BUSD- OCT 1 Gmaintenance: 5110 Credit card payment: $0 Savings Regular savings monthly deposit: $175 Rainy day savings monthly deposit: $25 Entertainment Cake decorating class: $40 Movies with friends: 560 Questions 1. Jamie Lee is trying to decide between Income Tax and Benefit Return and her Provincial Tax Return to file her income taxes. Choose the most appropriate formis) for Jamie to use and describe your reasoning for making this choice 2. What impact on Jamie Lee's income would the gift of $1.500 from her great aunt have on her adjusted gross income? Would there be an impact on the adjusted gross income with her $2.000 scholarship? Explain your answer. 3. Using the tax form(s) from question as a guide calculate Jamie Lee's taxable federal income 4. In Jamie Lee's situation, what is her marginal tax rate? How would a marginal tax rate compare to an average tax rate! wpe here to search C Cloudy TOOM 40 EN 03.10 (14) YouTube Gmail Google Seartta 6 Maret Equin 7093 Collaborate Collaborate Collabore th USD 1007 OT- AN Page 170 Y CONTINUING CASE Planning Your Tax Strategy Jamie Lee Jackson, age 26, is in her last semester of college and is waiting for graduation day. just around the corner! It is the time of year again when Jamie Lee must file her annual income taxes. Last year, she received an increase in salary from the bakery, which brought her gross monthly earnings to $2.550 and also opened up a TESA, to which she contributed $300. Her savings accounts earn 2 percent interest per year, and she also had received an unexpected $1.500 gift from her great aunt. Jamie was also lucky enough last year to win a scholarship of $2,000, most of which was deposited into her regular savings account after paying off her credit card balance Current Financial Situation dissers Chequing account: $2.250 Savings account $6,900 interest earned last year $125 Emergency fund savings account: $3.900 interest earned last year: $75) Type here 10 ch E) 0 3C Cloudy tid a scholarship of $2,000, most of which was deposited into her regular savings acco Current Financial Situation Assets Chequing account: $2,250 Savings account: $6,900 (interest earned last year: S125) Emergency fund savings account: $3.900 (interest earned last year: $75) TFSA balance: $350 ($300 contribution made last year) Car: $3.000 Liabilities Student loan $10.800 Credit card balance: $0 Income Gross monthly salary: $2.550 Mouth Expenses Rent obligation: $275 ... Type here to search Equilibre Credit card balance: $0 Income Gross monthly salary: $2,550 Monthly Expenses: Rent obligation: $275 Utilities obligation: $135 Food: $130 Gas/maintenance: $110 Credit card payment: $0 Savings: Regular savings monthly deposit: $175 Rainy-day savings monthly deposit: $25 Entertainment Cake decorating class: $40 Movies with friends: $60 Oractions Type here to search i ta BUDO. 21 PAS Gmaintenance: SITO Credit card payment: $0 Savings Regular savings monthly deposit: $175 Rainy day savings monthly deposit: $25 Entertainment Cake decorating class: $40 Movies with friends: $60 Questions 1. Jamie Lee is trying to decide between Income Tax and Benefit Return and her Provincial Tax Return to file her income taxes. Choose the most appropriate formis) for Jamie to use and describe your reasoning for making this choice 2. What impact on Jamie Lee's income would the gift of $1.500 from her great aunt have on her adjusted gross income? Would there be an impact on the adjusted gross income with her $2.000 scholarship? Explain your answer. 3. Using the tax forms from question as a guide calculate Jamie Lee's taxable federal income 4. In Jamie Lee's situation, what is her marginal tax rate? How would a marginal tax rate compare to an average tax rate! wpe here to search 1 C Cloudy 110PM 4. I BUSD- OCT 1 Gmaintenance: 5110 Credit card payment: $0 Savings Regular savings monthly deposit: $175 Rainy day savings monthly deposit: $25 Entertainment Cake decorating class: $40 Movies with friends: 560 Questions 1. Jamie Lee is trying to decide between Income Tax and Benefit Return and her Provincial Tax Return to file her income taxes. Choose the most appropriate formis) for Jamie to use and describe your reasoning for making this choice 2. What impact on Jamie Lee's income would the gift of $1.500 from her great aunt have on her adjusted gross income? Would there be an impact on the adjusted gross income with her $2.000 scholarship? Explain your answer. 3. Using the tax form(s) from question as a guide calculate Jamie Lee's taxable federal income 4. In Jamie Lee's situation, what is her marginal tax rate? How would a marginal tax rate compare to an average tax rate! wpe here to search C Cloudy TOOM 40 EN 03.10 (14) YouTube Gmail Google Seartta 6 Maret Equin 7093 Collaborate Collaborate Collabore th USD 1007 OT- AN Page 170 Y CONTINUING CASE Planning Your Tax Strategy Jamie Lee Jackson, age 26, is in her last semester of college and is waiting for graduation day. just around the corner! It is the time of year again when Jamie Lee must file her annual income taxes. Last year, she received an increase in salary from the bakery, which brought her gross monthly earnings to $2.550 and also opened up a TESA, to which she contributed $300. Her savings accounts earn 2 percent interest per year, and she also had received an unexpected $1.500 gift from her great aunt. Jamie was also lucky enough last year to win a scholarship of $2,000, most of which was deposited into her regular savings account after paying off her credit card balance Current Financial Situation dissers Chequing account: $2.250 Savings account $6,900 interest earned last year $125 Emergency fund savings account: $3.900 interest earned last year: $75) Type here 10 ch E) 0 3C Cloudy tid a scholarship of $2,000, most of which was deposited into her regular savings acco Current Financial Situation Assets Chequing account: $2,250 Savings account: $6,900 (interest earned last year: S125) Emergency fund savings account: $3.900 (interest earned last year: $75) TFSA balance: $350 ($300 contribution made last year) Car: $3.000 Liabilities Student loan $10.800 Credit card balance: $0 Income Gross monthly salary: $2.550 Mouth Expenses Rent obligation: $275 ... Type here to search Equilibre Credit card balance: $0 Income Gross monthly salary: $2,550 Monthly Expenses: Rent obligation: $275 Utilities obligation: $135 Food: $130 Gas/maintenance: $110 Credit card payment: $0 Savings: Regular savings monthly deposit: $175 Rainy-day savings monthly deposit: $25 Entertainment Cake decorating class: $40 Movies with friends: $60 Oractions Type here to search i ta BUDO. 21 PAS Gmaintenance: SITO Credit card payment: $0 Savings Regular savings monthly deposit: $175 Rainy day savings monthly deposit: $25 Entertainment Cake decorating class: $40 Movies with friends: $60 Questions 1. Jamie Lee is trying to decide between Income Tax and Benefit Return and her Provincial Tax Return to file her income taxes. Choose the most appropriate formis) for Jamie to use and describe your reasoning for making this choice 2. What impact on Jamie Lee's income would the gift of $1.500 from her great aunt have on her adjusted gross income? Would there be an impact on the adjusted gross income with her $2.000 scholarship? Explain your answer. 3. Using the tax forms from question as a guide calculate Jamie Lee's taxable federal income 4. In Jamie Lee's situation, what is her marginal tax rate? How would a marginal tax rate compare to an average tax rate! wpe here to search 1 C Cloudy 110PM 4