until 1 January and on 1 February he prepaid 16 months interest. The interest deduction that Doug can claim for the current year is

At the year end, Harold has a receivables balance of $100,000 and an allowance for receivebles of $5000. He has not yet accounted for a receipt of $500 in respect of a debt which he has previously provided against or a receipt of $1000 in respect of a debt which had been written off in the previous year. Harold wishes to maintain his allowance for receivables at 7% of receivables. What balance will be shown in his statement of financial position at the year end for receivables and the allowance for receivables?

Mikhail Rivers is a self-employed corporate tax consultant.  Mikhail’s business, Rivers’s Tax Consultancy, prepares financial statements to an accounting date of 31 March each year.   During the year ended 31 March 2021, Mikhail’s tax adjusted trading profit was £34,120.   What is the total amount of National Insurance contributions payable by Mikhail for the contribution period 2020/21?   A. £158.60 B. £3,070.80 C. £2,374.40 D.        £0. Mikhail will not be required to make any National Insurance contributions

Jan sold her house on December 31 and took a $100,000 mortgage as part of the payment. The 20-year mortgage has a 2% nominal interest rate, but it calls for semiannual payments beginning next June 30. Next year Jan must report on Schedule B of her IRS Form 1040 the amount of interest that was included in the two payments she received during the year. How much interest must Jan report on Schedule B for the first year? O $2,000.00 $1979.54 $979.54 $1000.00

Clyde is a cash-method taxpayer who reports on a calendar-year basis. This year Paylate Corporation has decided to pay Clyde a year-end bonus of $1,450.Determine the amount Clyde should include in his gross income this year under the following circumstances. (Leave no answer blank. Enter zero if applicable.)   Problem 5-53 Part-d (Algo) d. Clyde picked up the check in December, but the check could not be cashed immediately because it was postdated January 10. Amount to be included in gross income - ________

A retired 78-year-old individual is unmarried, has no dependents, and holds a part- time job that pays $3,000 per year. The individual also has corporate bonds that pay interest income each year. What is the minimum amount of interest the corporate bonds must pay for this individual to be required to file income taxes for 2021? $9,551 O $11,251 O $12,551 $21,801

Assume that the prescribed rate for each quarter last year was 4%. Gerry received a loan from his employer of $60,000 at 2%, which he put towards a rental property he purchased for $120,000. He paid the balance in cash. What was his taxable benefit last year as a result of the loan that he obtained from his employer? a) $0 b) $600 c) $1,200 d) $2,400 Alan Peterson made a $2,000 RRSP contribution this year, and his marginal tax rate is 29%. Next year, Alan expects to get a significant raise, such that his marginal tax rate will increase to 43%. The Income Tax Act allows him to deduct his RRSP contribution this year, or to carry the deduction forward to future years. When should he claim the deduction to optimize the tax benefits? a) He should claim the deduction this year. b) He should claim the deduction next year. c) It does not matter when he claims the deduction because it will result in the same tax reduction in either year. d) He should split the deduction between his tax returns…

Noel purchases a house and gets a 15-year mortgage for $155,000 at 4.75% APR. In addition to the monthly payment, the lender requires him to pay into an escrow account for the homeowners insurance and property tax. His homeowners insurance is $1100 per year and the property tax is $1500 per year. Determine the monthly payment to the lender that includes the insurance and property tax. Round your answer to the nearest cent.

Nine months ago, Muriel agreed to pay Aisha $1,400 and $800 on dates 6 and 12 months, respectively, from the date of the agreement. With each payment Muriel agreed to pay interest at the rate of 7% from the date of the agreement. Muriel failed to make the first payment and now wishes to settle her obligations with a single payment four months from now. What payment should Aisha be willing to accept if money can earn 5 1/2 % ?

Matthew purchased his first home in 2021 and the bank required that he pay mortgage insurance premiums of $3,040 which was 1% of his loan of $304,000. Matthew's AGI for 2021 was $106,500. What is Matthew's deduction in 2021 for mortgage insurance premiums? Mortgage insurance premium LA $