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Income Tax

Transcript: How do you calculate the CPP contribution ? How do you calculate the EI premium? What is the maximum CPP amount a person can pay? Tomorrow – Bank Statements (not on Quiz 1) Wednesday – Quiz Review Thursday – Cumulative Review 2 Friday – Finance Quiz 1 Income Tax "Actually, the reasons celebrities get in trouble with the IRS (America's version of Revenue Canada) are the same reasons you and I get in trouble," says Brian Compton, president of the company Tax Resolution Services. "They fail to file returns, or they file returns that are significantly false." But no matter the reason, this death of a thousand paper cuts (idiom meaning slow decline) comes in three flavors: the oblivious (Nic Cage: I'm just an entertainer!), the nefarious (Heidi Fleiss: What extra income?) and the couldn't-prove-anything-else (Al Capone: Really? Tax evasion?). And the resolution comes in two flavors: civil and criminal. Criminal is easy (and relatively rare) -- the celeb goes to jail. But if celebs can't pay back taxes in a civil case through bank accounts or liquidating assets, resolution can get creative. The IRS took a percentage of the gate of Mike Tyson's prizefights. Willie Nelson went on a pay-the-taxman tour. And Wesley Snipes' acting fees went straight to the government until his debt was paid. Martha Stewart - Stewart failed to pay taxes on her New York home to the sum of $220,000, claiming that because she didn't spend much time there, she shouldn't owe taxes on it Al Capone - Though he paid taxes on only a paltry legit yearly income, he lived like the king he was. When the federal government asked - Where did the money come from and why hadn't he paid taxes on it? It landed Capone in the slammer for 11 years, of which he served seven and a half. Willie Nelson - In 1990, the IRS presented Nelson with a $16.7 million bill for back taxes. Nicholas Cage - Deducting personal expenses was the charge against Nicolas Cage in 2007 -- $600,000 worth of them. But in 2009, it got worse when the IRS slapped a $6.2 million back taxes fee on Cage for failure to pay taxes on the $24 million in acting fees. When calculating the federal and provincial income tax of an employee we need to know the following: the employee’s taxable income. TI = GAI – Tax-Exempt Deductions the employee’s tax credits. These include CPP contributions, EI premiums, medical expenses, donations, and a basic personal amount. These tax credits reduce the amount of tax imposed on employees. Employees with a low income will therefore pay a small amount of tax. For the year 2000 the basic personal amount is $7131. Net Income = GAI – CPP – EI – Federal & Provincial Tax – Other Deductions Melissa works as a customs officer in Vancouver. In the year 2000 she earned a gross income of $67 400. She pays 4% of her gross income into an RRSP, and she has union dues of $50 per month. The union dues are a direct deduction from her salary, but the RRSP is purchased after receiving her take-home pay. Determine her total income tax for the year 2000. 2. Calculate Tax Credits Melissa’s Tax Credits = CPP + EI Premium + Basic Personal Amount 1. Calculate Annual Taxable Income Annual Taxable Income = Gross Income - Tax Exempt Deductions 5. Calculate Provincial Income Tax using table Calculate Melissa’s monthly take home pay if she has other deductions amounting to $32.40 per month. Income Tax Income Tax Tables Tax Evasion & Celebrities 4. Calculate Basic Federal Tax Melissa’s Basic Federal Tax = Federal Tax - 17% of Melissa’s Tax Credits Quick Questions What's Coming Up Celebrities convicted of Tax Evasion 6. Calculate the TOTAL Income Tax Example: 3. Calculate Federal Tax Using Table for the Year 2000 Interesting Idea...

Income Tax

Transcript: Annual charge levied on both earned income (wages, salaries, commission) and unearned income (dividends, interest, rents). In addition to financing a government's operations, progressive income taxation is designed to distribute wealth more evenly in a population, and to serve as automatic fiscal stabilizer to cushion the effects of economic cycles. Its two basic types are (1) Personal income tax, levied onincomes of individuals, households, partnerships, and sole-proprietorships; and (2) Corporation income tax, levied on profits (net earnings) of incorporated firms. However, presence of tax loopholes (whose number increases in direct proportion to the complexity of tax code) may allow some wealthy persons to escape higher taxes without violating the letter of the tax laws. - Provides the government money to take care of the country -Gives government money to pay services that are needed buy the community -It makes it easier for us as their paying for things such as hospitals and schools that are crucial in the community - Paying for little things such as the rubbish collectors help us, as we don't have to always worry our self with who will take the rubbish Explain how greater government spending could improve the local hospitals and council library Why Should we pay Taxes What is Income Tax Providing the government with more money could help improve the local hospitals and council library since their job is to help provide and develop the services of the country so that the community can live a better and easier life Income Tax Kyle Zhang and Siliba Ncomanzi

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