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Assignment Problem Four - 2 (Individual Tax Payable - 5 Cases) Mr. William Norris is 45 years old. The following five independent Cases make varying
Assignment Problem Four - 2 (Individual Tax Payable - 5 Cases) Mr. William Norris is 45 years old. The following five independent Cases make varying assump- tions for the 2020 taxation year with respect to Mr. Norris' marital status and number of depen- dants. In all Cases, Mr. Norris earned employment income of $60,000 and his employer withheld the required El premiums and CPP contributions. Case E Mr. Norris is a single father. He has a daughter, Mary, who is 8 years old and lives with him. Two years ago, Mr. Norris graduated from a Canadian university. He currently has a Canada Student Loan outstanding. Mr. Norris pays back this loan in monthly instalments of $300. During the year, he paid $450 in interest on this loan. Required: In each Case, calculate Mr. Norris' minimum federal Tax Payable for 2020. Indicate any carry forwards available to him and his dependants and the carry forward provisions. Ignore any tax amounts that Mr. Norris might have had withheld or paid in instalments
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