You Should Pay Attention to box 14 on your T4

http://www.vancouversun.com/should+attention+your/2621051/story.html

Reflection:
This article is about Box 14 in T4 slip. Box 14 in T4 slip is known as "Employment Income". You should always check to make sure that the amount in the boxes are correct. In this article there is also a tax case included about this concern about a worker who started working on Dec 4, 2006. The worker was not enrolled in payroll system. This is because the worker began working at the end of the year. The company did give the worker 2 cheques. The cheques were marked "salary advance". One cheque was for $900 whereas the other cheque was for $700. The worker cashed these cheques. The concern of this case was should the money the worker achieved in 2006 be included in 2007 income or 2006. The worker did received paycheques with the formal payroll in 2007. The money that the worker got during 2006 was now decreased from the net pay. The case ended by the judge saying that money from 2006 should not have been taxed in 2007. It should've been taxed in 2006.

Connection:
In Chapter 16, we also learn about T4 slips. It is mentioned that an employee must fill this out in order to get the summary of the employee's deductions and earnings in the textbook and this article. Accoirding to me, it shows how much a person makes during a whole year. In chapter 16 we learn about Payrolls as well. Because that the worker wasn't enrolled in formal payroll system, the amount of money that was received was deducted from the net payin this article. The figure net pay is calculated by subtracting gross pay to deductions.

Summary:
I also agree with the judge's decision that the money received during 2006 should have been taxed in 2006, not in 2007. The worker should have've been enrolled in formal payroll system when they began working. It is correct that a person should always check the figures in T4 slip to make sure if it is correct or not.

Credit Card frauds grows with the Help of Technology

In one of the section from chapter 14 in Accounting 12, we learn about bank credit cards. It is said that using credit cards is very easy. It is mentioned that we are so used to credit cards that some of us are badly affected. Credit cards are to make our life easier. Although using all kind of credit cards include many advantages, there are many other disadvantages along with them too. One of the advantage can be is that an individual do not have to carry money in wallets. One major disadvantage while using credit cards which is what this whole article is about is that Credit cards frauds are increasing every day with the help of technology.

This article "Credit Cards Frauds Grows With the Help of Technology" is telling us that the credit cards frauds are growing everyday which causes huge affect to our society. The Interac Association is telling us that the number of Canadians frauds in 2004 has increased by 5 times in 2009 which is 238,000 which is a big number. There are some instructions given in order to avoid frauds. Some include is that an individual should change their pin number of the credit catd and also shred documents which contains personal information. The statistic shows that 73% people shred their legal papers whereas on the other hand only 6% change their pin number which is very important in this case.

I think that people should use more techniques in order to decrease the rate of being defrauded. Everyone should use credit cards careful because if somehow someone gets aware of your credit card personal information, then there can be bad consequences.


http://www.vancouver.com/technology/Credit+card+fraud+grows+with+help+technology/2696759/story.html

Company Increases in Profit

Summary:

We all probably know Shoppers Drug Mart. In this article it is said that the store made a good profit because of market dicounts. It is mentioned that the cosmetics which are usually at the front was not what made the Shoppers into well-built results. Infact it was the medicines which made the company into profit. Last year results show that Shoppers achieved 49.1 percent increase in the precription sales of 48.3 percent in total sales using the strategy of marketplace discounts and other offerings. Their current increase in profit is 6.6 percent, which drove 9.7 percent increase in the medicine sales which is $1.48 billion. This also had and affect on their front of store sales. It improved by 6.2 percent. It is also said in this article that Shoppers sales increased by 8 percent.


Connection:

We were introduced to cash discounts in chapter 13. In this article it is included that using the strategy of market discounts and other offerings the company made good results. This is a different type of discount from what we learned. The cash discounts that we learned was if a company issues an invoice to its customer, if the customer pays the amount before the time the company has asked to do, the customer might receive what is called cash discounts. Getting cash discount is an advantage for customers because if you get one, then the price that you have to pay to the company will get decreased.

Conclusion:

In my opinion. I think that it is good that the company improved financially and should continue on for much better results. If something is in demand in the market, they will fulfill it successfully with no problems for us.


http://www.vancouversun.com/business/Shoppers+drug+sales+drive+company+profits/2213824/story.html