Ted Turner’s employer offers him a choice of reimbursing $600 of professional dues and subscriptions, or reimbursing $600 of retirement planning services. Ted, a computer specialist with the firm, expects to earn an additional $20,000 during the current year as part[1]time consultant, which will be reported on Schedule C. What advice would you give Ted concerning the choice, assuming the dues and subscriptions would qualify as ordinary and necessary business expenses on his Schedule C?

Mr. X was an employee with the following information from his employment in 2020. Salaries and wages - $27,000 RRSP contribution in 2020 - $5,500 Membership dues paid by Mr. X - $500   Calculate Mr. X's the net employment income for 2020?   Question 7 options:   a)  $21,500   b)  $27,500   c)  $21,000   d)  $27,000

15. More on the time value of money Lloyd is a divorce attorney who practices law in Florida. He wants to join the American Divorce Lawyers Association (ADLA), a professional organization for divorce attorneys. The membership dues for the ADLA are $500 per year and must be paid at the beginning of each year. For instance, membership dues for the first year are paid today, and dues for the second year are payable one year from today. However, the ADLA also has an option for members to buy a lifetime membership today for $4,500 and never have to pay annual membership dues.   A. Obviously, the lifetime membership isn’t a good deal if you only remain a member for a couple of years, but if you remain a member for 40 years, it’s a great deal. Suppose that the appropriate annual interest rate is 8.5%. What is the minimum number of years that Lloyd must remain a member of the ADLA so that the lifetime membership is cheaper (on a present value basis) than paying $500 in annual…

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15. More on the time value of money Lloyd is a divorce attorney who practices law in Florida. He wants to join the American Divorce Lawyers Association (ADLA), a professional organization for divorce attorneys. The membership dues for the ADLA are $700 per year and must be paid at the beginning of each year. For instance, membership dues for the first year are paid today, and dues for the second year are payable one year from today. However, the ADLA also has an option for members to buy a lifetime membership today for $6,000 and never have to pay annual membership dues. Obviously, the lifetime membership isn't a good deal if you only remain a member for a couple of years, but if you remain a member for 40 years, it's great deal. Suppose that the appropriate annual interest rate is 7.9%. What is the minimum number of years that Lloyd must remain a member of the ADLA so that the lifetime membership is cheaper (on a present value basis) than paying $700 in annual membership dues? (Note:…

1. Student graduates and is employed receiving an annual salary of $70,000. Student will receive a 50% employer match on their retirement contributions up to 6% of their annual salary. Assume, student takes advantage of this match to the maximum amount for student’s 35 year working career. How much will student have at the end of his/her career? Assume student earns 7% on their retirement investments. Assume Student did not receive an employer match, but did the same thing. How much would student have in retirement savings upon retirement? 2.  Student is now 35 and has $100,000 in retirement savings. Student withdrawals $75,000 early. Student then reenters the workforce and begins saving again for retirement at age 38. Student then works another 30 years. Student has $7,000 in retirement savings for those 30 years. How much money will student have upon retirement at age 68? Assume student makes 7% on their retirement savings. Assume similar student has $100,000 at age 35 and then…

Marcus Gravey, an Executive Manager at Bank oF America receives a salary of $6,500,000.00 per annum and his employer provides him with a 2019 Toyota RAV4 which was purchased for $7.5million. It is estimated that Mr. Gravey’s private use of the vehicle is 45%. Mr. Gravey contributes 10% of his annual salary to an approved pension scheme. For the year of assessment 2021 calculate the following for Mr. Gravey: Statutory Income   Social Security Tax, Housing Tax, Education Tax Taxable Income PAYE Net Pay

Please help me.  Thankyou.

9 It is February 2021 and Sandra is looking to maximize her RRSP contribution for a deduction on her 2020 income tax return. She has never been part of a Registered Pension Plan. What is the maximum amount that she can contribute to her RRSP and claim on her 2020 personal income tax returns (include carry-forward amounts)? She has provided you with the following information: -Salary in 2018 $10,000 (part-time employment to help with her tuition when she was 19). -Salary in 2019 $80,000. (full-time employment, she was 20). -Salary in 2020 $85,000. (full-time employment, she was 21). -Current salary in 2021 $90,000. (full-time employment, she is 22). -RRSP contribution made previously and deducted on her 2019 tax return for $1,300 Registered Retirement Savings Plan (RRSP): Annual Limits Formula for RRSP contribution limit: 18% of your previous year's earned income less your previous year's pension adjustment to an annual maximum. Annual maximum contribution limit A B C Year 2018 2019…

Required information [The following Information applies to the questions displayed below.] Pratt is ready to graduate and leave College Park. His future employer (Ferndale Corporation) offers the following four compensation packages from which Pratt may choose. Pratt will start working for Ferndale on January 1, year 1. Benefit Description Salary Health insurance Restricted stock NQOS Option 1 $ 56,000 No coverage Option 2 $ 55,000 $ 5,200 B H Option 3 $ 50,000 $ 5,200 1,000 shares В Option 4 $ 50,000 $ 5,200 180 options Assume that the restricted stock is 1,000 shares that trade at $5 per share on the grant date (January 1, year 1); shares are expected to be worth $10 per share on the vesting date at the end of year 1; and no 83(b) election is made. Assume that the NQOS (100 options) each allows the employee to purchase 10 shares at $5 exercise price. The stock trades at $5 per share on the grant date (January 1, year 1) and is expected to be worth $10 per share on the vesting date at…