Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

1. Mohsen is a single father. He has a son, Franklin, who is 15 years old, lives with him, is infirm and will have estimated

1. Mohsen is a single father. He has a son, Franklin, who is 15 years old, lives with him, is infirm and will have estimated net income of 2,052. During 2023, Mohsen will attend university for 8 months of the year on a part time basis. His tuition fees will total $2,732.

Calculate the Total Claim Amount to be reported on Line13 of the TD1 2023 Personal Tax Credits Return

2. ABC Company has an employee, Jenny McGhee, who has an estimated net income of $104,000 in 2023. Jenny will be 52 years old in 2023. She is married and her infirm 48 year-old husband has net income of $10,000. Jenny studied part-time at Seneca College for 4 months, and will pay tuition fees of $5000 in 2023. ABC Company follows a semi-monthly payroll schedule. What will be the EI amount withheld from Jenny in the first pay period in 2023?

3. An employee with employment income of $47,000 in 2023, receives her pay on a biweekly basis. Which of the following amounts will her company have to withhold from her paycheque for CPP?

4. Mohsen is a single father. He has a son, Franklin, who is 12 years old, lives with him, is infirm and will have estimated net income of 3,346. During 2023, Mohsen will attend university for 8 months of the year on a part time basis. His tuition fees will total $4,306.

Calculate the Total Claim Amount to be reported on Line13 of the TD1 2023 Personal Tax Credits Return

5. Sarah Platt has estimated income of $173,909 and lives with her husband whose estimated net income is $3,587.

Her father and mother live with her as well. The mother is 71 years old and active. The father is 71 years old and is dependent due to his physical infirmity, which is not severe enough to be considered disabled. Her father's net income was $22,486 and her mother's net income was $24,883.

Calculate the total amount of Sarah's credits on her TD1 for 2023.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

CAT Paper 8 Implementing Audit Procedures

Authors: BPP Professional Education

1st Edition

0751723126, 978-0751723120

More Books

Students also viewed these Accounting questions