btax

Part I tax payable is computed by applying certain income tax rates to various set ranges of taxable income (called tax brackets) to obtain federal tax payable before credits. This balance is then reduced by the various income tax credits that are applicable for the individual taxpayer. True False QUESTION 7 Which of the following is incorrect with respect to the married or common-law partnership status tax credit? The tax credit is available for individuals with a spouse or common-law partner during the taxation year. The ITA 118(1)(a) provision provides two tax credits, one for the individual and one for the individual's spouse or common-law partner. The base amount of the tax credit for the spouse or common-law partner is reduced by the spouser or commonlaw partner's net income. The base amount of the tax credit for the spouse or common-law partner is reduced by the spouse or commonlaw partner's taxable income