hello, I was completing some questions in my Fina 200 class and these were the questions I was stuck on, unfortunately.
What is Sam’s monthly disposable income if his gross annual salary is $120,000, and his employer withholds monthly income taxes and other payroll deductions of $4,950? Note that Sam’s monthly fixed expenses are $2,350, while his variable expenses are $2,200. He also contributes monthly savings of $500 to his Tax-Free Savings account.
Felix started his own company 3 years ago. He does not have a company pension plan set up yet. He pays himself the necessary salary that just allows him to maximize his RRSP contribution limit of $29,210 (Table D). What is Felix’s salary?
Andrii has still not filed his 2021 personal income tax returns even though he knows that he will have a penalty and interest on the amount owing. He has been procrastinating as he knows that he has a large capital gain that will trigger a lot of taxes to pay. Two years ago, Andrii purchased 9,550 shares in Crazy Inc. for $6,000. He decided to sell 5,000 shares on July 1, 2021, when they hit $7/share. He also had a capital loss of $1,400 on some mutual funds that he sold in November 2021. See Table A to help you calculate Andrii’s taxes on the sale of the investments, knowing that he is in the highest marginal tax bracket. Ignore penalty and interest for this calculation.