A taxpayer made charitable donations of $1,300 and their spouse donates $600, both in 2020. Each of the individuals earned $70,000 of employment income. What would be the maximum donation tax credit (round to nearest dollar) the couple can claim in 2020? Multiple Choice $285 $349 $523 In 2020, a person realized employment income of $80,000 and a net capital loss of $7,500. They owned a 75% interest in a partnership that incurred a $50,000 business loss, and a 100% interest in a corporation that incurred a $20,000 business loss for its year ended June 30, 2020. What would be the individual's 2020 net income? Multiple Choice $25,000 $32,500 $35,000 4 Joan made a $1,500 political contribution. What would be her federal political contribution tax credit? Multiple Choice $500 $650 $725 $1125 O's medical expenses paid during a 12-month period ending in the current year totaled $3,600. The medical expenses for O's 20-year- old son paid during the same 12-month period totaled $1,800. For the current year, O had net income of $120,000 and the son had net income of $6,000. What is the maximum federal medical expense credit? $ M paid tuition of $20,000 during the current year as a full-time student for eight months in a graduate accounting program at a Canadian university. What is the amount of the federal tuition credit available to M? Individual K donated $4,000 to a Canadian registered charity K's taxable income is $150,000. What is the amount of the federal donation tax credit? Individual H received eligible dividends totaling $12,000 in the current year. What is the amount of the federal dividend tax credit? $ Donations, which exceed the 75% of net income annual limit, may be carried forward and claimed in any of the subsequent five years. True or False True False