Question
Beilun is 58 years old. Her Taxable Income for the year is calculated as follows: Employment Income $63,000 Taxable Eligible Dividends 1,380 Deduction for CPP
Beilun is 58 years old. Her Taxable Income for the year is calculated as follows:
Employment Income $63,000 Taxable Eligible Dividends 1,380 Deduction for CPP Contributions (166) Taxable Income $64,214
Her employer deducted the required CPP and EI from her pay. Beilun is single and has no children.
Required:
Calculate Federal Tax Payable for Beilun for 2020 below. Round your answers to the nearest dollar where necessary. The amount for her Federal Tax Payable before Tax Credits has already been correctly calculated:
Total Federal Tax before Tax Credits $10,494 Name of Tax Credit: Base Amount: Total Credit Base: Federal Tax Credit Rate: x15% Federal Tax Payable:
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started