Question
Amelia has hired a tax accountant to prepare her 2020 income tax returns, however she is doing a tax estimate to ensure no surprises. Given
Amelia has hired a tax accountant to prepare her 2020 income tax returns, however she is doing a tax estimate to ensure no surprises. Given the information below, calculate Amelias combined Federal and Quebec taxes payable. Use Table A. Ignore non-refundable tax credits.
For 2020, Amelia received:
A T4 tax slip from Bombardier reporting her 2020 gross salary of $95,000
A T5 tax slip showing interest received in 2020 of $1,200
On December 1, 2020, she sold 500 Royal Bank of Canada (RBC) shares at $110/share (she had purchased 1,000 RBC shares at $70/share in 2018)
Made a Tax-Free Savings Account contribution of $6,000 on June 1, 2020
Made a Registered Retirement Savings Plan (RRSP) contribution of $15,000 on January 15, 2021
a) $27,171.24
b) $31,784.85
c) $29,483.23
d) $28,773.52
e) $30,867.65
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