Question
2. Troy Bolton and his wife have 3 children two whom are under 18 and a 23-year-old son living with them. They also have Troys
2. Troy Bolton and his wife have 3 children two whom are under 18 and a 23-year-old son living with them. They also have Troys mother in law living with them. Troy has net income of $120000 with medical expenses of $4200, His wife has income of $12000 with medical expense of $2400. The two under age children are twins of 12 years old each. Both have no income but their medical expenses are $650 and $700. The 23-year-old son has income of $15000 with medical expenses $2000. Troys mother(72 years of age) has income of $1000 and expenses of $5600/ Calculate Troys medical tax credit amount given he is paying all the medical expenses. (5 marks)
4. A car with manufacturer's list Price of $29000 is lest on November 1,2005 by company for $1400 per month payable on the first day of each month. The term of lease is 36 months and refundable deposit is $8000 is made at the inception of the lease. In addition, the employee who drives the vehicle pays $180 per month. disregarding GST and PST, determine the maximum deductible lease for 2005 2006 and 2007
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started