Determine Mr Caldeiras Total Income

Assignment Help Taxation

Reference no: EM132921840

INCOME TAX

Case #1 - Individual Tax Return

Mr.Caldeira is employed by a large public corporation and for 2020 hissalarywas$________. He was a member of the company's pension plan and his contributions were matched by his employer. He contributed $800.84 to the plan and the amount shown on his T4 slip along with an entry of $1,601.68 in box 52 representing his pension adjustment. Union dues were deducted of $1,000.

During 2020, hisemployer withheld the following amounts from his compensation:

EI Premiums $856.36
CPP Contributions $2,898.00
Income Tax Deducted $_______

He also made RRSP contributions of $200 a month for the year and had enough contribution room. Last year he had non-capital lossesof $________ that he could not use in 2019 and wascarryforward to 2020.

Mr. Caldeira owns 1,000 preferred shares of Iron Works shares, a publicly-traded taxable Canadian corporation and received four dividend payments of $102and sold his shares and received proceeds of disposition of $36 per share and his adjusted cost base for each share was$20. Mr. Caldeiraalso received interest payments totaling $365 based on his balance in his savings account at the same bank and had carrying charges of $95.

Mr.Caldeirais the sole provider for the family and Lily his wife works part time and had a Net Income of $5,800. They have two young children Lois and Arsenio aged seven and eleven and paid medical expenses of $2,650 in 2020.He also contributed to various charities in the amount of $90 and his wife contributed $80 to local charities.

Required:

Determine Mr. Caldeira'sTotal Income, Net Income, Taxable Income, and the Net Federal Tax owing or refund for 2020 not including Provincial Taxes.

Case#2 - Canadian Tax System

Compare the Canadian income tax system with another nation's tax system. Examine and describe current tax laws, concepts or calculations of a nation of your choice and discuss the similarities and differences with Canada's tax system like:

- Individual marginal tax rates and tax brackets
- Individual deductions and credits
- Corporate or business taxation

Your answer should be approximately 2- 4 pages and contribute to future tax planning for international financial service clients.

Attachment:- INCOME TAX.rar

Reference no: EM132921840

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