Calculate the vehicle deduction for a 2022 income tax

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Reference no: EM133475089

Question #1: Calculate the vehicle deduction for a 2022 Income Tax client (self-employed) with UCC on a class 10 vehicle which was $22,000 at the end of 2018 and the max was used each year. Total allowable vehicle expenses for 2022 were $10,000.00 (not including CCA). In 2022 18,000km were driven for business, 14,000km were driven for personal use.

Question #2: Pretend you have five employees who would like to know exactly how much their bi-weekly pay will be once all of their deductions are taken off. Their weekly pay is as follows: Emp #1. $1100 Emp #2. $1300 Emp #3. $1500 Emp #4. $1700 Emp #5. $2300

Question #3: Two parts to this question: Part one: We discussed in class the saying the more you make the more you pay; therefore, in regards to, the tiered Canadian Income Tax system, please explain what that saying means to you and if you agree with it. Part two: Would receiving a large income tax refund for 2022 (over $5000.00) make you happy or sad? Please Explain your answer.

Question #4: Pretend for a moment you owned a business but had no cash and your business was about to close because of no operating funds. You approach a Venture Capitalist and an Angel Investor, and both are willing to provide you with the necessary financing; however, you can only go with one. First part of the question is: Who would you choose and why? Second part of the question is: Where does Risk and Return fit in with both Venture Capitalists and Angel Investors?

Question #5:
Calculate the office in the home income tax deduction for 2022: Bed #1 (10x12) Bed #2 (13x 15) Bed #3 (16x 14), Livingroom (12X15) Kitchen 9x14 Bathroom #1 (8x14) Bathroom #2 (6x8) NOTE: Bedroom #1 is the office and the eligible home expenses are $1750.00 a month.

Reference no: EM133475089

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