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Gen is a new sole proprietor. By the end of January 2022, she needs to issue what document to any independent contractors to whom she paid $600 or more to do project work for her business? Form 1099-K, Payment Card and Third-Party Network Transactions. Form 1099-MISC, Miscellaneous Income. Form 1099-NEC, Nonemployee Compensation. Form W-2, Wage and Tax Statement.
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- Ms. Jessie Waud found a position in retail sales in September 2021. During the remainder of that year, she received gross employment income of $21,500. Prior to 2021, Ms. Waud had no earned income and made no contributions to either an RRSP or a TFSA View the RRSP information. View the common-law partner information. View the other sources of income or loss. Read the requirements. View the additional information. Requirement A. Calculate Ms. Waud's 2021 employment income. What is Ms. Waud's 2021 employment income? Requirement B. Determine Ms. Waud's maximum deductible RRSP contribution for 2022. (Round your answer to the nearest whole dollar.) What is Ms. Waud's 2021 employment income? Requirement C. As Ms. Waud's personal financial consultant, what advice would you give her regarding her TFSA and RRSP contribution and deduction for 20227 OA. Ms. Waud should contribute the maximum deductible amount to her RRSP for the year 2022 in 2022. She should also contribute the maximum allowable…Ms. E. lives and works in Ontario as an internal auditor for a public corporation. She is required to travel for work. Ms. E. provides you with the following information for 2020: Gross Salary Income Tax Withheld CPP Contributions - Employee El Contributions – Employee Registered Pension Plan Contributions – Employee Charitable Donations $60,000 15,900 2,898 856 3,000 100 300 Reimbursement Paid by Employee for Use of Company Vehicle Employer paid Ms. E.'s private health care premiums 625 Ms. E. has the use of a company car for the entire year. She drove the car a total of 25,000 kilometers. 20% of those kilometers were for personal reasons. The company paid the car's annual $3,200 operating costs and $4,500 lease payments. Ms. E's employer gives her a monthly travel allowance of $400 and requires her to pay for her own meals and accommodations while traveling for work. She spent $3,000 on meals and entertainment, and $4,000 for accommodations. Ms. E. made a $1,500 contribution to a…Eloise Newton is employed as a tax analyst at Senators plc, a large management consultancy. During the tax year 2020/21, Senators plc provided Eloise with non-job related accommodation and a car. Eloise used the car for both work and private purposes.Which of the following types of National Insurance contributions must Senators plc pay in the contribution period 2020/21? A. Class 1 secondary and Class 1AB. Class 1 primary and Class 1AC. Class 1 primary, Class 2 and Class 1AD. Class 2 and Class 3
- Z was an employee with the following information from her employment in 2021. Salaries and wages - $57,500 RRSP contribution in the final months of 2021 - $5,500 Membership dues paid by Ms. Z’s employer on her behalf - $500 What is Ms. Z’s net employment income for 2021? ___________1) Review the following situations and determine the employee's net pay by figuring out what earnings & benefits are subject to Income Tax, Canada/ Quebec Pension Plan, Quebec Parental Insurance Plan (if applicable) and Employment insurance. Make sure to reduce net and taxable income by any applicable voluntary/non statutory deductions as well. All rates should be based on 2022. a) Lawrence works in Alberta and is paid on a bi-weekly basis. He has a claim code of 1 on both his TD1 and TD1AB. He has the following type of earnings, benefits & deductions. He will not max out on CPP or El this pay and will have full deductions. 1) Regular $2,500 ii) Vacation Pay $500 iii) Group Life-Employer paid Taxable benefit $25 iv) RRSP contribution-Employee deduction $300 v) Coffee Fund $5Mr. A, a minimum wage earner sales agent, received the following from his employer for the year 2021: Compensation Income P150,000; Overtime pay P10,000; 13th month pay P12,000; Commission from sales P300,000. What is the amount of taxable Income? Answer please!
- 2. Use (a) the percentage method and (b) the wage-bracket method to compute the federal income taxes to withhold from the wages or salaries of each employee based on the following 2023 W-4 Information. Use the tables in IRS Publication 15- I. Using 2023 Form W-4 Employee Corn, A. Fogge, P. Felps, S. Carson, W Helm, M. More Marital than Step 2 Status 1 job? checked? S No S M M M 2 2 2 No No No No No No No Gross Additional Wage or deductitons Salary $0 $0 $0 $0 $0 Pay Frequency $ 675 weekly 1,960 weekly 1,775 biweekly 2,480 semi-monthly 5,380 monthly a. b. C. d. e. Amount to be Withheld Percentage Method Wage- Bracket MethodHenrietta Jones works on Capitol Hill as a legislative assistant and to supplement her income, works as a freelance driver using an app (Lyft). In 2023, she made $ 40.000 in wages from her Capitol Hill job and made $61 ,200 from driving for Lyft (She is an independent contractor). a. What is her 1) taxable income, b. What is her 2) OBI deduction: s. How much self-employment tax does she owe; d. Please prepare draft: 1) Form 1040 Schedule C, Schedule SE and Schedule 1.All the listed benefits paid by an employer are required to be included in an employee's income for a tax year except one. Which one? Question 4 options: a) Tuition fees for training that relates to employer's work b) Medical expenses of an employee c) Forgiveness of employee debt d) Cost of life insurance
- Mr. Li is employed by BDF, Incorporated. Required: a. Compute BDF's 2022 employer payroll tax with respect to Mr. Li assuming that his annual compensation is $60,000. b. Compute BDF's 2022 employer payroll tax with respect to Mr. Li assuming that his annual compensation is $200,000. Complete this question by entering your answers in the tabs below. Required A Required B Compute BDF's 2022 employer payroll tax with respect to Mr. LI assuming that his annual compensation is $200,000. Payroll tax < Required ADetermine all items that will be included and excluded from gross income on Form 1040 based on the TCJA of 2018. List all included and excluded items in column A. In column B, explain why the item is either included or excluded. Form 1040, Schedule C, Schedule D, Schedule E, Form 8949 Jenny Walters is a marketing assistant and earned $38,000 in 2018. She is 42 years old and has been divorced for five years. Jenny will claim head of household for 2018. She has a daughter, Julia, who is 20 years old. Julia is a full-time student. Here are some more tax facts: Jenny's SSN is 123-34-4567 and Julia's is 654-32-1234. Jenny's address is 100 N. Main St., Atlanta, GA 30301. Jenny receives $1,200 per month in alimony from her ex-husband. Jenny owns a rental property with the following financial data: Rental Revenue - $50,000 Expenses: Insurance - $5,000 Repairs - $10,500 Depreciation - $4,000 Jenny has interest income from corporate bonds of $2,200 and interest from municipal bonds…Morgan Cruise earns net self-employment income of $221,000. She works a second job from which she receives FICA taxable earnings of $108,200.00. (2019 = $132,900)Self-Employment tax =