Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

2021 FEDERAL TAX INFORMATION INDIVIDUALS: TAX BRACKETS Taxable Income Up to $49,020 In excess of $49,020 In excess of $98,040 In excess of $151,978

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

2021 FEDERAL TAX INFORMATION INDIVIDUALS: TAX BRACKETS Taxable Income Up to $49,020 In excess of $49,020 In excess of $98,040 In excess of $151,978 > $216,511 TAX CREDITS Tax 15% $7,353 plus 20.5% on the next $49,020 $17,402 plus 26% on the next $53,938 $31,426 plus 29% on the next $64,533 $50,141 plus 33% on the remainder BASIC CREDIT = $13,808 x 15% = $2,071 SPOUSE/SPOUSAL EQUIVALENT (ELIGIBLE DEPENDENT) =15% x ($13,808 minus spouse/eligible dependent's net income) =$2,071 MAX Base amount increased by $2,295 (to $16,103) if the spouse/eligible dependent is mentally or physically infirm. CANADA CAREGIVER FOR CHILD

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_2

Step: 3

blur-text-image_3

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

Managerial accounting

Authors: ramji balakrishnan, k. s i varamakrishnan, Geoffrey b. sprin

1st edition

471467855, 978-0471467854

More Books

Students also viewed these Accounting questions

Question

What is C-V-P analysis used for? What does it mean to break even?

Answered: 1 week ago

Question

If the Net Present Value of a Project is Answered: 1 week ago

Answered: 1 week ago

Question

How do global information systems benefit the value chain? LO.1

Answered: 1 week ago