Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Dave is 48 years old and has employment income of $110,461. He had the following deducted from his pay cheques: Employment Insurance of $953 and

Dave is 48 years old and has employment income of $110,461. He had the following deducted from his pay cheques: Employment Insurance of $953 and Canada Pension Plan of $3,500 (including CPP enhanced contributions over the 4.95% base rate, $461).  His spouse, Carol, 47 years old, had net income of $7,000. They have a child, Harry, who is 19 years old and lives at home. Harry attends college full time and his tuition fees for the year totalled $12,000. Any tuition fees that he is unable to claim will be transferred to Dave up to the maximum. Carol worked part-time and had Net Income of $5,000. Medical expenses for the year were as follows: Carol, $1,000, Dave, $2,200 and Harry, $1,400.  Dave also made a Charitable Donation to the United Way of $500.

What is Dave's Federal Tax Payable for 2022?

Step by Step Solution

3.52 Rating (166 Votes )

There are 3 Steps involved in it

Step: 1

To calculate Daves federal tax payable for 2022 we need to consider various elements including incom... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Introduction To Federal Income Taxation In Canada

Authors: Robert E. Beam, Stanley N. Laiken, James J. Barnett

33rd Edition

1554965020, 978-1554965021

More Books

Students also viewed these Law questions