Assignment 2 Tax Return to be Completed in Excel Jim Holden is 39 years old and married to Naomi Holden. They have been married for 17 years. They…

Need help with Excel Tax Assignment Part C – Federal Tax Payable

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Assignment 2Tax Return to be Completed in Excel Jim Holden is 39 years old and married to Naomi Holden. They have been married for 17years. They have a 13-year-old son Amos, and an 8-year-old daughter Alex. Alex has a severeform of cerebral palsy which required her to start using a wheelchair in 2017. Amos has incomefrom part timejobs of $1,400, while Alex has no income of her own. Other family information for the 2017 taxation year is as follows: 0 Jim worked 212 hours as a search and rescue volunteer. He received no compensation forthis work. . The family’s medical expenses, all of which were paid for by Jim, were as follows: Hair Replacement Fees For Jim $4,300Prescription Contact Lenses For Naomi 850Teeth Whitening Fees For Naomi 950Prescription Glasses For Amos 350Psychologist Consulting Fees For Amos 1,500Physiotherapy Fees For Alex 725Total $8,675 Jim is a self-employed military consultant, mainly for the Canadian armed forces. When he beganconsulting in 2012, he purchased an office building for $750,000, of which $180,000 reflected theestimated fair market value of the land. It was a new building and it has been allocated to a separate Class 1. Jim uses all of the building for his practice. On January 1, 2017, the buildinghad a UCC of $431,676. In an attempt to attract foreign clientele, Jim upgrades his office during March, 2017. He spends$204,000 on new furniture and fixtures. The old furniture and fixtures were sold for$31,000. These assets had a capital cost of $93,000 and a UCC of $34,284. Other asset acquisitions during 2017 are as follows: New Computer $ 1,200Applications Software 2,044Client List From Retiring Military Consultant 41,000 Jim uses his personal car to drive to many different bases for his consulting. On January 1, 2017he acquired a new vehicle at a cost of $42,000. During the year, it was driven a total of 32,000kilometers, of which 29,000 related to these visits. Operating costs for the year totaled $4,800. Other 2017 costs of operating his business, determined on an accrual basis, are as follows: Page 1 of 4

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