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Can you Please explain me this Problem? Thanks! Sheila is a successful art dealer and operates an oil painting restoration business. Sheila has requested your
Can you Please explain me this Problem? Thanks!
Sheila is a successful art dealer and operates an oil painting restoration business. Sheila has requested your assistance in calculating her 2020 tax credits and federal tax payable. Sheila has correctly calculated her net and taxable income to be $249,000. Included in this income was an ineligible dividend received from XYZ corporation of $5,000 (actual amount received). Sheila 2020 Financial Information Sheila paid income tax by instalments of $ 37,000. Sheila paid for the following medical receipts for herself and her family: Dental fees for herself $ 4,000 Dental fees for her husband $1,200 Dental fess for her 20-year-old son $ 1,200 Dental fees for her 15-year-old daughter $ 500 Sheila is married and supports her daughter (aged 15) and son (aged 20). Her husband earned $3,000 in 2020. Her son earned $7,000 from part-time employment while attending university for 8 months in 2020. His tuition fees are $12,000 and he is willing to transfer the maximum amount to his mother. Sheila made donations to various Canadian charities during the year. The total of all donations was $12,400. Required Determine Sheila's 2020 basic federal tax, non-refundable tax credits and federal taxes payable using the taxable income figure providedStep by Step Solution
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