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(a) Ignoring the RRSP and Charity contributions, what is the amount of taxes Morgan would pay on their salary? (b) Since Morgan made a RRSP
(a) Ignoring the RRSP and Charity contributions, what is the amount of taxes Morgan would pay on their salary?
(b) Since Morgan made a RRSP contribution of $5,500, how much in income taxes would they be saving based on this RRSP contribution?
(c ) Assuming Morgan had decided to make the $5,500 RRSP contribution and makes the $800 charity contribution, how make would be their total tax bill from all sources of income?
It is the month of February, and Morgan is working on their income taxes. Morgan recorded the following information from the past year. - Salary Income $105,000 - Interest Income from Bond Mutual Fund \$2,500 - Capital Gains $2,500 - Dividend Income $1,300 - RRSP Contribution $5,500 Charity Contributions to Algonquin College Alumni Fund $800
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