BC Company started their business on January 1, 2021. ABC Company had two employees in...
90.2K
Verified Solution
Link Copied!
Question
Accounting
BC Company started their business on January 1, 2021. ABC Company had two employees in this year: Jane and Larry. The payroll is run semi-monthly. Larry estimates that his 2021 net income will be $10,000 for TD-1 purposes. Assume Jane and Larry work the entire period from January 1 to December 31, 2021 or 12 month. The following payroll data was provided for Jane and Larry: Jane(80 yrs. old) Larry(75 yrs. Old and Disabled) Annual Salary $24,000 $48,000 Income tax Deducted for the entire year: $2,000 $10,000 Spouse 60 years old Estimated Net Income: $50,000 No Children No Children Tuition none $2,000, Seneca Part Time 4 months. Private Pension Income from Sun Life Assurance. none Estimated, $5,000 per year (Pension Income) Registered Pension Plan (RPP) Deduction $1,000 per year $5,000 per year With regards the this year's Company's T4 SUMMARY for all employees, the following choice is the most accurate/correct? Please choose the best and most accurate answer. Box 14 is $72,000 Box 88 is 2 Box 20 is $6,000 Box 27 is $1,077 Box 14 is $48,000 Box 88 is 2 Box 20 is $6,000 Box 27 is $0 Box 14 is $72,000 Box 88 is 2 Box 22 is $5,000 Box 27 is $0 Box 14 is $72,000 Box 88 is 2 Box 20 is $6,000 Box 27 is $0
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
