ACCT226 Taxation I Instruction and Answer sheet
G C & E Case: Problem
Due Date: Must be received By January 4,2017. Marks will be deducted for late submissions.
What you need to do?
Use the Profile Tax Software to prepare the return for the taxpayer.
When you are finished please answer the questions included on page 2 of the instructions
Please attach the Tax Summary to your Submission showing all calculations necessary for preparation of the income tax return.
Remember all computer assignments must use the address shown below.
Taxpayer’s Address:
941 Progress Avenue
Toronto, Ontario
M5C 1A7
Phone # 416-289-5000
SIN: 527-000-129 (Taxpayer) or 527-000-483 (Spouse)
ACCT 226- All sectionsTAXATION I HAND IN CASE Winter 2017.
Use the Tax Summary of your completed return to answer the following questions:
1. What type of tax System is being used to Calculate the taxpayer’s income tax payable? Briefly how this tax systems works.
2. What are the other two types type of tax systems used in Canada? How are these systems different from the answer given in number #1 above?
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3. Calculate the effective rate of tax payable by taxpayer for 2017. (See Chapter 1- Page 6)
PART B: Global Citizenship & Equity
A desirable qualitative concept of Tax Systems is one of Equity and Fairness. See Chapter 1 (Pages 6-10).
Using the following two Learning Outcome of Global Citizenship & Equity:
Learning Outcome No. 5: Identify and challenge unjust practices in local and global systems; and
Learning Outcome No. 6: Support personal and social responsibility initiatives at the local, national and global level.
Discuss, briefly, whether the tax payable by the taxpayer is fair and equitable.
In your discussion please indicate the effect the country’s tax rates would have on International Competitiveness if that country’s tax rates are out of line with those in comparable countries.
*Remember to keep your GCE assignments in your on-going GCE portfolio for future professional use.
G C & E Case: Problem
Due Date: Must be received By January 4,2017. Marks will be deducted for late submissions.
What you need to do?
Use the Profile Tax Software to prepare the return for the taxpayer.
When you are finished please answer the questions included on page 2 of the instructions
Please attach the Tax Summary to your Submission showing all calculations necessary for preparation of the income tax return.
Remember all computer assignments must use the address shown below.
Taxpayer’s Address:
941 Progress Avenue
Toronto, Ontario
M5C 1A7
Phone # 416-289-5000
SIN: 527-000-129 (Taxpayer) or 527-000-483 (Spouse)
ACCT 226- All sectionsTAXATION I HAND IN CASE Winter 2017.
Use the Tax Summary of your completed return to answer the following questions:
1. What type of tax System is being used to Calculate the taxpayer’s income tax payable? Briefly how this tax systems works.
2. What are the other two types type of tax systems used in Canada? How are these systems different from the answer given in number #1 above?
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
3. Calculate the effective rate of tax payable by taxpayer for 2017. (See Chapter 1- Page 6)
PART B: Global Citizenship & Equity
A desirable qualitative concept of Tax Systems is one of Equity and Fairness. See Chapter 1 (Pages 6-10).
Using the following two Learning Outcome of Global Citizenship & Equity:
Learning Outcome No. 5: Identify and challenge unjust practices in local and global systems; and
Learning Outcome No. 6: Support personal and social responsibility initiatives at the local, national and global level.
Discuss, briefly, whether the tax payable by the taxpayer is fair and equitable.
In your discussion please indicate the effect the country’s tax rates would have on International Competitiveness if that country’s tax rates are out of line with those in comparable countries.
*Remember to keep your GCE assignments in your on-going GCE portfolio for future professional use.
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