User Account

All Pages

Write a short memo to ken and kathleen

Assignment Help Taxation
Reference no: EM132045391

It is early April 2018 and you, work in a mid-sized accounting firm in Regina, Saskatchewan. While you normally work on audits, you have requested to participate in the personal tax pool this year. The experience gained will be so valuable for your career.

You meet with the partner, Sam Brown, who has instructions for a special personal tax return to prepare.

Sam asks you to prepare the 2017 tax returns for his good friends Kathleen and Ken Smith. In Excel, you will need to calculate the federal income taxes payable, showing all components and calculations for the Smiths. You have been asked to ignore any CPP/QPP on self-employment income.

You have also been asked to write a short memo to Ken and Kathleen explaining the results of the tax calculation and when their returns are due. Sam also asked you to explain any evidence that the Canada Revenue Agency (CRA)may request for the Smiths claim for child care expenses and donations. He is aware of the fact that the CRA has been auditing these items more frequently and he wants to make sure the Smiths are ready to respond.

Sam has provided you with Ken and Kathleen's personal tax information in the appendix.

Attachment:- Appendix.rar

Verified Expert

The attached files contain clear calculations in regard to calculation of the taxes in regard to the tax payable by the Smiths. The different components of the tax payable are being clearly described in the notes.The calculation for the child care expenses and charitable donations are being clearly explained as they render an important part of the audits.The capital gains are accordingly calculated keeping in view the provisions of Canada revenue agency.

Reference no: EM132045391

Questions Cloud

Brand development index for the foodie segment : Calculate Mary's Dairies Brand Development Index for the Foodie segment.
Identifies number of market segments : Baseball equipment maker We're Bats identifies a number of market segments, including "Diamond Tykes"--families with very young players.
What is market value of the bond-a large stock dividend : What is the market value of the bond if the stock is selling for $68.90 a share and the bond matures in exactly one year? A large stock dividend:
At what stage the pm can release the design architects : In Matrix form of management, at what stage the PM can release the design architects of his project? And what is the process of doing so?
Write a short memo to ken and kathleen : Write a short memo to Ken and Kathleen explaining the results of the tax calculation and when their returns are due.
Achievement of the goals of an organization : Defines the concept of motivation and how it contributes to the achievement of the goals of an organization
Create the systems integration project proposal shell : For the assignments in this course, you will be developing a comprehensive Systems Integration Design Proposal as your project. Your first task in this process.
Calculate price elasticity of demand for demand curve : Calculate price elasticity of demand for this demand curve, at the point where Price = $15.51.
Who determines what is a bad product : Who determines what is a "bad" product? One can consider cigarettes, which are pretty clearly bad for you, and they're an easy target;

Reviews

inf2045391

8/22/2018 2:51:54 AM

My brother recommended me about your assignment writing service website, so I want to try it once. I am highly satisfied with your services. Now I can get enough time to do my studies and job as well and I getting good grades even better than before. Thank you Experts mind for your support.

Write a Review

Taxation Questions & Answers

  Why might the future outlook be more positive

What two factors have hurt real estate in recent times? Why might the future outlook be more positive?

  Calculate budgeted profit before tax

Discuss, with reasons, the apparent contradiction between the budgeted breakeven sales and production volumes and the preliminary profit achieved in the 2003 financial year and Calculate the budgeted profit before tax for the 2004 financial year. I..

  Report in its income statement for the year ended

1.On June 30, 2013, Papa Phil Inc. leased 200 pizza ovens for its chain of restaurants from Pizza Inc.

  Explain impact of tax holiday of up to ten day in your state

Analyze the impact of tax holidays of up to 10 days in your state. Create a table with two (columns. The first column should list Yield, Equity, Administration and Compliance, and Economic Impact.

  What is the projects irr

If the tax rate on  ordinary income is 40 percent, what is the project's IRR?

  Question independence is taken the cornerstone of the

question independence is taken the cornerstone of the accounting profession. in relation to the audit the auditor could

  Carrot had current year taxable income

Carrot Company has been profitable in the past and expects to remain profitable in the future. Carrot sells a product for which it provides a five year warranty.

  What are the income and fica tax consequences

His current year salary is $700,000 per year. What are the income and FICA tax consequences if the IRS determines that $200,000 of his salary is unreasonable compensation?

  Question on 1 of january 2013 abc company announced stock

question on 1 of january 2013 abc company announced stock options for the cfo at the price of 25 a share - 1000 shares.

  What tax year should the corporation choose

"If the corporation could choose any tax year and pay the lawyer's salary at a time that would be most tax efficient. What tax year should the corporation choose and when should the salary be paid each year?"

  Calculate the tax payable by sigma

BULAW5916 - Taxation Law & Practice - What is Sigma's corporate tax rate for each of the 2015/2016 and 2016/2017 tax years

  Complete the federal income tax return for carter

Complete the 2015 federal income tax return for Carter and Stella Johnson. Ignore the requirement to attach the form(s) W-2 to the front page of the Form 1040.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd