Elena lives in Nova Scotia and has relatives inAlberta, Saskatchewan, and Quebec. She getstogether with them often. She wants to purchasea new aerobic trainer and would like to pay thelowest price. If a family member buys the item,Elena can pick it up at one of their regular familygatherings. The price of the trainer for eachprovince is listed below:Province Regular Selling Price before TaxesNova Scotia$1,229.50Alberta$1,329.95$1,274.25$1,219.75SaskatchewanQuebeca. Where should Elena have the aerobic trainerpurchased and how much would she pay?b. How much money would she save from hermost expensive option?

Purchase Price: The price at which any good or service is purchased is the purchase price. It is the…

Answered: Elena lives in Nova Scotia and has…

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter2: Gross Income And Exclusions

Section: Chapter Questions

Problem 3P

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Nova Scotia and has relatives in Alberta, Saskatchewan, and Quebec. She gets together with them often. She wants to purchase a new aerobic trainer and would like to pay the lowest price. If a family member buys the item, Elena can pick it up at one of their regular family gatherings. The price of the trainer for each province is listed below: Province Regular Selling Price before Taxes Nova Scotia $1,229.50 Alberta $1,329.95 Saskatchewan $1,274.25 Quebec $1,219.75 a. Where should Elena have the aerobic trainer purchased and how much would she pay? b. How much money would she save from her most expensive option?
Roxy operates a dress shop in Arlington, Virginia. Lisa, a Maryland resident, comes in for a measurement and purchases a $2,800 dress. Lisa returns to Virginia a few weeks later to pick up the dress and drive it back to her Maryland residence, where she will use the dress. Assuming that Virginia's sales tax rate is 5 percent and that Maryland's sales tax rate is 6 percent, what is Roxy's sales tax collection obligation? Multiple Choice $0 $140 to Virginia $140 sales tax to Virginia and $28 use tax to Maryland $168 to Maryland
Mary Lou just purchased a new digital camera in Nunavut (Nunavut Tax Rate = 5%) for $556.49 including taxes. What was the price of the camera before taxes?
1.Link wants to make $100,000 after tax on his new venture into selling pizza-on-a-stick, using a "push along" cart at the beach. For each pizza-on-a-stick, he incurs raw material costs of $5 and sells them for $10. He pays a salary to his friend Zelda, who operates the cart for $50,000. If he buys the cart himself, he will incur fixed expenses of $20,000. Or, he can rent the cart and pay $1 to the cart supplier each time he sells a pizza stick. What is his point of indifference? That is, at what volume of pizza sticks is he indifferent about renting or buying the cart? (Insert a number ONLY) 2. Like Link, Chrom sells pizza-on-a-stick at the beach. But Chrom also sells dogs-in-a-pocket, which are hot dogs you can carry with you that have enough preservatives to survive in your pocket for years. For each pizza-on-a-stick, Chrom incurs raw material costs of $5 and sells them for $10. He incurs material costs of $3 for the dogs and sells them for $5. He sells 3 times as many dogs as he…
Ms. Wang is looking for a hotel for her trip to Hawaii once it is safe to travel (Sigh! I wish ). She chooses the hotel (on the right). Best Seller 'Alohilani Resort Waikiki Beach a) If Ms. Wang books 7-nights at this resort, calculate the total cost with 13% tax. Expedia.ca E$427 C$393 /night View deal v Free cancellation b) Ms. Wang pays for the resort on her credit card on April 20th and she will pay off the entire balance on Aug 20th. Ms. Wang's credit card charges 19.99% per year, compounded daily. Calculate the interest that she will pay on the purchase. Show all work.
Julie paid a day care center to watch her two-year-old son while she worked as a computer programmer for a local start- up company. What amount of child and dependent care credit can Julie claim in 2021 in each of the following alternative scenarios? Use Exhibit 8-10 e. Julie paid $5,300 to the day care center and her AGI is $14,000 ($3,300 salary and $10,700 unearned income). Child and dependent care credit
Anisha has contributed $2,500 a year to her child’s RESP for the last 5 years. She has received the maximum Canada Education Savings Grant each year and earned $200 in investment income. How much of the RESP balance can be withdrawn tax free? Ignore provincial plans. Select one: a. $15,200 b. $12,500 c. $15,000 d. Zero
Can you help me? Gurpeet and Mariana acquire a new home in Alberta with a cost of $426,446. Determine their New Housing GST Rebate.
A young couple has saved up $12,000.00 for a down payment on a home. They are currently paying $1700.00 per month to rent a condo. The couple is pre-approved for a 20-year mortgage at 7.9% and their realtor estimates that they will need to set aside $3500.00 for taxes and other costs at the time of sale. Part: 0/4 Part 1 of 4 (a) What is the price of the most expensive home they can buy without raising their monthly housing payment? The maximum price of a home the couple can afford is $. X 3 Espanol M
The Bainters want to estimate annual costs for purchasing the home so they can compare them with the costs they estimated for renting. These costs are expenses the Bainters will have only if they purchase instead of rent: monthly mortgage payment $200 per year for HOA fees $1,750 per year for property taxes $1,950 per year for home maintenance $75 per month for water and sewer services $10 per month for trash and recycling services $65 per month for internet $110 per month for homeowners' insurance Approximately how much should the Bainters budget for a year? Your answer should include the total amount the Bainters should budget the calculations or an explanation of how you determined the answer
Marsha Jones has bought a used Mercedes horse transporter for her Connecticut estate. It cost $54,000. The object is to save on horse transporter rentals.Marsha had been renting a transporter every other week for $219 per day plus $1.95 per mile. Most of the trips are 80 or 100 miles in total. Marsha usually gives Joe Laminitis, the driver, a $30 tip. With the new transporter she will only have to pay for diesel fuel and maintenance, at about $0.64 per mile. Insurance costs for Marsha’s transporter are $2,150 per year.The transporter will probably be worth $34,000 (in real terms) after eight years, when Marsha’s horse Spike will be ready to retire. Assume a nominal discount rate of 7% and a 4% forecasted inflation rate. Marsha’s transporter is a personal outlay, not a business or financial investment, so taxes can be ignored.Calculate the NPV of the investment. (Do not round intermediate calculations. Round your answer to the nearest whole dollar amount.)
Maxine needs a car, and her grandmother doesnt want her to have to pay interest so they agree that Maxine will borrow $2,610 and pay her grandmother $145 each manth until she repays this loan in full, interest free. a. Write the model for the amount of money. M. that Maxine stil owes to her grandmother after t mont y 145t- 2010 y= 20101 - 145 M28101 + 146 M-145 + 2810 $1740 $217.50 $700 b. How much money wil Maxine still owe her grandmather after 1 year? C. After how long will Maxine have completely repaid her loan? $870 18 montha 2 yeare 22 montha 20 monthe & Moving to anothvet question will save this response. Questinn 11 af 17 MacBook Air

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