Question
(I am unsure about how to solve part 2 of this question) Jennifer is a single woman, aged 32.She works for Spotify as a human
(I am unsure about how to solve part 2 of this question)
Jennifer is a single woman, aged 32.She works for Spotify as a human resources manager for the Quebec region, earning $102,000 a year. Her company offers its employees a Group RRSP and matches her personal contributions to the plan of $5,000 a year.Jennifer also pays $500 in professional dues to the Human Resources Professional Association.
In 2019, Jennifer contributed the maximum to Employment Insurance (EI), the Quebec Pension Plan (QPP) and the Quebec Provincial Parental Insurance Program (PPIP).Spotify also offers a medical plan, the premium of which is $980 for a single individual.Jennifer incurred $3,000 of unreimbursed medical expenses in 2019.
Refer to the 2019 Federal Income Tax and Benefit Guide and Income Tax and Benefit Return for residents of Quebec at:
Part 1
What was Jennifer's taxable income for 2019?
Calculation of Jennifer's taxable income
Earning: $102,000
Taxable income: $102,000
Federal income tax: $92,520
Federal personal amount:$12,069
15% of personal amount= $1810.35
Part 2
Calculate each of Jennifer's Federal non-refundable tax credit amounts.Then, calculate her total non-refundable tax credits.
Calculation of each of Jennifer's non-refundable tax credit amounts and total tax credit
92,520-1810.35= $90,709.65
What is her total tax credit?
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