Basic Exemption Amount =$3,500 Employee and Employer contribution rate = 5.25% 31. Calculate El contribution period, El contribution of Jia and El contribution of Empl- Total El remitted to CRA (Payment: $1,382 every two weeks). Maximum annual insurable earning = $ 54,200 El Rate= 1.58% Maximum annual employer premium (1.4 times of maximum employee premium Marks 32. Calculate Medical Tax credit you will receive in following case Net Income 2019 = $ 85,700 per year Capital loss for 2019 = $ 20,000 Medical Expense Threshold = $2,352 Minimum Tax rate = 15% Medical expenses for year 2019 = $ 1,500 33. Arya is an animal lover. She donated $450 to the local SPCA in May. Her husband made a one-time donation of $230 to the same shelter for Ray's birthday in June. they should claim donation tax credit for maximum benefit. Taxable income of Arye her husband is $90,000 individually. A3 1.11 12.11.14 1.15:15 12 18 19 The federal charitable tax-credit rate for 2021 is 15% for the first $200 donated. You can claim 29% on larger sums if your taxable income is up to $214,368. And, a special 33% rate can apply to your donations beyond the first $200 if your 2021 taxable income exceeds $214,368 Marks 4 34. Calculate CCB for following case Marks 4 Roy has: 2 children, one is under 6 years and other is 14 years Her adjusted family net income is $75,000 If Maximum CCB for a child is : under 6 years of age: $6,833 per year ($569.41 per month) 6 to 17 years of age: $5,765 per year ($480.41 per month) Use Following Phase-out Chart for calculating CCB. Phase-out Rates (%) Number of eligible children $32/028 AFNI Over and up to $69,395 AFNI Over $ 69,395 1 child 7.0% 2616 +3.2% 2 children 13.5% 5044+5.7% 3 children 19.0% 7100+ 8.0% 23.096 8594 +9.5% 4 or more children Focus Desktop Basic Exemption Amount =$3,500 Employee and Employer contribution rate = 5.25% 31. Calculate El contribution period, El contribution of Jia and El contribution of Empl- Total El remitted to CRA (Payment: $1,382 every two weeks). Maximum annual insurable earning = $ 54,200 El Rate= 1.58% Maximum annual employer premium (1.4 times of maximum employee premium Marks 32. Calculate Medical Tax credit you will receive in following case Net Income 2019 = $ 85,700 per year Capital loss for 2019 = $ 20,000 Medical Expense Threshold = $2,352 Minimum Tax rate = 15% Medical expenses for year 2019 = $ 1,500 33. Arya is an animal lover. She donated $450 to the local SPCA in May. Her husband made a one-time donation of $230 to the same shelter for Ray's birthday in June. they should claim donation tax credit for maximum benefit. Taxable income of Arye her husband is $90,000 individually. A3 1.11 12.11.14 1.15:15 12 18 19 The federal charitable tax-credit rate for 2021 is 15% for the first $200 donated. You can claim 29% on larger sums if your taxable income is up to $214,368. And, a special 33% rate can apply to your donations beyond the first $200 if your 2021 taxable income exceeds $214,368 Marks 4 34. Calculate CCB for following case Marks 4 Roy has: 2 children, one is under 6 years and other is 14 years Her adjusted family net income is $75,000 If Maximum CCB for a child is : under 6 years of age: $6,833 per year ($569.41 per month) 6 to 17 years of age: $5,765 per year ($480.41 per month) Use Following Phase-out Chart for calculating CCB. Phase-out Rates (%) Number of eligible children $32/028 AFNI Over and up to $69,395 AFNI Over $ 69,395 1 child 7.0% 2616 +3.2% 2 children 13.5% 5044+5.7% 3 children 19.0% 7100+ 8.0% 23.096 8594 +9.5% 4 or more children Focus Desktop
